Economic Development: The Case of South Korea

Comprehensive Unit158 pagesGrade Level: High School – Community CollegeIncludes curriculum unit + CD-ROM South Korea stands as one of the largest economies in the world, producing some of the biggest ships and inventing some of the most advanced consumer electronics. With its roots in a traditional agrarian economy, South Korea grew rapidly during the 1960s and 1970s under an export- and heavy industry-focused strategy, led by the state and large conglomerates called jaebols. In less than 50 years, South Korea’s gross domestic product increased from $2.7 billion in 1962 to over a trillion dollars in 2007. But such growth has not been without challenges. In 1997–98, the South Korean economy faced its greatest difficulty during the financial crisis that swept through Asia. Through tough restructuring and a renewed focus on high technology, it overcame the crisis and has developed into a much more complex economy. Today, South Korea exports not only goods, but also its popular culture in