Furthermore, economic activity got concentrated in Seoul/Pusan in South Korea, and in Taipei/Kaohsiung in Taiwan. By the late 1970s/ early 1980s, 70 per cent of urban population in South Korea was concentrated in the Seoul and Pusan regions.
The key lesson we have learnt is that economic dislocations without proper arrangements to tackle troubled banks have devastating effects on the real economy, taxpayers and the whole society. And regaining growth proves to be painfully slow and long-lasting.