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15 Cards in this Set
- Front
- Back
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1 |
1945→ war devastated country → split → agricultural, lack of education 1960 → $67 average income (less than India) → corruption |
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1961 → General Park military coup → govt. direct which businesses and factories set up → long hours, low pay, poor conditions |
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Capital and expertise from Japan, to repay damage done in WW2, and from the USA, to strengthen the country and prevent the spread of communism |
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Investment in heavy industry and infrastructure → Pohang steelworks and Seoul-Pusan highway |
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Chaebols (family run businesses with close governmental links) started heavy industries, e.g. cars and ships |
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Tariffs on imports → protect domestic trade and build up trade surplus (ex>im) |
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Cheap labour and tax breaks → FDI from USA and Japan → "sweat shops" making shoes, wigs, textiles → low skilled and heavy industry products exported |
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Investment in education → skilled workforce → countryside invested in and people encouraged to improve things themselves |
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Export orientated industry → chaebols make more technical products, e.g. LG, Samsung, Daewoo cars |
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1980s → protests for freedom and democracy → end of military rule → democracy introduced without violence → better conditions and wages → more consumption of domestic products |
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1986 → 18th biggest economy → 12% growth a year |
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Foreign and domestic TNCs move to countries with lower wages (China) |
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*GNP per capita $100 in 1963, $10,000 in 2003 *LE 54 to 76 *DR 33 per 1000 in 1950, 6 per 1000 in 2005 *IMR 80 per 1000 to 8 per 1000 *Agriculture 30% of economy in 1950, 5% in 1990 Manufacturing 25% of economy in 1960, 45% in 2005 |
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BUT 1997 → reliance on loans to promote economic growth → Daewoo cars folded under $80bill debt → caused ripple which spread to other countries→ South-East Asian financial crisis |
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15 |
Indonesia, Thailand and India expanded their own textile industries and undercut the original Tiger economies. To stay competitive, NICs moved into more skill-intensive industries such as advanced electronics, e.g. Apple iPods are manufacture by Inventec in Taiwan. |
