A Comparison of Economic Growth and Development: Pakistan and Similar Countries

Following the Korean War and the rebuilding of their societies, both North Korea and South Korea’s economies have depreciated and fluctuated. With their different economic systems, one using the military and the other using trade, they both have received different results.

After the cruel civil war, South Korea faced a new phase of history full of new adoptions into both government and society. Under constant supervision of the U.S. and U.N. of which

Fortunately, the region was able to reestablish its economy from the building blocks that it had in place. Noland (2014) claims that “Soon after the division of the Korean Peninsula, in 1945, South Korea already had in place the building blocks for growth: an educated population, property rights, land reform that boosted productivity, and the institutions of modern capitalism. These pillars laid the foundation for prosperous economic development and after a few setbacks, South Korea was able to emerge as a respectable economic developed country. South Korea have a population of over 50 million, an unemployment rate of 3.5%, and an inflation rate of 1.3%, South Korea Gross Domestic product reached over $1.2 trillion in 2006, or about $24,500 per capita. South Korea’s economy thrives from its robust agricultural market, forestry and fishing, mining and manufacturing, plus multiple other resources. According to (Nolan 2014), “The country is a rich, technologically advanced, mature democracy with an impressive record of innovation, economic reform, and sound leadership,” (Noland 2014). One of the many reasons why South Korea has been able to become so successful in such a short period of time is because of the value that the country places on

Side note: The structure of this paper will be introduction, structure of state organs, economy and work system, refuting common arguments, and a conclusion.

South Korea has been able to grow as a strong state thanks to its strong leadership like General Park Chung Hee, but also due to its “industrial soldiers.” The term industrial soldiers was coined during the 1960s when General Park took office in 1961. General Park and his administration knew that in order to dig Korea out of poverty, “South Koreans needed to focus on developing human skills and then put them to unceasing use. ” Since Korea was not well developed in the ‘60s, General Park knew the best strategy to improve their new export oriented economy was by having low wages and intensive labor. Therefore,

Capitalist economic system in South Korea is a self supporting and does not need government intervention and implementation. This is because of the private sector and private ownership running the economy. This system enables the participating

The Islamic Republic of Pakistan is considered to be a rising star within the international community. According to the Central Intelligence Agency World Factbook, “The separation in 1947 of British India into the Muslim state of Pakistan (with West and East sections) and largely Hindu India was never satisfactorily resolved.” The emergence of this persisting rivalry began with the partition of British India, which mostly divided Pakistan and India along ethnic and religious lines. The relationship between India and Pakistan further devolved with three conflicts, starting in

After the war, South Korea followed most other post-World War II countries’ examples and tried to help create economic growth by

The transformation of South Korea from one of the poorest countries to one of the richest and most industrialized countries in only three decades is remarkable. Some authors argue that this was the product of a unique set of historical circumstances that led to landless children moving to the cities to provide cheap labor and the consequent American presence. Military rule was replaced by civilian government since 1987 and it has developed to have Asia’s highest income. It is the world’s 7th largest exporter driven by high-tech multinationals such as Samsung, Hyundai and LG.The rule of law, government transparency and education has led to the rapid growth of the national economy. The leadership and proper economic policy implementation has always been behind the rise of South Korea. Although it has almost no natural resources and always suffers from overpopulation, the country adapted an export-oriented economic strategy to fuel its economy. The 1997 Asia financial crisis affected the economy and the country had to rely on funding from the IMF to restructure and modernize (Kleiner, 2001). In addition to that, policies by then President Kim Dae Jung spurred the growth of the ICT industry.

In recent years, international trade has encountered a lethargy which can be contributed to “the absence of further trade deals [and] more big countries opening up [their borders]” This has led to economic dismay like South Korea. In South Korea, “Exports account for roughly half of South Korea’s GDP” and in 2014 “The country’s exports shrank by the largest annual amount in six years.” Even though South Korea may be facing economic struggles currently, due to the slow international trade, they have made significant progress compared to when they were under the colonial rule of Japan who restricted their import and export barriers. The heavy reliance South Korea has on trade as a source of economic stability has led to economic instability. In order to have a more thorough understanding of the decline of international trade on a State, this paper will focus on how the slow international trade has been affecting South Korea’s economy. The South Korean economy has suffered as a result of being a heavily export base; therefore, the decrease in trade among the international community has had negative effects on the South Korean economy.

Thanks to the globalization, Asian economy is drawing more and more the attention of the rest of the world. Nevertheless, when we talk about economic growth in Asia, we think mostly about China, India or Japan whereas South Korean economy is staying quite unknown in Belgium. However, since the war in the Korean peninsula and the formation of the Democratic People's Republic of Korea (North Korea) and the Republic of Korea (South Korea) in 1948, South Korea has becoming a major economic

Education system is still 50 years old; in short it is right when they say Pakistan is one of the developing country.

Our modern world of business is one that is wealthier than its ever been before, and countries seem to be experiencing ground breaking economic growth, however this was not always the case and many countries have fought very hard to reach the economic success they have today. With billions of people on earth, there are billions of wealthy, and billions of people living in horrible poverty. For a long time, Korea was considered a country full of extreme poverty, suffering the effects of war, with very limited resources to survive. Many wondered if Korea would ever be able to blossom with its struggles in the early 1950s. More than 60 years later, South Korea’s economy has grown immensely and become a prominent figure in the international market, with one of the world’s best economies. The biggest question with South Korea is: how did one of the poorest countries in the world manage to escape the desperate grips of poverty? And achieve such incredible success, what efforts and strategy were made to bring Korea out of poverty?

At the end of World War II, Korea was a poor former agricultural colony of Japan. But the rapid growth of Korea’s industrial economy has been remarkable. The economy of South Korea is now the third-largest in Asia and the 13th largest in the world by GDP as of 2007. To trace back the economic development of South Korea, the former president Park Chung-Hee played a pivotal role, and was credited for shifting its focus to export-oriented favoring a few large conglomerates. Unlike his predecessors, Park showed a strong commitment to economic development, believing good economic performance as a primary means for enhancing his political legitimacy. Under the President Park Chung-Hee’s era, the government played a dominating role in a

Owing to this, there is no dearth of people with the opinion that Pakistan suffers from an