Development in East Asia and South Korea Flashcards
When was the Korean civil war?
1950-53
S. Korea 2009 (World Bank)
GDP per capita $23875
Life expectancy = 80
1960s
Agricultural based economy
Today
high tech MoP (steel mills, car manufacturing and chemicals etc) and culture
Post-War S. Korea - how did they achieve development?
manipulated the free market to achieve economic growth
protectionism from consumer goods
5 year plan under military rule
no democracy
obsessed with economic development
absence of landlord class
cars started with importing until fully domestically made product
Land reform
land holdings given to smaller groups
Took away opposition to development
Geopolitics
Integrated in U.S security complex in Asia
U.S favoured S.K
Gender and Social development in SK
Boom = negative impacts: Cramped cities high suicide rates drinking mental health issues goal = gender equality gender issues - over half of women denied human rights
S.Korea and Taiwan followed…
ISI and EOI policies
ISI is…
Import substitution industrialisation =
An economic theory employed by developing or emerging market nations that wish to increase their self-sufficiency and decrease their dependency on developed countries
EOI is…
Export orientated industrialisation =
Emphasis on exports of manufactures, especially labour intensive products
Protection to enable development?
envr protection - regulate products trading blocks cultures military subsidies - making products at home tariffs e.g. Steel industry in UK - protect jobs and long term early stages of development = highly protective --> reach global development and can relax
