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Two Koreas

Two Koreas. Capitalism with Asia characteristics and Soviet style socialism in one peninsula A cultural bridge between China and Japan Economic Systems’ division and reintegration (differences compared to Germany)

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Two Koreas

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  1. Two Koreas • Capitalism with Asia characteristics and Soviet style socialism in one peninsula • A cultural bridge between China and Japan • Economic Systems’ division and reintegration (differences compared to Germany) • Militarization (diversion of resources to defense/offense because of non-reconcilable issues)

  2. History • Language and culture (Confucianism) • Hermit kingdom • Almost 900 Invasions throughout history(1910 the beginning of Japanese occupation): • Legacy of zenophobia • reforms, the development of infrastructure, a civil code, financial system, textiles • Syngman Rhee after 1919 formed a government in exile, resided in the US between 1925 and 1948

  3. Division • Cairo Conference of 1943 (the Chinese moved for free and independent Korea) • 38th parallel as demarcation • After the Japanese surrender the superpower (US vs USSR power game started, also China pushed its agenda too) • ROK in 1948 • DPNK

  4. The War • 1950, June- the North attacks the South • The UN response and the American invasion • The ending date July 1953

  5. The North • Kim Il Sung and the cult of personality • Juche or self-reliance • Militarization • Chollima (“flying Horse” and an emphasis on moral incentives in conjunction with a personality cult of Kim Il Sun) • Political independence, economic self sustenance, military self defense • 1973 borrowing binge ending in 1975 by debt repudiation

  6. Stages • 1950s “sovietization” with small business retention • 1961 first seven year plan “juche” • 1971-76 an emphasis on technical improvement and technology transfer • 1978-84 scientification (1984 a law on joint ventures influence by the Chinese) • 1987 opposition to reform 1996?

  7. The South • NIC and phenomenal rates of growth in 1980-92 • State involvement and chaebol (distinctive ties to a family of owners) • Indicative planning • 1948-1960 land reforms • Pak Chung-hee 1960-79 guided capitalism • General Chun Doo-hwan1980-88

  8. Chaebol A clone of zaibatsu as a group of companies built around a bank and owned by an actual family A group of companies not a conglomerate No private bank as a part of it State owned banks as the center of a chaebol Examples: Samsung, Hyudai, Daewoo, Goldstar Keiretsu Cross holdings Large concentration Informal links with the government Private banks as a part of it Industrial organization

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