Asian Economic History

Brief Economic History and Government Policy Korea was one of the poorest countries in world after experiencing two wars. World War II and Korean war (1950 ~ 1953). The country even experienced a food shortage so that it had to heavily rely on the foreign aid. Yearly per capita consumption was a mere $88 as late as 1965. However, since 1965, Korea has been transformed from its underdeveloped agricultural economy to a leading Newly Industrializing Country. Between 1965 and 1981, its gross national …

…them with unbalanced support between industries had worked well in the early stage of development, but as stated early, rent can bring corruption of bureaucracy or industries also, since it is caused by inefficiency. Allocation of financial resources is not an easy job, but this would be best time for Korea to consider again about the efficiency of closed relationship between the government and businesses while the country is restructuring its economy system. Bibliography NA