Factors Of Economic Growth : Case Study Of South Korea

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Factors in Economic Growth: Case Study of South Korea Amanda Osborne ECON/POLS 313: International Political Economy November 20, 2014 Introduction: Higher incomes, lower unemployment, decreased government borrowing, increased investment, and improved standard of living, generally accompany economic growth. Developing countries strive to foster effective strategies that will allow them to achieve economic growth. South Korea has been known as the model for economic growth. They transformed themselves from an underdeveloped country to one of the world’s most thriving economies. Many countries have tried to imitate the South Korean model as a means of having rapid growth. This paper will show, that a good base for economic growth can be formed through an export oriented led strategy, an improvement in the labor force, and slight involvement by the government. Literature Review There are numerous conditions that play into economic growth. This section is presenting findings of growth patterns from other countries and which factors have greatly influenced them. Based on those findings, hypotheses will be able to be formed about factors affecting South Korean economic growth. Having a productive and efficient labor force is a factor that can influence economic growth. In East Asian countries, they implemented education policies that were set in place to increase their labor force skills. Economic growth through labor can be divided into
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