Foreign Trade Following the disruption of trade during the Korean War (1950-1953) and its aftermath, exports increased at the remarkable annual rate of 27.2 percent from 1965 to 1980 and 14.7 percent from 1980 to 1988. Major imports include industrial machinery, petroleum and petroleum products, chemical products, transportation equipment, raw materials (such as wood and raw cotton), and electronic components. Exports include electrical machinery, fabrics, telecommunication and sound equipment, electronic microcircuits, clothing, ships, automobiles, chemicals, office machines, and footwear. Annual imports in the early 1990s were valued at $83.8 billion and exports were worth $82.2 billion. Principal trading partners for exports were the United States, Japan, Hong Kong, Germany, Singapore, Great Britain, Canada, and Australia; chief partners for imports were Japan, the United States, Germany, Saudi Arabia, Australia, and Indonesia.
As a result of all that has transpired and recent incidents, it would appear to be highly improbable that there will be a united Korea in the near future. The known history of Korea dates back thousands of years before Christ. It was a nation with a common heritage, language, and ethnicity. Due to Japan's role in World War II and the fact that Japan had occupied Korea, the country was divided. Many Koreans had been displaced by Japanese colonization and others by the establishment of the 38th parallel border line.
70 years later, South Korea transformed from an agricultural based economy to an industrial power specializing in export. This was accomplished in part to the creation of Chaebols in the 1960’s, which are large corporations that serve as international and domestic producers and due to the migration of people from the countryside into the city. This created a large workforce, especially in Seoul, where between 1960 and 1990, they gained 300,000 residents per year. Along with the outbreak of South Korea’s economy, the exposure from hosting the 1988 Olympics in Seoul helped bring foreign interest into the nation and start the process of globalization. This had led to a new wave of workers from China, the Philippines, Indonesia, North America, and Europe to Seoul who have brought their own culture to a city that was almost unchanged since 1988.
The current North Korean army consists of almost 2 million people along with the large amounts of artillery they own. If they combine the two armed forces, this will make Korea a larger power in the East Asian region, than it is today. Overall, Korea will be able to compete more in international trade with the combined economic gains they will achieve from unification and also be a stronger power together, which will cause their neighbors such as China and Japan, to increase national security and watch out for the rise in power of the unified
This is pretty decent for such a small sized country. As a peninsula, South Korea also has access to about 1600 kilometers of waterways with several massive ships transporting goods in, out, and around the country. Aside from some agricultural resources, South Korea does not have many raw materials, and therefore has to import the large majority of their resources. As such, the country imports almost all of its energy sources. 74.5 percent of the country’s electricity comes from fossil fuels, and as such they import millions of barrels of oil every day and exports none.
Over the past several decades, South Korea’s economy has achieved a high level of growth. Along with Hong Kong, Singapore, and Taiwan, South Korea is a member of the Four Asian Tigers, and it is the only developed country that included in the Next Eleven group (“Economic Statistics” 2014). However, foreign goods and services that attempt to enter the Korean market to compete with the domestic competition still face several entry barriers that come from Korea’s excessive government oversight. The government’s high tariffs and other means of restriction lead to increased costs. ... ... middle of paper ... ...s of high quality and readily available.
Excitement in foreign investment like this can greatly help those foreign economies and therefore help the world economy. However, the extent and speed at which money was invested in these countries in the 1980s was far greater than anyone could have imagined. The already growing countries grew even more with the investment being supplied by outsiders. Until the crisis, Asia had attracted almost 50% of the total capital investment in developing nations in the world—almost $100 billion in 1996 alone. This foreign money financed power plants, skyscrapers, airports, and a quickly growing export economy.
As functionalists would say, this benefits other institutions like family (members getting employed), religion (churches, temples, mosques, etc. receive larger contributions), and education (school taxes become higher because property values are higher). The booming economy also makes it possible for people to purchase more goods and services, fueling materialism and overspending. Over the past years, the economy in general has been booming. According to Labor Department data, there are over 139 million Americans who are employed, up by 2.6 million since the rece... ... middle of paper ... ...redit lines.
Being the most wired country in the world, some may even believe that gaming isn’t just a fad but it has become a part of the culture of South Korea. It has gotten so big that there might not be a chance for them to get rid of gaming addiction, so should the government issue strict bans on the gaming TV shows and PC bang gaming? It is not just that gaming is part of these teenagers’ lives but also it is a big part of the South Korean economy. So if the government does plan to take strict steps like issuing bans on gaming houses and TV shows how can they deal with the economical problems?
Assembly has 299 seats and filled by representatives from several political parties. While in the institution Juridical, South... ... middle of paper ... ...p to 10.9 percent. This time South Korea is ranked 7 in trading-partner at US, and a country with a largest to-15 in the world (US Department of State Diplomacy, 2012). The economy has Now South Korea is experiencing changes from centrally-planned government directed investment to market-oriented model. This was not to be separated from the emergence of chaebol (giant) South Korea that dominated the market world, such as a registered automobile Hyundai and KIA, and electronic products Samsung and LG.