This paper is published in Volume 3, Issue 1, 2018
Area
Pacific Rim Asian Societies
Author
S. Kiran Pranav
Co-authors
Aayush Katiyar
Org/Univ
Christ University, Bangalore, Karnataka, India
Pub. Date
29 January, 2018
Paper ID
V3I1-1188
Publisher
Keywords
Growth, Korean Model of development, Economic Power and Government Policies

Citationsacebook

IEEE
S. Kiran Pranav, Aayush Katiyar. Transformation of South Korea from a Third World Agrarian Economy to a Technologically Advanced First World Country, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARnD.com.

APA
S. Kiran Pranav, Aayush Katiyar (2018). Transformation of South Korea from a Third World Agrarian Economy to a Technologically Advanced First World Country. International Journal of Advance Research, Ideas and Innovations in Technology, 3(1) www.IJARnD.com.

MLA
S. Kiran Pranav, Aayush Katiyar. "Transformation of South Korea from a Third World Agrarian Economy to a Technologically Advanced First World Country." International Journal of Advance Research, Ideas and Innovations in Technology 3.1 (2018). www.IJARnD.com.

Abstract

History of Korea traces back as early as 2233 BC with various dynasties ruling it. It remained Independent until many centuries only to be colonized by Japan in 1910. Japanese colonization ended in 1945, which resulted in the formation of modern Korea. It was 1960 and Korean War just ended. Korea officially split into two parts North and South. South Korea had used up all its resources in war and was one of the poorest nations in Asia. There was no advanced industries and industrialization was yet to happen in South Korea. Its economy was completely agriculture based. Per capita income was just $100 and the country was recovering from the devastating Korean War. No one would have thought that the Korea, which down and dusted after decades of war will rise up so quickly on its feet. Within a span of forty years, Korea was one of the four Asian tigers and a leading economic power. Not many nations have grown at such a rapid rate like South Korea did and it is important for scholars and academicians of today to conduct research on Korea’s meteoric rise. Several types of research have been conducted on this subject before but there is always a room to add and discover something new. This is such a topic that will be researched for many more coming years and prove to be a model of growth for many underdeveloped countries. There so many factors that can be attributed to the rapid rise of the South Korean economy but major ones should include liberal government policies, hardworking and progressive people, FDI, labor-intensive exports. All the factors will be elaborated in detail later in the paper.
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