How The Slow International Trade Affects South Korea 's Economy Essay

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.

These measures were introduced as there were extremely high taxes in South Korea, which widened disparity made many people suffer. South Korea’s economic success was a result of a competitive education system and a highly skilled and motivated workforce. In the 1970s and 1980s, South Korea became the leading producer of ships, one of the major ship building countries being Hyundai but this industry began to decline in the mid-1980s as a result of the oil glut and world-wide recession. However, South Korea is once again the world’s most dominant ship builder with a 50.6% share in the global shipping market as of 2008. Construction has also been an important in the South Korean export industry since 1960s and remains to be a critical source of foreign currency. By 1981, overseas projects, mostly in the Middle-East accounted for 60% of the work undertaken by South Korean construction companies. South Korea’s Samsung C&T Corporation also built many remarkable buildings such as the Petronas Towers and Burj Khalifa. During the 1960s, South Korea was extremely dependent on the U.S.A to supply its armed forced but after President Nixon’s policy of Vietnamization was removed in the 1970s, South Korea began to manufacture many of its own weapons. In 2010, South Korea’s defence exports were $1.5 billion. South Korea’s remarkable technological advancement and

The main challenge about trade is the long-term condition of Japan. Although Japan performs well now, it is a receding market. There is a significant challenge for Japan in the future. It is facing a dwindling work population, as the average populace gets older. This provides a serious risk as if the workforce reduces in size so does the production. And production is one of the main factors that make Japan wealthy. In addition, even though it is the second largest economy in the world it will face high expenditure. This is a serious issue if not properly taken care of. However, a country with one of the highest GDP’s in the world is unlikely to mistreat

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 impact of the Korean War on America’s economy took place between the years 1950 to 1953. World War II had cost the United States much, much more than the Korean War, however this war did not change the structure of growth and financing in America.

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.

"As I stood on a mountain pass, looking down on the valley leading to Inch'Con, I recalled these words of my friend. The Ôstrong hand of Japan' was certainly being shown here. I beheld in front of me village after village reduced to ashes. Destruction, thorough and complete, had fallen upon it. Not a single house was left, and not a single wall of a house." (F.A Mackenzie). Japan did many brutal and harsh things while colonizing Korea. Imperialism is when another nation forcefully takes control of another nation. In the 19th and 20th century, many European powers were trying to get colonies in countries in Africa and Asia. In order to do so, they needed to imperialize countries. Japan was the first Asian nation to defeat western countries trying to imperialize them. During the 1900’s, Japan

Japan imperialize Korea from 1910 to 1945. During this time, Japan was very harsh and Koreans were not treated fairly. In a article it states that “Korean labor was what was needed and Japanese got just that”(Large, Stephen S). Korean woman worked in factories and most Koreans who were in the military would die first. Japan ruled directly by military and Koreans “were under supervision of the army”(Beasley, W.G) so when they disagreed with anything, they would be quickly punished or even killed. The colony was affected a lot by this imperialism. Japan was “affected by three aspects of national life: security, economy, and its society, and culture and imperialism Korea did not cause fundamental change just modified them”(Large, Stephen S.). This is meaning that by imperialising Korea its helping out Japan become more modernized but while doing this it's destroying Korea physically, and mentally. In a article from a student at

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

In 1910, “Korea became a Japanese colony with Prime Minister Yi Wan-yong’s signing of the Treaty of Annexation.”Korea under Japanese colonialism, from 1910 to 1945, struggled to maintain their nationalism as a whole. Almost every Korean citizen, the ones without connections to power, had to give up on their properties for Japanese military and government purposes. A great amount of Koreans were tortured or even killed if they refused to comply with the soldiers’ demand. During this colonization of Korea, Koreans suffered greatly not only because of the loss of their identity, but through the hardships they were forced into by the Japanese. Such as the men being forced into hard labor jobs under dangerous and slave-like conditions while the

After the end of the World War II the world faced the challenges of economic and social recovery. The majority of developing countries based their economies on Import Substitution Industrialization (ISI), the state-oriented approach to a trade and economic policy. ISI supports the replacement of import with domestic production in order to reduce foreign dependency. This protectionist policy dominated in developing countries, especially in Latin America and sub-Saharan Africa, during the first 30 years after the World War II. By 1980s, when the main gains of ISI were exhausted and it demonstrated its inefficiency, the countries of East Asia adopted a new development strategy. Consequently, this new export-oriented and market-friendly strategy, so-called East Asian model, has determined the successful economic and trade policy of East Asian countries during the next several decades. To understand the reasons of the shift from ISI to the East Asian model, it is needed to carefully examine and contrast these two approaches and their supporting theories.

The U.S.-Korea Trade Agreement promotes free trade between the United States and South Korea. KORUS was first introduced during the George W. Bush administration, but was renegotiated and went into effect March 15, 2012 under the Obama administration (1). This trade agreement was the largest US trade deal since NAFTA, and within five years rolled back tariffs on 95% of goods between these two countries. The remaining tariffs were expected to be eliminated within the first ten years. KORUS increased intellectual property rights, and opened up opportunities for the distribution and merging of ideas.

North Korea (officially named the Democratic People's Republic of Korea, or DPRK) is a single-party Communist state in south-east Asia, ruled since 1949 by the Korean Workers' Party (KWP). Regarded by many in the international community as a pariah state (meaning that it is an outcast), North Korea has in recent years become increasingly poverty-stricken, with many of its citizens having barely enough food to survive.

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.

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