International Perspective : South Korea

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International Perspective: South Korea
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International Perspective: South Korea
Officially known as the Republic of Korea, South Korea is located in East Asia and constitutes the southern part of the Korean Peninsula. It was proclaimed a republic on August 15, 1948 and a rapid growth of its economy transformed it into a highly advanced economy by 1995. Today, South Korea is the eighth largest country in international trade and a regional power with among the largest defense budgets in the world. It is sometimes referred to as the “Republic of Great Han”. This paper seeks to explore the system of the country’s government, its political and socio-economic status and the implications thereof. It proposes
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This has led to it being described as a “fully functioning modern democracy” by the CIA World Fact book even though it experienced a series of military dictatorships from the 1960s until the 1980s.
The transformation of South Korea from one of the poorest countries to one of the richest and most industrialized countries in only three decades is remarkable. Some authors argue that this was the product of a unique set of historical circumstances that led to landless children moving to the cities to provide cheap labor and the consequent American presence. Military rule was replaced by civilian government since 1987 and it has developed to have Asia’s highest income. It is the world’s 7th largest exporter driven by high-tech multinationals such as Samsung, Hyundai and LG.The rule of law, government transparency and education has led to the rapid growth of the national economy. The leadership and proper economic policy implementation has always been behind the rise of South Korea. Although it has almost no natural resources and always suffers from overpopulation, the country adapted an export-oriented economic strategy to fuel its economy. The 1997 Asia financial crisis affected the economy and the country had to rely on funding from the IMF to restructure and modernize (Kleiner, 2001). In addition to that, policies by then President Kim Dae Jung spurred the growth of the ICT industry.
South Korea has for a long time
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