Postwar Korea

Paper Summary:

This well-researched paper examines the various influential factors that contributed to the success of Korea's economy, which took a turn for the better in 1961 under the leadership of General Park. The economic success of South Korea is interesting because it formerly had an economic profile like most developing countries with import substitution and a deficit on the trade balance mainly due to foreign loans and no developed industry. This detailed paper explores the culture, living standards and political system in Korea, post WWII. The writer of this paper also discusses the Korean government's plan to embark on economic reforms, deregulating the financial system which would chip away at the power of the family-owned conglomerates.
Topics covered in this paper include:
Introduction
Korea Prior to the Asian Economic Downturn
Factors of Influence
The Culture
Infrastructure
The Living Standards
The Cold War
The Political System
Technology
The Role of Saving
Development of the Korean Economy
Resemblance to Japan's Model of Economic Development
Conclusion
Endnotes
Bibliography

From the Paper:

"Korea has a cultural homogeneity. Furthermore in the culture there is the existence of Confucianism with a high degree of group orientation. To make sure that their children receive education is a part of the Confucian tradition and this again is basis for a well-educated and hard working work force. A part of the Confucian ethic is the existence of a hierarchical pattern of relationships. This may have been one of the reasons why the military government could stay in power while placing restrictive obligations on businessmen and still recruit the best qualified to the bureaucracy from the universities. In the Asian cultures it has always been highly respected to belong to the bureaucracy."

More papers on Postwar Korea:

• Essay # 38301 : "Postwar Korea: Liberated but Divided"
• Comparison Essay # 148857 : "A Look at Japan and South Korea"
• Essay # 9340 : "The Impact of the U.S.- Vietnamese War on North Korea"

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