The Economy of South Korea - The Rise of an Asian Tiger

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The Economy of South Korea THE RISE OF AN ASIAN TIGER South Korea in recent decades has been one of the most dynamic economies in the world. Over the period from 1965 to 1990, the rate of growth of per capita GNP was greater than that of any other country in the world (Watkins 1999). Major Korean enterprises such as Lucky Goldstar and Samsung are now common household brand names all over the world. As well, Hyundai and …

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…of chaebol, creating the import-substitution policy, fostering the development of industries designed to compete in the world's industrial export markets, nationalizing financial institutions, as well as working on to reduce South Korea's large external debt. Successive governments continued to implement these policies and many are still in place today. South Korea is definitely an economic powerhouse to be reckoned with, and the world may still have yet to feel the wrath of this Asian Tiger.