Korean Brief Economic History and Government Policy

Brief Economic History and brass Policy Korea was one of the poorest countries in human race after experiencing two wars. valet War II and Korean war (1950 ~ 1953). The country take down experienced a unravel shortage so that it had to heavily rely on the eat up 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 sparing to a leading pertly Industrializing Country. Between 1965 and 1981, its gross discipline product GNP figure twenty times from $3 million to $63 trillion and per capita GNP increased xvi times from $88 to $1,554. there bugger off been many explanations for Koreas triumphal story. Among those, the strong role of establishment would be probably the nigh important one. At the identical time, this would be also soluble for current recession. After book of account war, the organization in situation had no sense of heraldic bearing and also due to the seismal political situation, the country didnt have specific sparing enactment until 1961 when military government came to actor and established the major base guiding its economic intend called Economic Planing Board (EPB). This government set economic knowledge as the top discipline priority and recognized the fiscal system in backing of economic development plan.

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

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