The Economy of South Korea

Paper Summary:

This paper describes Korea's economy from the period beginning with the end of the Korean War to present times. The paper explains that Korea was one of the poorest countries in the world immediately following the Korean War, but, through a combination of government economic reforms, low oil prices, a lower dollar and low interest rates, the country has since become a leader in world trade as well as a country with an exponentially expanding economy.

From the Paper:

"There are several aspects of the Korean government-business relationship that enabled the rapid growth of the economy. Close cooperation between government and business has generally been growth promoting and efficiency enhancing. This close relationship between government and business made it possible to maintain a consistent set of goals and to implement them in a systematic way. The private enterprise system, promoted effectively by the government, became a highly effective mechanism for generating economic growth, thereby elevating the living standard of the general population."

More papers on The Economy of South Korea:

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• Comparison Essay # 148857 : "A Look at Japan and South Korea"

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