East Asia Politics, South Korea development - Essay Example

This paper briefly analyses the East Asian miracle focusing mainly on and South Korea based on World Bank report and some articles written by Atul Kohli and Bela Balassa. The 1993 World Bank policy research report states that private domestic investment and rapidly growing human capital were the principal engines of growth in South Korea like East Asian countries. Agricultural growth, population growth rate decline, better educated workforce effective public administrative system and high levels of financial savings also contributed heavily for the growth of this region (A World Bank Policy research report, p.5). South Koreans are hardworking population like most of the other Asian people.

They have realized the importance of developing indigenous resources like agriculture for their economic development along with industrialization. They also realized the dangers of population growth and implemented many policies to restrict the population growth. Family planning policies were implemented in order to achieve this objective. World Bank report also mentioned the role of governmental intervention through multi channels, in the development of South Korea like East Asian country’s developments (A World Bank Policy research report, p.5). It is difficult for a country to develop properly if the problem is tackled from one side only.

The economy of a country depends on many aspects and it is necessary to address all these aspects correctly in order to boost the economic growth. South Korea adopted a market friendly functional approach for their economic developments. Unlike many other countries they never looked the foreign direct investments suspiciously. They have welcomed and accepted FDI with both hands and formulated specific policies to; subsidize credit for some specific industries, keep the interest rates low, protect