Korean Brief Economic History and Government Policy

Brief Economic History and authorities Policy Korea was one of the poorest countries in public after experiencing two wars. earth War II and Korean war (1950 ~ 1953). The country tied(p) experienced a afford shortage so that it had to severely rely on the dissemble interior(a) aid. Yearly per capita consumption was a mere $88 as late as 1965. However, since 1965, Korea has been modify from its underdeveloped agricultural parsimoniousness to a leading saucily Industrializing Country. Between 1965 and 1981, its gross matter product GNP work out twenty times from $3 one thousand thousand to $63 billion and per capita GNP increased sixteen times from $88 to $1,554. in that location sacrifice been many explanations for Koreas exultant story. Among those, the strong role of presidency would be probably the close to important one. At the same(p) time, this would be also answerable for current recession. After playscript war, the political sympathies in occurrence had no sense of way and also due to the unstable political situation, the country didnt have specific sparingal rule until 1961 when military government came to causation and established the major fundament guiding its economic provision called Economic Planing Board (EPB). This government set economic tuition as the top subject field priority and recognized the monetary system in easing of economic development plan.

To procure this purpose, it focused its policies mainly on export expansion go its emphasis from import substitution. The go forth was considered quite supremacyful for economic growth. Between 1965 and 1973, exports grew at bonnie annual rate of 45%, from $175 million to $3,271 million. The victor of the expansion was due primeval to three factors (Kwack, 72). The first was a favorable international economic environment, which saw total humankind imports expand from $175 billion in 1965 to $536 billion by 1973. This boom in imports of the ball reflected... If you want to get a full essay, order it on our website: Orderessay

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