Nobody downloaded yet

Rise of South Korea - Essay Example

Comments (0) Cite this document
This research is governed by the following research questions, which will aid in attaining objectives and aim of the research: What was the role of HCI drive is the South Korean growth miracle? What were the policies adopted in South Korea during 1960-1997? …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.8% of users find it useful
Rise of South Korea
Read TextPreview

Extract of sample "Rise of South Korea"

Download file to see previous pages The paper tells that Heavy and Chemical Industry Drive did not play any positive role in the South Korean growth miracle because in any case, some of the industries were headed towards expansion. Secondly, during the HCI drive, South Korea was still a low protection nation and the aimed industries had to quickly compete in the world market. Instead, the HCI drive harmed the South Korean economy as its growth rate fell by 2.3% between the years 1963-1982. Between 1979-1980, there was a decline in the EOCD manufacturers imports’ share, which was as a result of fall in light manufactures. Therefore, targeted sectors’ growth was at other sectors’ expense. Actually, South Korea’s economy only grew following the end of HCI in 1979, with more trade as well as financial liberalization following in the eighties. Trade openness policy/Outward orientation was one of the most important factors in South Korea’s growth. During 1961-1980, Korea’s exports grew at 23.7% in real terms. Over the period 1960-1975, export expansion was directly responsible for more than quarter of the growth of manufactured output. Next was Heavy and Chemical Industry (HCI) Drive (1973-1979), which targeted the development of selective heavy and chemical industries (e.g., steel, automobiles, shipbuilding, etc.). This drive comprised Tax concessions policy and Trade policy reversal. It also comprised policies that directed bank credit at low interest rates – almost 60% of the bank loans and 75% of the manufacturing investment went to targeted industries. In April 17, 1979, Comprehensive Stabilization Program was developed, and it ended HCI drive. In the short run, there was tighter fiscal and monetary policy and liberalization in the long run. In 1980s, Stabilization and Liberalization policy was developed – import liberalization saw the reduction of average nominal tariff rate 24% (1983) to 19% in 1988 and to 11% in 1990. Due to the liberalization financial sector, there was no more preferential interest rates for export industries and Chaebols, commercial banks were privatized, directed credit was relaxed, and the financial sector was opened up to FDI. Growth returned to pre-HCI levels of 9.9% 2. What was the role of Chaebols in South Korea’s economic performance before and after the East Asian Crisis? Chaebols were large family-managed business groups that had close relationship with the government of South Korea and depended on Korean government finance heavily. They received preferential allotment of grants, preferences in taxation and benefited from government sale of “enemy property” factories. The Chaebols followed the Confucianism approach to management and they took advantage of quick growth in exports and demand and expanded very quickly in the world market and became producers of major international brands. In 1950s and 1960s South Korea experienced economic success and Chaebols were major contributor in this – they were able to respond to market signals and outward looking export let strategies. The success factors of the Chaebols can be attributed to the fact that they ssuccessfully responded to such market signals as price, market opportunity and factor cost, outward looking strategies favoring export-led growth and a non-discriminatory government policy towards them. The Chaebols were therefore positive contributors of the amazing economic transformation and industrialization in South Korea, with the annual per capita GDP current prices reaching 79 dollars in 1960. This was particularly before the East Asian Crisis. However, Chaebols failed during the AFC 1997-1998, which marked the beginning of South Korea’s structural problems. Chaebols debts foreign and Non performing loans were exposed and in 1999, the government, under the pressure to get tougher with them, introduced a policy to rationalize their activities and do away with non-performing choebol affiliates as well as ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Rise of South Korea Essay Example | Topics and Well Written Essays - 5250 words”, n.d.)
Retrieved from
(Rise of South Korea Essay Example | Topics and Well Written Essays - 5250 Words)
“Rise of South Korea Essay Example | Topics and Well Written Essays - 5250 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document


North and South Korea

...whereas South Korea is supported by the US. China and US happen to be the two strongest countries of the world. Through interfering in the politics of Korea, US and China are actually availing the opportunity to express their strengths against each other. The tension may rise to the extent of causing the Third World War to break out. The reason of fire exchange between North and South Korea when investigated, was found to be nothing more than a mere misunderstanding between the troops regarding the drills. The tensions had particularly already reached their apogee in March, 2010, when 46 South Korean sailors died as...
2 Pages(500 words)Essay

South Korea Market

.../us.html>. Kim, Myung Oak. The New Korea: An Inside Look at South Korea’s Economic Rise. New York: AMACOM Div American Mgmt Assn, 2010. Lie, John. Han Unbound: The Political Economy of South Korea. New York: Stanford University Press, 2005. Paik, Myungho. Gender Differences in Demography and Labor Markets. London: ProQuest, 2008. South Korea Stock Market at 1898.32. Trading Economics. 2011. 24 October 2011. south-korea/stock-market>. U.S. Department of State. Background Note: South Korea. 7 July 2011. 24 October 2011. . Yi, Hyŏng-gu. The Korean Economy: Perspectives for the Twenty-First Century. New York: SUNY Press, 2003.... South Korea Market Introduction Until recently, South Korea...
4 Pages(1000 words)Assignment

South Korea Research Paper

..., newly raising religions and the popular religion. Established religions include Buddhism, Christianity, newly rising religion include unification of churches, and the popular religion include shamanism (Clark 29). The oldest religions in South Korea are ideas, shamanism, and animism. In these kinds of religion, adherence believes that the world is filled with both helpful and harmful spirits. They also believe that living human beings through selected individuals, the shamans, could communicate to these spirits. This belief on the early times was marked by certain dances, chants and herbal remedies. In the current society of South Koreans, very few people practice this...
4 Pages(1000 words)Research Paper

North Korea and South Korea

... 26 July 2007 Comparison Essay When I lived in Korea about three years ago, communism was familiar not only to me but also to peers whom I grew up with. My country is divided into two parts, North Korea and South Korea. During early 1950's, North Korea joined China and Russia to become a communist country while South Korea separated from America to be a democratic country. Even though I live in South Korea, I still become curious on what's going on between the two countries. Both of them can be traced from the same origin and speaks the same language, yet it is irrefutable that their people's lines of thought are different. Communism is a political movement that believes in an economic system in which the state controls the means... . Even...
4 Pages(1000 words)Essay

Globalization and South Korea

...Globalization and South Korea: How an Asian Country makes it among the List of the World's First World Country Introduction Globalization can mean many things. There is the economic component of globalization that is defined as "the integration of national economies into the international economy through trade, direct foreign investment, short term capital flows and international flows of workers and humanity in general"i. The other definition of globalization is "the freer movement of goods, services, ideas and people around the world"ii. This definition encompasses the qualitative aspects of globalization in the sense that it goes beyond mere numbers in defining the exchange of information in a...
10 Pages(2500 words)Essay

Property in South Korea

...1 Introduction Property as investment has always lured individuals and organizations as it represents an image of being solid and dependable. This ishowever a generalization as there are various aspects involved in such decisions. Foremost among the reason for investing in property is safety. It is perceived that while all other types of investments can erode in value, the nature of property is such that its intrinsic value is never diminishes. The value may reduce over a short period but it always bounces back and indeed in the long run continues to rise. This perception holds true subject to certain conditions. An investment requires a medium of exchange and that is usually money. Money is a deteriorating asset in...
5 Pages(1250 words)Essay

Tourism analysis (South Korea)

...Tourism Analysis (South Korea) Background and Destination Mix Overview The main tourist destination for visitors in South Korea is located in the capital city of Seoul though there are other popular tourist destinations sites Seorak-san national park, the semi-tropical Jeju Island, Nami Island and the momentous city of Gyeongju (Young-Sook, 157). The prominence of the city of Seoul as a principal tourist destination began from the 1986 Asian Games, the 1989 Olympic Games, the 2002 Korean/Japan FIFA World Cup, and the 2010 G-20 Summit. The holding of these events Seoul exposed the city’s magnificent sites and this has boosted the tourism industry in South...
3 Pages(750 words)Essay

Study Abroad South Korea

... With Seoul, South Korea fast emerging as a powerhouse capital on the world economic and social stage, its importance as a center of culture and finance has come to be noted by the various urban development planners and economic policy makers across the world. That is why as a graduate student of Urban and Regional Planning, it is highly important that I too turn my sights towards understanding what makes the government policies and programs of Seoul work. The government policies and programs that are currently in place have become a template for the success that Korea enjoys and which other city capitals are trying extremely hard to emulate. Attending the “Case Study Management in Seoul” program at the University of Seoul... in...
2 Pages(500 words)Personal Statement

South Korea : Amazon Firestick present to ensure that the younger lot and the ones technologically advanced are appealed to the product (Tuten 2008). Also, the timings of advertisement placement should be such that the promotion gets maximum exposure. The advertisement can, however, also be linked to the social media platforms to get maximum integration. Therefore, after rigorous research and an analysis of target audience, media placement can be decided to get maximum attention. Since an effort is being made to expose the South Korean audience to the Amazon Firestick, a younger audience and the one with a technological knowhow must be targeted. For this reason, a social media campaign must be organized with a rational appeal and with an effort to...
2 Pages(500 words)Essay

Women in South Korea

...movement of women began to rise. In addition, caused the attention of society. Unlike other social movements that are also related to womens social status, South Korean women positioned themselves without traditional labels. Unlike other countries women, for example, Latino and Japan, who protested as mothers in order to be accepted by societies, South Koreas protests are only focused on the working condition of women. The traditional face of Korean women saw drastic changes with the advent of industrial development. While seeking their ways of independence and respects from society, the apparel industry not only empowered them financially, but also made them an icon of...
10 Pages(2500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Rise of South Korea for FREE!

Contact Us