Korean Brief Economic History and Government Policy

Brief frugal History and Government Policy Korea was one and only(a) of the poorest countries in macrocosm after experiencing two wars. World war II and Korean war (1950 ~ 1953). The country even see a feed shortage so that it had to heavily deposit on the inter interior(a) aid. Yearly per capita consumption was a chaste $88 as late as 1965. However, since 1965, Korea has been transformed from its underdeveloped agricultural sparing to a leading Newly Industrializing Country. in the midst of 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 allow 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 besides answerable for current recession. After Koran war, the government activity in fact had no sense of dire ction and also due to the seismal political situation, the country didnt have precise economic polity until 1961 when military government came to power and ceremonious 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 administration in backup of economic development plan.

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

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