South Korea and The Philippines

Paper Summary:

The purpose of this paper is to compare the economic development of South Korea with that of the Philippines from 1960 to the present. In 1960, both of these Far Eastern countries were equally underdeveloped economically, but today South Korea's per capita income is several times that of the Philippines. Why, in the last 35 years, has South Korea experienced such dramatic growth, while the Philippines has stagnated? This paper looks at how each country's culture, political leaders, economic policies and foreign trade policies have affected their growth rates.

Paper Outline:

I. Pre-1960
A. South Korea
1. Confucian Culture
2. Education
B. Philippines
1. Wealth and Poverty
2. Education
II. Economic Policies
A. South Korea
1. Five-year Plans
2. Growth under Authoritarian Rule
B. Philippines
1. Labor Laws
2. Trade Barriers
III. Foreign Trade
A. Exports
B. Import Substitution
IV. Leadership
A. South Korea
1. Authoritarian
2. Committed to Economic Development
B. Marcos
1. Martial Law
2. Corruption
3. Economic Collapse

From the Paper:

"The first five-year plan caused rapid growth, largely by devaluing the won and restructuring the system of taxation and tariffs in such a way as to promote an increase in industrial exports (Han 166). It also caused rapid inflation due to government deficits and a 60 percent increase in the money supply (Brown 51). The second plan (1967-71) sought to correct the problems of the first by reducing government spending (Brown 52-3) while continuing to give tax deductions to industries that were expanding their exports (60)."

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