Case Study: Impact of globalisation on South Korea

Essay by HezyyHigh School, 12th gradeA, November 2014

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Fazeel Rafiq Year 12 HSC Economics

Globalisation Study

South Korea

"For an Economy other than Australia, analyse the influence of Globalisation on the Economic Development and Standard of Living of the chosen Economy."

The Korean War beginning in the 1950s, occurred when the North invaded the South of Korea involving American, Chinese, Russian and several other national forces. It began on June 25, 1950 when North Korea invaded South Korea which was the result of the Cold War between the Soviet Union and the United States. The war eventually reached a stalemate after tremendous losses to both sides [1.2 Million Collectively] preceding the armistice in 1953. The result of this armistice which was in fact, not signed by South Korea, caused a split in the peninsula along the demilitarized zone, it is also important to note that there was no Peace treaty signed during that time, leaving the technicality of both halves remaining still at war.

An agreement was conceded to which aimed to 'pursue peace'. Both North and South Korea do not cease to officially claim sovereignty of the Entire peninsula and outlying islands although tensions have died down since the Korean War.

In recent years, Korea's economy moved away from a centrally planned, government-directed investment model towards a more market-oriented model. This has allowed for the economic development and improvement of the Standard of Living in South Korea as well as other benefits including Political and Social aspects. South Korea, the world's 15th-largest economy, has enjoyed decades of impressive economic growth and is a world leader in electronics, telecommunications, automobile production, and shipbuilding.

Economic growth was minimal until the 'April 19 Revolution' in 1960 which then sparked a series of events leading to the military coup led by General Park Chung-hee against the weak and unstable government the...