Question: What would be the most important factors behind the success of the Korean economy?
Opportunity, seize the opportunities, having been prepared for them is a great lesson that appears in the economic development of nations. A goal-oriented nation that leads to economic growth can improve the challenges of identifying and generating solutions that are more consistent with these challenges.
As in life, countries grow taking advantage of opportunities and to do this you must be prepared for them. Small Asian Tigers emerged, with little space to develop the economy internally; they launched themselves in international trade based on factors such as education and technological development, taking this first stage of industrial production to a more competitive level, which was not adequately followed by Latin America, which has since lost its degree of economic growth.
In the specific case of Korea, the focus on certain areas, such as steelmaking, metalworking industry, and then Naval and Automobile, focused on the foreign market was decisive, since the need for continuous technological development combined with the nation's vocation for the improvement of education and knowledge, gradually brought the country's production to an increasingly competitive level, not only because of the value of wages but also because of the productivity that grew at a very significant pace.
The political economic organization, criticism aside, with a strategic vision and an alignment of the economic sectors and the government was decisive in this process.
We must never forget the cultural question, I believe that the Koreans at various times in history have always wanted to remain culturally independent and evolved (even in times of isolated society, Hermit society), never forgetting to compare themselves with their closest neighbors, therefore never accepting a secondary role with regard to Japan and China.
Question: Which aspects of the Korean economic development can be copied by the other developing countries? Also, which aspects would not be able to be copied by the other developing countries?
An economy orientated to the Global Market is a big characteristic of the Korean economy. This condition was preceded by a movement to supply the internal market with its main necessities.
Nowadays, that we observe a huge competition in the global market. Make a macroeconomic plan, aiming to serve the domestic market by planning a surplus of production destined for international trade generates greater opportunities for entrepreneurship and the labor market of the parents, creating a structure more developed and less subject to fluctuations and economic crises.
In my opinion it’s the first lesson to lean about Korean economy, try to achieve an external balance producing good to improve the internal economy, and start to trade this good with the goal to obtain a better equilibrium in the global trade.
In my opinion, it’s the first lesson to learn about Korean economy, try to achieve an external balance producing goods to improve the internal economy and the welfare, then start to trade this good with the goal to obtain a better equilibrium of payments in the global trade.
The subsequent steps are dependent on the efficiency and productivity of the internal market, that improves the competitivity of the firms and goods produced in the country.
Besides, the situation at the end of 1950s, where situation(level of development) are similar in Korea, Brasil, and Mexico, where similar, there are some "big differences".
First, in America, there were no war and Mexico and Brasil are full of resources. Otherside, Korea were all this time in the middle of the dispute, receiving the huge support of the big capitalistic economies, but an important characteristic is the well organized and progress orientated(Han) of Korean people.
Question: Explain briefly about the most important policies of 1950s, 60s, 70s, and 80s.
In the 1950s and 1960, there were begin the industrialization of certain places like Korea, Brasil, and Mexico. Producing some goods in the internal market, this improves these economies in the direction a large scale of productions in 1970 where large base industries, like siderurgy and oil, generate employment for works that come from the rural areas to big cities. In 1980, where the beginning of the movement to the chemical industries e the production of electronic goods.
Economic development, in the form that occurred in Korea in other places since the 1970s, had a strong influence on the world scene, where the large production lines of intense use of labor and energy were being transferred to the so-called third world.
Capitalist Europe and the United States were shifting production from steelmaking, mining and then manufacturing scale to the now-called developing world. He went on to focus on keeping the high-level technology under his control, thus obtaining more income, added value to his production.
Factors such as scant environmental regulation in the 1970s, the use of dirty coal power and low wages drove production lines out of the center of the economic axis, and the industrialization process spread to East Asia and Latin America.
As in life, countries grow taking advantage of opportunities and to take advantage of opportunities you need to be prepared for them.
Small Asian Tigers emerged, with little space to develop the economy internally, they launched themselves in international trade based on factors such as education and technological development, taking this first stage of industrial production to a more competitive level, which was not adequately followed by Latin America , which has since lost its degree of economic growth.
In the specific case of Korea, the focus on certain areas, such as steelmaking, metalworking, and Naval and Automobile, focused on the foreign market was decisive, since the need for continued technological development.
This combined with education and knowledge, gradually brought the country's production to an increasingly competitive level, not only because of the value of wages but also because of the productivity that grew at a very significant pace.
