Course Notes: Korean Economic Development
December 18, 2021•3,327 words
Korean Economic Development1945: Korea gains independence from Japan.Unfavorable initial conditions:Underdeveloped, low incomePoor endowment of natural resourcesAgrarian society trapped in vicious cycle of povertyDivision of the Korean peninsula1948 level of production was only 16% of the 1939 levelAchievement 1: Rapid Growth of IncomeEscaped the MIT (Middle Income Trap)1980: Half of Mexico's GDP per Capita1985: Caught up to Mexico1990: Double Mexico's GDP2014: 3x GDP compared to MexicoAchieveme...
Read post