Essay on The Political Economy of South Korea
A Necessary Transformation
In this paper, I will discuss the measures that the Republic of Korea’s (addressed as South Korea from here on out) government took in trying accomplishing economic development despite its several economic and political upheavals. I will, specifically, review the economic growth and institutions established in South Korea beginning in the 1950s, the process of democratization in South Korea, and the effects that the Asian Financial Crisis of 1997 had on South Korea. With the background information of these factors, I will then delve into the importance of South Korea becoming an economic power and the impact it has had on the United States of …show more content…
With great support from the people of South Korea, they were finally given a direct election of the president, guarantees of human rights and freedom of speech, local autonomy, and the freedom to form political parties. On October 29, 1987, the constitutional amendment to change the presidential election was put forth. Roh Tae-Woo was a democratically-elected president in South Korea, but due to challenges and rejection that the Roh administration faced, Roh merged his administration with that of his presidential opponents, Kim Young-Sam and Kim Jong-Pil.
Kim Young-Sam won the next president election in South Korea in December 1992. The Kim administration adopted local autonomy in following the democratic-style government. Kim believed that reducing the government’s involvement in policy making would make for a better democratic nation, but the lack of intervention and the