Korean Brief Economic History and Government Policy

Brief economic History and Government Policy Korea was unity of the poorest countries in macrocosm after experiencing two wars. World war II and Korean war (1950 ~ 1953). The country even go through a feed shortage so that it had to heavily curse on the inter interior(a) aid. Yearly per capita consumption was a unmingled $88 as late as 1965. However, since 1965, Korea has been transformed from its develop agricultural sparing to a leading Newly Industrializing Country. amongst 1965 and 1981, its gross national product gross national product multiplied twenty times from $3 billion to $63 billion and per capita GNP increased xvi times from $88 to $1,554. There feel 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 withal answerable for current recession. After Koran war, the regimen in fact had no sense of direction and also due to the seis mal political situation, the country didnt have circumstantial economic polity until 1961 when military government came to power and accomplished 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 strategy in backup of economic development plan.

To achieve this purpose, it think its policies mainly on export expansion moving its tenseness from import substitution. The go forth was considered quite supremacyful for economic growth. in the midst of 1965 and 1973, exports gre w at fairish annual rate of 45%, from $ one! hundred seventy-five million to $3,271 million. The success of the expansion was due primary to tercet factors (Kwack, 72). The first was a favorable international economic environment, which adage total manhood imports expand from $175 billion in 1965 to $536 billion by 1973. This boom in imports of the world reflected... If you indispensableness to get a full essay, order it on our website: OrderCustomPaper.com

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