Korean Brief Economic History and Government Policy

Brief frugal History and Government Policy Korea was hotshot of the poorest countries in macrocosm after experiencing two wars. World warfare II and Korean war (1950 ~ 1953). The country even go through a feed shortage so that it had to heavily avow on the inter interior(a) aid. Yearly per capita consumption was a specified $88 as late as 1965. However, since 1965, Korea has been transformed from its underdevelop agricultural sparing to a leading Newly Industrializing Country. amongst 1965 and 1981, its gross national product gross national product multiplied cardinal times from $3 billion to $63 billion and per capita GNP increased xvi times from $88 to $1,554. There use up been many explanations for Koreas victorious story. Among those, the strong role of governance would be probably the well-nigh important one. At the same time, this would be in like manner answerable for current recession. After Koran war, the regime in fact had no sense of direction and als o due to the seismal political situation, the country didnt have ad hoc economic polity until 1961 when military government came to power and realised the major groundwork guiding its economic planning called Economic Planing Board (EPB). This government set economic development as the top national priority and recognized the financial scheme in backup of economic development plan.

To achieve this purpose, it cerebrate its policies mainly on export expansion moving its strain from import substitution. The go forth was considered quite supremacyful for economic growth. amongst 1965 and 1973, exports grew a t fairish annual rate of 45%, from $clxxv m! illion to $3,271 million. The success of the expansion was due primary to cardinal factors (Kwack, 72). The first was a favorable international economic environment, which apothegm total manhood imports expand from $175 billion in 1965 to $536 billion by 1973. This boom in imports of the world reflected... If you requirement to get a full essay, order it on our website: OrderCustomPaper.com

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