Econ 350 Term paper
Yongjung Rho
6050899075
yrho@usc.edu
The World Economy: Economy Convergence of South Korea and US
Before Korea is divided into two parts, Korea was occupied by Japan in 1905 and annexed entire peninsula by Japan in 1910. Korea regained its independence in 1945 after Japan surrendered to United States in World War II. The most important to focus is the period after the World War II. A democratic based government was set in the southern part of Korea while a communist government in northern. North Korea invaded to South along with China and Soviet Union and occupied most of southern territory until US and UN fought alongside South Korea soldiers. In 1953, the Korea peninsula is split with demilitarized zone with 38th Parallel. This made Korea into two different countries; South Korea and North Korea.
After the Korean War, South Korea remained one of the poorest counties in the world. GDP per capita in 1960 was around $1000, which was lower than any other poor countries like Latin Americas and Africa. However, a huge wind blew in the economy of South Korea. The real GDP of South Korea expanded by averagely 8 percent for many years. The real GDP, $ 2.7 billion in 1962 expanded to $ 230 billion by 1986. By 2007, the real GDP of South Korea reached the trillion dollars. During the period, South Korea became one of the leading countries from one of the poorest countries. People of South Korea call this period the Miracle on Han River
First Economically, South Korea in 2013 is reported as 15th in economic ranking in nominal and as 12th in PPP (purchasing power parity). The government type of South Korea is based on democrat republic and its system is mixed with European civil law, Anglo-American law, and Chinese cla...
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...A Factbook
• "Korean Website." Korean Website. N.p., n.d. Web. 30 Apr. 2014. http://115.84.165.91/jsp/WWS00/outer_Seoul.jsp?stc_cd=1
• "South Korea - The Origins and Development of Chaebol." South Korea - The Origins and Development of Chaebol. N.p., n.d. Web. 30 Apr. 2014. http://www.country-data.com/cgi-bin/query/r-12303.html
• "South Korea Economy Stats: NationMaster.com." NationMaster.com. NationMaster, n.d. Web. 30 Apr. 2014. http://www.nationmaster.com/country-info/profiles/South-Korea/Economy
• "South Korea Profile." BBC News. N.p., n.d. Web. 30 Apr. 2014. http://www.bbc.com/news/world-asia-pacific-15289563
• "Top 10 Countries with the Fastest Internet." SmartPlanet. N.p., n.d. Web. 30 Apr. 2014. http://www.smartplanet.com/blog/bulletin/top-10-countries-with-the-fastest-internet/24801
• World Development Indicator (WDI)
• World Bank Governance Data
Samsung as a company was founded in 1938 in Korea. 46,500 employees are working at six Samsung Electronics facilities in Korea. Although they are at different locations, all share the same goal and that goal is satisfying global customers by producing a quality product. Here in the U.S. Samsung is a very recognized brand, sitting along side Sony, Panasonic, Phillips, Toshiba, Matsushita and other more know brands of TVs. In South Korea, Samsung was a governmentally subsidized large business until in the 1990’s. In the mid 1990’s one of the most significant threats to Korean corporations was that their major advantage in low labor cost had been deteriorating against the labor costs in many of the competing Southeast Asian countries. The average wage of $1,144 a month that Korean workers earned was one of the highest wages paid in Asia outside of Japan. Korea had been the low cost labor supplier until the point at which The Peoples’ Republic of China entered the competition for manufacturing of color TVs. The low cost of labor in China would cause Korea’s position being the lowest cost provider to be a position that was in danger. The Korean government at this point was discontinuing subsidies and export credits to Korean manufacturers and at this time the Korean products which had been the low end market
Today, Japanese and Korean civilizations are advanced, wealthy, and independent with their own system of government and religious beliefs due to the influences from China. The majority of Asia experienced changes in government and dealt with inter and intra state conflicts when the countries were most susceptible to influences from alliances made with other countries. The Tang Dynasty/ Silla alliance shaped the future of Korea’s religious and government movements. Art and literature from China also greatly impacted Korea’s and Japan’s society and provided new insight into literary expression through new forms of poetry and a new system of writing. Religion was also a major influence because of popularity and acceptance of new views and beliefs. Agriculture played an important role in the development of Korean and Japanese civilizations because new tools and forms of irrigation led to more efficient harvesting. The bulk of Chinese influence impacted Japanese society through the Heian period and Korea was heavily influenced by Chinese culture during the period when Silla unified Korea. Although there were many factors of Chinese culture that influenced Korean and Japanese civilizations, religion and government legislation had the most impact.
Korea is the only country in the world that is divided into North and South. After the Korean independence from Japan’s colonial rule on August 15th, 1945, the Soviet Union occupied Northern part of Korea and the United States took the other half. Soon they made a military boundary called the 38th Parallel that separates North and South Korea. There are some significant effects that arose from Soviet Union and the United States’ occupation of Korea.
Japan was imperializing late nineteenth century to early twentieth century. Korea was a Japanese colony. After World War II, the Japanese had to get rid of the colony. North Korea became a Communist. South Korea wants to be democratic.
Earlier, the Japanese annexed Korea as a protectorate but they invaded the land more than they protected it. Japanese rule was so harsh which made the Koreans wish that the Japanese would be defeated in World War 2 so that their nation could be back to normal. Also during this time, the 38th parallel was a temporary dividing line in Korea that would later become permanent. Then, the soviet soldiers accepted the surrender of the Japanese troops north of the 38th parallel and the Americans did the same for the south of th...
South Korea has a strong $1-trillion economy; it is the third largest market in Asia, behind Japan and China. It also has the 13th largest economy in the world. It is expected that the economy’s current upward trajectory will continue for some time to come. This makes South Korea an attractive market for foreign investment, especially as the world economy, as a whole, continues to improve.
After the Korean war came to a ceasefire both countries continued their development. Even though today North Korea is far behind the rest of the world and often places in last place on world graphs and charts when discussing things such as personal freedom, economy, infrastructure, hospitals, food availability, etc. and South Korea is a technologically advanced first world country which is placed far higher on ranking graphs and charts it was not always this way. During the 1960s the North Korean Won (the DPRKs currency) was held to a higher value than the South Korean Won, not only this but North Korea’s economy and infrastructure was rapidly outpacing that of South Korea as well and began catching up with Japan. Throughout the 1950s-1970s North Korea was thriving, part of this was due to China and the Soviet Union which provided aid and resources to their fellow communist country, due to this North Korea was well on its way to becoming a
The book I chose for this book review assignment is titled Korea Old and New: A History by author Carter J. Eckert along with other contributing authors Ki-baik Lee, Young Ick Lew, Michael Robinson and Edward W. Wagner. The book is published at Korea Institute, Harvard University in 1990. The book consists of 418 pages and it is more of a survey of Korean history and reference type of book, rather than selected readings on modern Korean politics. I chose this book because it is a complete survey of Korean history from the ancient Choson period up to the economic boom of the 1990's, a span of over 2000 years. Each chapter covers a different period, but they all share the same organization of describing the social, cultural, political, philosophical and scholarly aspects of the period in respective subsections. This made it easier to later refer to previous chapters and compare different periods in order to learn the comprehensive history of Korea.
Korea was taken control by the Empire of Japan in 1910. In 1945 the end of World War II, the Japanese surrendered and Korea was divided into two parts with the north occupied by the Soviets and the south by the Americans. Negotiations on reunification failed, and invasion initiated by North Korea led to the infamous Korean War. Although the Korean Armistice Agreement brought about a ceasefire between the two sides, no official peace treaty was ever signed. Both
Yang , Woo Jin(2002), ¡°Roots of the Economic Crisis in Post-Democratization Korea¡±. By Eileen Sir, UCLA International Institute, (http://www.isop.ucla.edu/research.asp)
South Korea is a country that has rapidly developed. But the country also experienced military dictatorship in the 1980s
Korea gained independence from Japanese colonial rule in August of 1945 and also the division of Korea into the republic south and communist north in the 38th parallel. South Korea then was under the United States occupation from l945-48. Before the United States occupation South Korea had already organized a central People’s committees and established the Korean People of Republic (Memorial Foundation). Nevertheless, United States did not recognize any of the provisional or republic government. The United States refused to do so until there had been an agreement among the western allies. In 1954, there was a Mutual Security Agreement signed between the United States and South Korea, which states that they agreed to defend each other in the event of outside aggression (Memorial Foundation). South Korea has been under military authoritarian regime from 1961-1979 under President Park Chung Hee and from 1980-1992 under President Chun Doo Hwan. The Kwangju uprising occurred in May of 1980 after the collapse of the first milit...
In this essay we look in-depth on how government strategies and economic policy play a crucial role in the success of High Performance Asian Economies (HPAEs) during 1960 to 1990 (World Bank 1993).There are eight countries within HPAEs: South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia, Indonesia and Japan. Its economic development has significantly rise that it was name ‘East Asia Miracle’ (World Bank, 1993).
The economic growth of the South Korea is often seen as a miracle. Korea has ascended from the annihilation and fiasco of Korean War in the 1950s to currently being 12th largest in GDP. The data from the Statistics Korea show that from 1960 to 2013, GDP per capita jumped from mere $1,417 to $21,562 (Central Intelligence Agency, 2014). This remarkable economic growth contributed to the substantial reduction in Korea’s labour income inequality. The Korean economy experienced improved consumer spending and increased facilities investment.
For over a hundred years, Korea has always been invaded, influenced and fought over by its large neighbors, but Korea fought back as one united nation. It can be dated back to 1904, when Japan and Russia, the two large powers in East Asia at that time, fought for control of the country. Russia was defeated and Japan used its victory to annex Korea in 1910. Then, World War Two came about, dismantling the power of the Japanese Empire and Korea became a victim of the Cold War. Korea was divided into two spheres of influence, along the 38th parallel. While Japan surrendered, the United States and the Soviet Union swooped in to claim the Korean peninsula. The United States claimed the South of the divided land, while the Soviet Union claimed the