South Korea Essay Examples & Outline
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South Korea is among the wealthiest nations on earth. It is operates on a market economy which is ranked 13th according to the nominal GDP and purchasing power parity. It is member of the next eleven countries (Shim, 2010). Being a developed country, this trend is un-witnessed. It is the only member in the list since it indicates a lot of potential of growth and development. This means that the county has a potential of moving away from the plateau stage of the growth curve. The paper will investigate the main causes of the economic development of the country. It will seek to prove that the sound economic policies used by the government were the main sources of the performance level of the economy (Song, 1990).
The development of the economy can be traced back to the 1960s whereby the country registered the fasted economic growth (Chung and Eichengreen, 2004). This trend persisted to the late 1990s when the economic growth of the country gradually decelerated. The development of the economy has been persisting in the 2000s even though the rate of development has gradually decelerated. This development is what the Koreans refer to the miracle of the Han River.
The economic development in the country can be attributed to the favorable polices that the leadership of the country envisioned and implemented. The strategic alliance with the United States during the Korean War whereby the country was offering the logistic support to the American troops and the rigor of the education system has led to the development of the economy (Song, 1990).
The highly motivated and well-educated population of the country has also been in the forefront in the influence of the economic policies that the country has been pursuing over the years. The majority of the industries in the country can be traced back to the high education levels and the focus of the country on the development of the information technology and other more conventional technologically oriented industries (Chung and Eichengreen, 2004).
The country is affected by the smaller territory and the present case of over population. This is the main reason that the government of Korea has adopted an export-oriented economy that is poised on the provision of the products that the rest of the world needs. The country is also affected by the case whereby is has virtually no resources to work with in as far as the creation of the products that it exports. Therefore, it has adopted an importation strategy whereby it imports the raw materials and export the finished products (Kwon, 2010). This business arrangement has led to the situation whereby the country is the largest importer and exporter of the finished products (Tcha and Sŏ, 2003).
The development of the economy has also been affected by some of the macroeconomic occurrences such as the Asian financial crisis of 1997 (Chung and Eichengreen, 2004). During this time, the country was affected in that it faced a large liquidity crisis. The country had to rely on bailout from the IMF for bailout. The success of the economy after the crisis can be directly traced back to the policies of the president Kim Dae Jung who came up with the so-called DJ economics. The president focused the development of the country on the ICT sector.
The paper utilized the secondary research method to collect the data. The research design used for the data collection and the entire research was an exploratory design. The paper sought out identifiers of the economic performance of the country (Chung and Eichengreen, 2004). It also sought to discover the unique aspects about the economy that have led to the exceptions performance over the years. The data collected was analyzed using the correlation analysis. The information regarding economic performance of Korea before the war and post war period was used in the identification of the main development impetus of the economy. The validity of the research was based on the ability to find the right information that correlated with the previous research.
The development of the country and the promise that it holds in the future is adversely affected by the continued dame of the credit rating. Neighboring a hostile nation such as North Korea is a challenge to the country. The belligerence of her neighbor more so in times of crisis is a major concern for eh investors that would like to promote the investments in the country. However, some of the most influential world bodies such as the international monetary fund have realized that there is an important aspect of resilience that has enabled the country to develop despite the insurmountable odds that have been plaguing it (Kwon, 2010).
The economic growth of the country has been based on the exports. The industrialization levels that are witnessed in the modern day has been a result of the rapid exportation strategy that saw the country rely almost entirely on the exports (Chung and Eichengreen, 2004). The small size of the country has hindered the development of the domestic economy since the population growth that can be accommodated is low and less likely to support the entire development agenda (Shim, 2010).
The country has also been able to develop owing to the focus on the technological boom whereby most of the industries in the country are directly or indirectly linked to the technology. The focus of the country’s policy maker is as also a major source of the success witnessed in the country (Shim, 2010). The policy makers focused on the things that matter such as the development of the economy from within and use of the external market as the main source of the demand for the products that the company would be stocking (Chung and Eichengreen, 2004).
As a result of the economic development, the country witnessed a sharp rise in the economic performance and standards of living. The rate of urbanization also witnessed a sharp rise whereby the design of the living was mostly centered along the cities as opposed to the rural living that was witnessed in the post war period (Chung and Eichengreen, 2004). These developments were also supported by the shift of the political policies whereby the nation focused on the development of the democratic administration as opposed to the controlled economy.
The change in mode of operation and the success led to the entrusting of the country with some of the largest sporting events in the world such as the 1988 Olympics and the cohosting of FIFA world cup of 2012 (Kwon, 2010). The change in Korea has been so significant that the nation has been able to shift from the simple economy to a force to reckon with as far as the economic might is concerned. The country has also been able to produce some of the leading brands in the world such as LG, Hyundai, Kia and Samsung (Chung and Eichengreen, 2004).
The miracle of the Han River is an allegory statement that seeks to place the country’s economic development nest to that of the more notable economies such as Germany. It borrows a lot from the miracle of Rhine River that refers to the development of the West Germany economy (Kwon, 2010). The phrase refers to the development of the capital Seoul (Kwon, 2010). However, it has also been used to refer to the development of the entire nation and the strategic focus that the country adopted.
The development of the country can be traced from 1961 when the country was heavily reliant on the foreign aid from America to the policies of the president Kim Dae Jung (Chung and Eichengreen, 2004). The use of the cheap labor that the economy could provide was the basis of the development. Therefore, the prevailing economic conditions served to increase the development rate of the country. Increased economic performance of the country was also directly influenced by partnerships and polices.
The development of the South Korean economy has been affected by numerous factors such as the sound economic policies that the leadership has adopted. The leaders of the country have been responsible for the provision of the direction for the country in terms of the economic policies (Chung and Eichengreen, 2004). The ability of the country to attain political stability was one of the main reasons behind the development of the nation.
The ability of the nation to recover from some of the serious economic crises such as the Asian currency crisis of 1997 led to the development of strategies that enabled the country to avoid the recurrence of the same in the 2008 financial crisis. Therefore, the leadership and policies such as democratization have been major contributors to the economic development of the nation.
Chung, D. and Eichengreen, B. (2004). The Korean economy beyond the crisis. Cheltenham, UK: Edward Elgar.
Kwon, O. (2010). The Korean economy in transition. Cheltenham, Glos, UK: Edward Elgar.
Shim, T. (2010). Korean entrepreneurship. New York: Palgrave Macmillan.
Song, B. (1990). The rise of the Korean economy. Hong Kong: Oxford University Press.
Tcha, M. and SoÌ†, C. (2003). The Korean economy at the crossroads. London: RoutledgeCurzon.