Park Seung
Park Seung | |
|---|---|
| Born | February 16, 1936 Gimje, North Jeolla Province, South Korea |
| Occupation(s) | Economist, professor, government official |
| Years active | 1961–2006 |
| Known for | Governor of the Bank of Korea (2002–2006), president of Korea Economic Association (1999–2000), senior secretary to the President for Economic Affairs, Minister of Construction (1988–1989) |
Park Seung (; born February 16, 1936) is a distinguished South Korean economist who held the position of Governor at the Bank of Korea between 2002 and 2006. Before assuming this role, he was a faculty member at Chung-Ang University, served as president of the Korea Economic Association from 1999 to 2000, acted as senior secretary to the President for Economic Affairs, and was minister of the Ministry of Construction from 1988 to 1989.
Early life and education
Originating from Gimje in North Jeolla Province, Park was the second child among six siblings. He completed his undergraduate studies in economics at Seoul National University in 1961 and subsequently worked at the Bank of Korea until 1976. He obtained both his Master's degree and doctorate in economics from the State University of New York at Albany in 1974, presenting a dissertation entitled "Development Effect of Foreign Capital in the Labor Surplus Economy."
Career
Following his doctoral studies, Park resumed his tenure at the Bank of Korea and was appointed to lead an Economic Advisory Group for Saudi Arabia during 1974–1975, a project commissioned by the Korean government. In 1976, he transitioned to academia as a professor at Chung-Ang University, where he later served as dean of the College of Political Science and Economics in 1984 and dean of the Graduate School in 1988. He also held the presidency of the Korea Economic Association in 1999.
During President Roh Tae Woo’s administration, Park fulfilled duties as senior secretary for Economic Affairs and minister of the Ministry of Construction. He was instrumental in strategizing and executing Korea’s inaugural development of five new towns—including Bundang and Ilsan—to alleviate housing shortages by delivering two million residential units.
After returning to Chung-Ang University in 1990, Park continued teaching until his retirement in 2001. In 2002, President Kim Dae-jung appointed him Governor of the Bank of Korea and chairperson of its Monetary Policy Committee. He was a strong advocate for central bank independence, which culminated in a 2003 amendment to the Bank of Korea Act that granted greater autonomy over budgeting and policy formulation. Additionally, Park proposed redenominating the Korean won on a scale of 1,000:1; however, this proposal did not come to fruition.
Personal life
Park has contributed philanthropically to his former schools—Baekseok Elementary School and Iri Technical High School—by funding a library equipped with an auditorium. He was honored with the Distinguished Alumni Award in 2004 and received an Honorary Doctorate of Humane Letters from the State University of New York at Albany in 2007. In the context of the 2017 South Korean presidential election, he supported President Jae-in Moon by chairing his advisory committee. Park has been married to Youngha Kwon since 1963, and together they have five children: two sons and three daughters.
Books
Park has authored eleven books in Korean, with The Theory of Economic Development (1977) standing out as a foundational textbook used widely in Korean higher education for three decades.
- 1969 The Theory of Korean Economic Development, Ilsinsa
- 1976 The Theory of Economic Development (Revised Editions: 1990, 2000), Pakyoungsa
- 1982 S. S. Kusnetz, Yoopoong Publishing Company
- 1983 The Theory of Korean Economic Policy, Pakyoungsa
- 1987 Modern Economic Growth (joint translation of Simon Kuznets), The Korea Economic Daily
- 1996 The Two Faces of Korean Economy, Golyeowon
- 2006 The Dynamic of Korean Economy Comes From Crises, Bank of Korea
- 2010 Looking at the Sky, Looking at the Stars (Autobiography), The Hankook Ilbo
- 2011 Thinking About Dae-Jung Kim (co-author), Samin
- 2012 Don't Be Afraid, Youth (co-author), The Hankook Ilbo
- 2012 The One Thing I Regret In Life (co-author), Wisdom Kyunghyang
Honors
- 1964 Award from the Cabinet Secretary General, Republic of Korea
- 1969 Recognition by the Minister of the Economic Planning Board, Republic of Korea
- 1987 Magnolia Medal, Order of Civil Merit, Republic of Korea
- 1989 First Class Order of Civil Merit, Republic of Korea
- 2004 Distinguished Alumni Award presented by the State University of New York at Albany
- 2007 Honorary Doctorate in Humane Letters awarded by the State University of New York at Albany
- 2011 Award for Distinguished Person from Jeollabuk-do
- 2014 Distinguished Alumni Award from the College of Commerce at Seoul National University
- 2015 Honorary Award granted by the Alumni Association of Chung-Ang University
External links
- "Rapidly evolving economic landscape in Korea". Address delivered by Park on June 3, 2004.
- "Developments in East Asian economic and financial sectors". Presentation by Park on February 20, 2004.
- "Korea’s approach to selecting bank supervisory frameworks". Lecture by Park on February 12, 2004.
- "Current conditions in the Korean economy and policy measures". Speech by Park on December 16, 2003.
- "Insights into Nepal’s economic growth based on Korea’s experience". Address by Park on November 12, 2003.
- "Monetary policy and economic status in Korea". Article contributed by Park to the Korea Times, September 24, 2003.
- "Stages in the Bank of Korea’s five-decade history and future directions". Piece authored by Park for the Korea Herald, August 15, 2003.