Answer to Question #197826 in Political Science for Jhon

Question

Development theory about South Korea as a country

Answer 1

Shortly after the end of the Korean War, the South Korea government set up policies that encouraged domestic savings and opened up the country to international trade. South Korea’s economy is defined by a high-level government intervention in the economy, and its political system was characterized by an authoritarian system until the late 1980s.

South Korea dominates in the ease to start a business and enforcing contracts. All of them play a significant role in encouraging investment, production, communication and, eventually, economic growth. Innovation and technology are the key factors that have underpinned South Korean export competitiveness and fueled the country's remarkable economic rise over the past decades.