Contributing Factors That Bring South Korea as Advanced Country

Australia and Koreas employment rates are relatively similar, over 72% of Australians aged between 15-64 have a paid job, and 64% of Koreans aged between 15-64 have a paid job. From each of these indicators, Australia comes out stronger. Economic Growth and Quality of Life. Economic growth is defined as an increase in the amount of goods and services produced per head of the population over a period of time. This can happen many different ways.

North Korea’s economy is very different then the United States’ economy. Even though one dollar in American money doesn’t seem much to us Americans, it is worth nine-hundred dollars in their currency. North Korea’s main sources of income are military products, machine building, electrical power, chemicals, mining, metallurgy, textiles, food processing and tourism. North Korea’s overall condition of the economy is not good.

This paper is an analysis of the country of South Korea. Using the operational variables of PMESII-PT this paper will identify the current situation in South Korea and the countries current issues. The overall objective is to understand the motives of South Korea.

As well as the fact that their trade deficit is 4,899 USD millions, with a reasonable interest rate and inflation of 1.8% economically they are doing quite well when being compared to the U.S. As a matter of fact their inflation rate is not the same but with-in the same range for most years throughout the last 10 years. (Trading Economics, South Korean Balance of Trade, n.d) (Aneki.com, Ranking and Records, United States vs. Korea South) (Inflation.eu, Worldwide Inflation Data, Inflation South Korea 2012, n.d) (Global Rates Com, Fed Federal Funds Rate, American Central Bank’s Interest rate, n.d) (UN Data. A World of Information, Per Capita GDP at Current Prices USD, South Korea) (Index Mundi, Unemployment Rate South Korea, Historical Data Graphs per year) (U.S. Inflation Calculator, Current U.S. Inflation Rate 2003-2013,) (Inflation.eu, World Wide Inflation Data, Historical Inflation south Koreas – CPI Inflation)

The Korean War lifted our GDP growth, which indicates how fast a country’s economy is growing. It had this effect through government spending. When there is spending, there is less investing and consumption. Taxes had to be raised a great deal to pay for the Korean War. There were big increases in prices when the war began. By the end of the war, prices and wage controls became more stable. Through the Revenue Act of 1951,

Thus far, I have laid out some of the most important arguments in the extant literature on the East Asian Miracle with particular reference to South Korea. In this section, I integrate the preceding two sections on the existing literature and propose an alternative theory. In brief sum, the existing developmental state literature, including that specific to South Korea, argues that the developmental state causes economic growth through export-led industrialization. I reverse the order of two links in that theoretical chain. Specifically, I argue that the developmental state does not give rise to export-led growth. In fact, it is the inception of the export-led growth strategy that gives rise to the developmental state, which emerges as a

Park demonstrated that during 1960s and mid 1980s South Korea introduced economic growth by export-led industrialization, so the labor was suppressed and forced in low wage, long working hours and heavy labor intensity by repressive labor regulatory instruments. Because of the terribly living conditions, South Korean workers had the world’s longest working week at least until the mid-1980s and also suffered from high accidental rate in industrial plants.

Thesis Statement: Though South Korea may be a small country, the style of cuisine, community culture, and generosity are just a few uniquenesses that outshine its stature.

of Japan. Some of them like Park had been educated in Japanese schools, some had

Japan started taking steps towards economic growth around 1868 with the Meiji Restoration; but they did not really begin to make leaps and bounds toward a market economy until after their independence in 1951 where they developed quickly through industrialization. Japan was “the first non-western country to join the ranks of the advanced nations, but it also has outperformed most of them” (Sato 1989). Carl Mosk has a great model for this rapid economic growth that will be discussed in depth in this paper. South Korea also achieved amazing economic growth which is now aptly named the Miracle on the Han River. This is the story of how they came back from the destruction caused by the

This has to be taken in the context of the considerable global recession that has been in play since 2008, the results from which North Korea was largely shielded due to its insularity. In general terms, the North Korean economy is still far poorer than most other Asian nations.

Manufacturing continued to grow rapidly in the 1980s and early 1990s. In recent years, Korea's economy moved away from the centrally planned government-directed investment model toward a more market-oriented model. Korea bounced back from the 1997-98 Asian financial crisis with some International Monetary Fund assistance, which based largely on extensive financial reforms. According to the U.S. Department of State website“ …these economic reforms, pushed by President Kim Dae-jung, helped Korea maintain one of Asia's few expanding economies, with growth rates of 10% in 1999 and 9% in 2000. The slowing global economy and falling exports slowed growth to 3.3% in 2001, prompting consumer stimulus measures that led to 7.0% growth in 2002. Consumer over-shopping and rising household debt, along with external factors, slowed growth to near 3% again in 2003. Economic performance in 2004 improved to 4.6% due to an increase in exports, and remained at or above 4% in 2005, 2006, and 2007.”3 Now with understanding of South Korea’s economics we can move on to our last venture where we will sum up our journey through the orient.

South Korea and Japan have had a close relationship from ancient history to the present day. Because of this reason, their economic growth and development have similarities and disparate differences. This paper will discuss some of the two countries’ major characteristics including geographic, social, and political characteristics and look at their histories and economies.

The Republic of Korea or as commonly called South Korea was a vassal state to Japan until 1945. After World War II South Korea became a democratic state. North Korea became a communist republic. After the armistice, North and South Korea were split along the 38th parallel. Since that time South Korea has become one of the fastest growing economies. It has gone from being a third world Gross

South Korea appears in the first quadrant of Figure 2.2 in which states that the country has a culture with relatively larger power distance and lower individualism. South Korea has a relatively large power distance due to the country’s strong emphasis in respecting for one’s elders and superiors. This cultural belief is deeply