South Korea

1 Pages 292 Words

In Webster’s dictionary, economic growth is defined as a positive change in the level of production of goods and services by a country over a certain period. Around 1953 South Korea realized that for their economy to grow they must develop manufacturing skills so they could reduce the amount of money being spent on foreign goods and redistribute it further throughout the country. For a short period, the Korean government even forced their own people to work for lower wages so profits would increase and force the economy to progress. Even though this was not a traditional proposal, the effects seemed to help the country advance.
In addition to the financial problems, South Korea also needed to address other major issues such as, transportation, agricultural, and manufacturing. In the late 1950’s, South Korea decided that they needed to revamp their already existing highways and its public transport system. Not only did this make commuting easier but they new technology make theirs one of the best in the world. As for agricultural, the government realized that many of their people still gained a living form farming. So to maximize their profits they decided to introduce fertilizers this not only increased productivity but also helped them become self-sufficient in the food industry.
For manufacturing, it did not begin to become propionate until the late 1960’s when the farmers decided they no longer wanted to be regulated by the government. After this action was taken, they slowly started to introduce themselves as predominate producers in ships, memory chips, automotives, and technology. However, as for today, all of these issues are still somewhat important but slowly, the demand for high-tech industry has taken over and made South Korea’s economic growth continue to thrive off it....