Korean Economic History and Government Policy

Korea was one of the poorest countries in world after experiencing two wars. study War II and Korean war (1950 ~ 1953). The country cast off experienced a food shortage so that it had to unvoiced rely on the foreign aid. Yearly per capita consumption was a mere $88 as late as 1965. However, since 1965, Korea has been render from its underdeveloped agricultural economy to a leading spick-and-span Industrializing Country. among 1965 and 1981, its gross national product GNP multiply twenty times from $3 gazillion to $63 billion and per capita GNP increase sixteen times from $88 to $1,554. at that place sire been many explanations for Koreas successful story. Among those, the strong role of authorities would be probably the most important one. At the equivalent time, this would be as well responsible for current recession. After record war, the disposal in item had no sense of room and also due to the unstable political situation, the country didnt overhear ad hoc sparing policy until 1961 when military government came to precedent and realised the major institution guiding its stinting supplying called economic Planing Board (EPB). This government set economic emergence as the top national priority and recognized the fiscal schema in support of economic development plan. To achieve this purpose, it focused its policies mainly on export expansion moving its idiom from import substitution.

The result was considered quite successful for economic growth. Between 1965 and 1973, exports grew at average annual rate of 45%, from $clxxv million to $3,271 million. The succes s of the expansion was due patriarchal to ! terce factors (Kwack, 72). The first was a favorable international economic environment, which power saw total world imports expand from $clxxv billion in 1965 to $536 billion by 1973. This boom in imports of the world reflected the fact that the industrialized had... If you want to get a full essay, localize it on our website: OrderCustomPaper.com

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