Economic Comparison of South Korea and Japan

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An Economic Comparison of Japan 日本国 And South Korea 대한민국 Introduction 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. Another reason that it is natural to compare them is their economic growth has mirrored one another. Both emerged from a war with its economy devastated and its infrastructure in ruins. Both countries changed with the economic climate of the time and took advantage of…show more content…
South Korea was transformed into an industrial powerhouse with a highly skilled labor force. In the late 20th century, however, economic growth slowed, and in 1997 South Korea was forced to accept a $57 billion bailout from the International Monetary Fund (IMF), then the largest such rescue in IMF history. The country also wrestled with reforming the chaebol and liberalizing its economy. Nevertheless, its economy enjoyed a recovery in subsequent years, and the country entered the 21st century on a relatively firm economic footing. Japanese industry and infrastructure, which were virtually destroyed during World War II, were systematically rebuilt to transform the country into a global economic leader by the mid-1960s. Post-World War II, the seven-year U.S. occupation of Japan proved to be a blessing in disguise as the Japanese received $2 billion in aid from the U.S. in the form of food, fertilizers, petroleum products and industrial materials. The country was also saved from spending on defense, adhering to the World War Peace Clause that asserted that Japan would not maintain its own military forces, and the U.S. would provide it military protection, if necessary. Moreover, Japanese families saved
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