Economic Development in South Korea

They targeted specific industries for development and the first were textiles and light manufacturing then to iron, steel, and chemicals(Yu, Lew). By joining the “Organisation for Economic Co-operation and Development”(Yu, Lew) to advance to the next level of economic growth(Yu, Lew). South Korea obtained all parameters; political, military, and economic from the U.S and recovered from the Asian financial crisis in 1997. On the other hand, North Korea developed a government having a highly centralized political system. North Korea developed into the most isolated and controlled state showing no sign of both political and economic

Source 1: “The Park Chung Hee Era, The Transformation of South Korea” edited by Byung-Kook Kim and Ezra Vogel , illustrates how President Park’s presidency marks one of the most important periods leading up to, arguably some of the most important changes in modern Korean History. This book contends that almost all areas of society were driven by the decision making of Park Chung Hee alone, therefore rejecting western theories and concepts such as that of the Weberian Developmental State. Furthermore, this book asserts that the United States’ role and influence over the policies of President Park should not be overemphasized, which again provides a significantly different perspective to what many European historians would argue to be the most

There is one distinction between the North Korean and South Korean economies that separate them and their ability to last as a substantial economic policy. At the end of the Korean War there was need for both independent countries to establish themselves in the market. The North Koreans decided to practice Juche, which essentially means that they planned on keeping their market and economy localized and not participating in the world trade scene. The South Koreans, on the other hand, did participate in the world market. Both countries knew that in order to establish and survive they would need to have cheap labor and cheap resources. But, once again, South Korea had a helping hand because of their decision to participate in the world market.

The state controls all means of production, and the government sets priorities and emphases in economic development. From the 1940s to the 70s focused more on postwar reconstruction and the development of heavy industries, especially chemicals and metals, until there agriculture goods were lacking so they tried to improve the quality and quantity of the goods to trade with countries. In the 90s when the Soviet Union collapsed North Korea minorly suffered since the Soviet Union was one of its main countries to trade with. After that North Korea was still suffering from a food problem in which the food was scarce and

Korea was one country under the Joseon Dynasty (1392-1910) and they had the same language and essential culture. But for the last 6 decades and more Korean peninsula was divided into two sides North and South along a fortified DMZ. Why did they split? What caused the division? How did that division came about? The origins of this split begins with the Japanese conquest of Korea at the end of the nineteenth century. The Japanese empire annexed Korean peninsula in 1910, but Japan was ruling the country through a puppet ruler since it’s victory in the first Sino-Japanese War in 1895. Thus Korea was Japanese colony during 1910-1945. After the end World War II, the United States and the Soviet Union rose at two super powers of the globe. With their

Whereas, South Korean getting over economy’s long-term challenges include a small number of population, raw material scarcity, by exporting high value products: semiconductors, wireless telecommunications equipment, motor vehicles and parts, computers, home appliances, wire telecommunication equipment, steel, ships, and petrochemicals that had been made with imported relatively cheap and small amount of raw materials so that they can yield lucrative margin (CIA, 2014). And the export comprises about half of GDP. South Korea, a democratic-based government backed by the United States, was set up in the southern portion of the Korean Peninsula while North Korea partaking a communist-style government. U.S. soldiers and United Nations (U.N.) forces fought on the side of South Korea troops to defend from the North Korea’s invasion for preventing the permeation the Communist ideology of China and the Soviet Union During the Korean War, A 1953, armistice declared the Military Demarcation Line, called 38th parallel, which split the Korea peninsula with a demilitarized zone at about the 38th parallel. In 1961, Park Jung Hee took over leadership of the South Korea with stratocracy from President Yoon Bo Sun. During his regime (1961 to 1979), South Korea achieved rapid economic growth with per capita income rising to approximately seventeen

The economy in North Korea operates under the Central Bank of the Democratic People’s of and it remains as one of the world’s last centrally planned systems. North Korea has a command economy and it is based on agriculture and natural resources. The government permits private farmers markets to sell a range of goods, they also allowed some private farming on an experimental ground. Although, agriculture has a decreasing role in the nation's economy there has been an increase in cultivated land projects, mechanization and the use of chemical fertilizers.

At present there are five communist countries in the world, Vietnam, Laos, People’s Republic of China, Cuba, and Democratic People’s Republic of Korea. All of these, with the exception of Cuba, are Asian countries. While Vietnam and China are on the upswing economically, North Korea remains one of the poorest. The reason for this may be because it, along with Cuba, have an entirely state run economy. In comparison to the other three Asian communist countries, North Korea has the lowest GDP per capita of the four at 1800 USD (2008). (1) With North Korea being as centrally located to two of the richest countries, Japan and China, it would seem that they would enjoy some of the same riches of these two. What has caused such differences

The terms starvation, isolation, totalitarianism, and nuclear ambitions combined would remind most people the hermit kingdom in East Asia, the Democratic People’s Republic of Korea, and its Kim dynasty. After the demise of the aged dictator Kim Jong Il in December 2011, the country went through a period of mourning the death of their “beloved” Great General and, undergoing a power succession to his 29-year-old son, Kim Jong Un. He has been known to have attended a Swiss school in his childhood years, enjoying playing basketball and video games (Yan & Shubert, 2011). However, even though many outsiders have a hopeful outlook on this young dictator to be somewhat liberal

North Korea’s economy is a centrally planned system. Although, there have been limited attempts at decentralization, Pyongyang continues to follow a centrally planned system as of 2015. Despite the collapse of communist governments worldwide in 1991, North Korea still remains isolated from the global economy[2]. Why is North Korea’s economy in such bad shape? The government tightly controls international trade and investment. Limited foreign participation is accepted in the economy through special economic zones. The financial sector is tightly controlled by the state. Calculating North Korea’s GDP is close to impossible, since they take very little part in public trade. Because of the lack of trade, real output is hard to nail down, resulting in a wide discrepancy of externally calculated GDP. Also, North Korea doesn’t publish their national income data. Due to this, the CIA and other well known associations and banks can only measure their purchasing power parity. Between

Economic Interactions & Development: After WWII, the state of South Korea became an independent state, this sudden loss of Japan as trade partner during WWII resulted in major economic issues for this new nation (Just to be clear, Japan controlled the Korean peninsula during the second world war; this made the now annexed state of Korea a colony of Japan in which the Japanese government provided services and trade). Up until the Korean War (1950-1953), the economy of South Korea was in ruins with their only support in the form of American economic aid. After the Korean war, attempts were made by the new government to industrialize the nation 's labor but the economy of South Korea stagnated and political instability prevented any further growth until a new government took its place.

The present South Korean economy is an extreme contrast from its post-civil war economy. It was then a backward and desolate economy relying primarily on agriculture as economic driver. It has limited natural resources with only about 30% arable land, considered by experts as the smallest in the world, which made sustaining the economy very difficult. Gross Domestic Product (GDP) in the early 1960s was reportedly below those of some Latin American and sub-Saharan African countries, India and even Haiti. Because of such poor economic performance, unemployment and underemployment were high that resulted in widespread poverty across its overpopulated territory. South Korea had to rely on aids from the United States and the West in order to provide food, jobs, shelter and other basic necessities for survival. Very few experts during that time were optimistic that South Korea will be able to resuscitate its slumped economy.

South Korea’s economic transformation from poverty to one of Asia’s biggest economies remains one of the enduring stories of the 20th century, dubbed the ‘Miracle on the Hanggang River.’ An isolated nation of farmers now leads the world in Internet access, is a global innovator in consumer electronics, and is now home to some of the biggest automotive, electronic, and shipbuilding companies. Per capita GNP, only $100 in 1963, exceeded $16,000 in 2005.”

Known as one of the Four Asian Tigers, South Korea, officially known as the Republic of South Korea has become a major force in today’s globalized economy. With a population of just around fifty million people, South Korea has a thriving economy, which is Asia’s fourth largest economy with a GDP (nominal) of $1.151 trillion (ranked 15th) (CIA, 2009). South Korea’s rapidly growing economy is evident when observing how its real GDP has expanded by 8 percent annually, from $2.7 Billion in 1962 to $230 Billion in 1989. Most of South Korea’s early economic

Every country will have they own style of music and singers. At this time they have a group of Korean singers that appear in music industry and have a tendency to grow really fast in globalization. So, what is the K-pop beginning? Oh and Lee (2013) said in the middle of 1990s was the year that the Korean singer was born. It was just a few moment from now to then but Korean singers are very popular in Asia. And how do they call Korean singers? Shin and Kim (2013) have explained that people called Korean singers K-pop but if they have many members in a group, they will call them idol group and can separate into two forms, boy group and girl group. Korean singers always wear colorful clothes when they perform on stage. All outfits will be created