Extraordinary economic growth has been part of the East Asian scene in the post WWII era - Essay Example

Sana Osman English 14 December 2008 Economic and Social Development of South Korea South Korea was formed after the Second World War. It was due to the support from the United States that South Korea came into existence after the Korean War. After its formation, South Korea was one of the poorest countries in Asia. Its infrastructure was completely destroyed after the War and the Japanese occupation. However, with the military rule of Chunghee Park, it was not too long before South Korea became one of the fastest growing economies in world history, for about four decades.

In these forty years South Korea completely transformed itself from an economy based on fishing and farming to an economy based on high-tech industrial powers. Today South Korea is one of the wealthiest countries in Asia a major economic power in the world. Another name given to South Korea is ‘Miracle of Han River,’ its fast growing economy was mainly due to the export of high-tech goods. South Korea has one of the highest industrial and export production rate in the world. South Korea strongest industries include biotechnology, automobiles, construction, electronics, robotics, semiconductors, steel and ship building.

Social and economic development of a country always goes hand in hand. A country’s economic development is linked to its social welfare and development. South Korea showed that a good understanding of economic facts and organizations usually involves a deeper interest in maintaining a sound society. The socio-economic development model used by South Korea made it enter the OECD in 1996 and become one of the worlds leading economic powers. Social development was prevalent in South Korea as it witnessed tremendous economic development.

It went from ruins to riches. South Korea’s social development concentrated on the family, state and market. The South Korean model of social development is based on a type of society that is marked by strong inter-generational family solidarity, quasi full employment and poor participation of women. However, South Korea’s infrastructure, education system, lifestyle of the people, and the like improved tremendously over the years. The relationship between the United States and South Korea began since the formation of South Korea in after the Korean War.

This has been one of the most intense and extensive relationship between countries. As South Korea grew economically its dependence on the United States began to reduce. Today South Korea does not depend much on the U.S., economically, politically and even in its military growth. By the late 1980s and early 1990s South Korea wanted to establish a partnership with the United States. This resulted in a strain to the Seoul-Washington relationship. During the 1980s South Koreas most important and biggest trading partner was the United States.

South Korea emerged as the second largest market for the U.S. agricultural goods and the seventh largest market for other U.S. goods. The imbalance between the countries was represented by the Korean trade surplus. Seoul agreed to Washington not to be designated as a Priority Foreign Country. Later, the two countries began talks of a U.S. - Korea Trade Agreement. This agreement was launched not only to boost economy but also to build friendlier relationships with the United States. South Korea is one of the only countries in the world that has shown tremendous improvement in terms of social-economic development in a short span of time.