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Development in South Korea

Development in South Korea. Japanese rule (1910-45). Control educational system Japanese language and culture Control land (40% of entire country) Infrastructure railroads and telegraph lines Industrialization Provisional Government-in-exile (1919). 38th Parallel (1945-50).

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Development in South Korea

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  1. Development in South Korea

  2. Japanese rule (1910-45) • Control educational system • Japanese language and culture • Control land (40% of entire country) • Infrastructure • railroads and telegraph lines • Industrialization • Provisional Government-in-exile (1919)

  3. 38th Parallel (1945-50) • Soviet & U.S. divided Korea along 38th parallel after Japan surrendered in 1945 • 1948-08-15, Republic of Korea established • 43% area, 60% population • President: Rhee Syngman • 1948-09-09, Democratic People’s Republic of Korea established • Premier: Kim Il-Sung

  4. Dulles, Rhee, & MacArthur • nationalist goals vs. Cold War strategies

  5. Korean War (1950 - 1953) • Most fighting happened 1950 - 1951 • truce negotiations 1951 - 1953 • Military Demarcation Line (MDL) (1953 - )

  6. Republic of Korea • President Rhee Syngman (1948 - 60) • autocrat resigned amid popular protests • 1961 military coup by Park Chung-Hee • relations with Japan normalized in 1965 • economic takeoff • assassinated in 1979 • Army General Chun Doo Hwan (1980-7) • 1980 Kwangju massacre

  7. ROK Economic Takeoff • Park’s authoritarian rule (1961-79) • annual economic growth rate of 9.2% • one of the four Asian “little dragons” year per capita GDP (US$) export (US$) 1962 87 56.7 million 1980 1,503 17,500.0 million

  8. Development in South Korea • Development a matter of survival • high population density (48 mil./105km²) • few natural resources • external military threat • one of the “Four Tigers” of East Asia • an incredible record of growth • integration into the high-tech modern world economy

  9. Development in South Korea • Three decades ago GDP per capita was comparable with levels in the poorer countries of Africa and Asia • Today its GDP per capita is roughly 20 times North Korea's and equal to the lesser economies of the European Union • GDP p.p.p. $1012 (ranks 12th in the world)

  10. Success through the late 1980s • a system of close government-business ties • directed credit • import restrictions • import of raw materials and technology • at the expense of consumer goods • sponsorship of specific industries • a strong labor effort

  11. Savings ratio • savings and investment over consumption • savings 36.2% of GDP • Japan 31.4%, US 16.2% • small social welfare expenditure

  12. Trade Partners 2011 • Exports ($552 billion) to • China 24% • US 10% • Japan 7% • Imports ($520 billion) from • China 17% • Japan 13% • US 9%

  13. Asian financial crisis • The Asian financial crisis of 1997 - 1998 • exposed longstanding weaknesses in South Korea's development model • high debt/equity ratios • massive foreign borrowing • an undisciplined financial sector

  14. Democratization in ROK • 1987 election, former general Roh Tae Woo defeated opposition leaders Kim Dae Jung and Kim Young Sam • 1987, Declaration of Political Reforms • 1988 election, opposition parties won majority in National Assembly • Kim Young Sam won presidential election in 1992 (1st elected civilian president)

  15. Current President • President Park Geun-hye (2013 - ) • Daughter of former president Park Chung-hee

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