우즈베키스탄 패러독스의 비밀

The purpose of this study is to identify the remarkable development recorded by Uzbekistan over the past decades, which lacks sufficient resources and foreign investment for economic growth since independence in 1991. During the 24 years of Karimov's reign, Uzbekistan experienced an average annual growth of over 6% and was not significantly affected by the global economic crisis. This unusual phenomenon is called “The Uzbeck Paradox,” and proper analysis of the cause is still insufficient not only in Korea but also in the world academia. This study believes that the secret to Uzbekistan's remarkable economic growth lies in the government-led “Import Substitution Industrialization Strategy by Force Savings.” When economic performance deteriorated in 1996 due to a plunge in international defense prices, Karimov abandoned Western radical reforms and shifted to a state-led gradualist control policy. Since 2000, it has rejected the division of global markets and pushed for a state-led import replacement industrialization strategy such as automobiles, textile, and chemicals. The necessary funds were not made through foreign investment or loans, but through forced domestic savings. The Uzbekistani government strictly curbed people's consumption, prohibited imports, and raised the capital needed for industrialization. Forced savings were linked to strong foreign exchange controls, limiting the exchange of local currency into hard currency. As a result, the black market exchange rate was formed in Uzbekistan separately from the official exchange rate, and the inability to convert caused complaints from foreign investors. The forced savings and burning of Uzbekistan's breaths caused complaints from foreign investors and advanced countries throughout Karimov's reign, but Karimov never gave up this policy until just before his death. Forced savings has caused many problems due to double exchange rates, currency exchange restrictions, and anti-market economic policies, but it is significant in that it served as a necessary resource for investment in countries with absolutely insufficient capital, and should be highlighted as another development model in developing countries.