South Korea

Question 1

What was the first focus in the South Korean industrialisation period?

Answer 1

Import substitution Industry

Question 2

What is imports substitution industry?

Answer 2

Producing goods that replace the current imports

Question 3

What type of aid did South Korea decisive and form whom?

Answer 3

Bilateral aid: USA and Japan

Multilateral aid: IMF and Worls Bank

Question 4

Following the first successful stage of their development what did the South Koreans do?

Answer 4

Invested into education (14% of GDP)

Question 5

What was the second stage of South Korea industrialisation

Answer 5

Export orientated goods

Question 6

What are export orientated goods ?

Answer 6

Goods that they know will be bought e.g technology

Question 7

What were some of the companies that focused upon export oriented goods?

Answer 7

Samsung, LG and Hyundai

Question 8

What industry has South Korea recently targeted?

Answer 8

Tertiary sector to make the next step in the future

Question 9

What have been some of the disadvantages of South Korea industrialisation?

Answer 9

1) Poor quality e.g Sampgong Department store disaster
2) Loss of culture
3) Poor treatment of workforce (children work 52 hours a week)

Question 10

What was the economic growth of South Korea in 2014

Answer 10

3.3%