Development in South Korea. Japanese rule (1910-45) Control educational system –Japanese language...
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Transcript of Development in South Korea. Japanese rule (1910-45) Control educational system –Japanese language...
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)
• 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
Dulles, Rhee, & MacArthur
• nationalist goals vs. Cold War strategies
Korean War (1950 - 1953)
• Most fighting happened 1950 - 1951
• truce negotiations 1951 - 1953
• Military Demarcation Line (MDL) (1953 - )
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
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
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
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. $1012 (ranks 12th in the world)
Success through the late 1980s
• a system of close government-business ties– directed credit
– import restrictions• import of raw materials and technology
• at the expense of consumer goods
– sponsorship of specific industries
– a strong labor effort
Savings ratio
• savings and investment over consumption– savings 36.2% of GDP
– Japan 31.4%, US 16.2%
• small social welfare expenditure
0
5
10
15
20
25
30
35
40
45
50
South Korea USA UK Japan France Sweden
Social Welfare Expenditure / GDP
South Korea's Export & Import (in constant 1995 US$)
0
5E+10
1E+11
1.5E+11
2E+11
2.5E+11
3E+11
South Korea's Trade Partners
50
24
28
14
9
13
8
32
5
17
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1970 1993
Other
East Asia
Europe
Japan
North America
Trade Partners 2011
• Exports ($552 billion) to– China 24%– US 10%– Japan 7%
• Imports ($520 billion) from– China 17%– Japan 13%– US 9%
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
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)
Current President
• President Park Geun-hye (2013 - )
• Daughter of former president Park Chung-hee