Evolution of South Korea's Politics And Economy
South Korea (official name: Republic of Korea) was proclaimed as a separate country in 1948 following World War II and the partitioning of the Korean peninsula between the occupying forces of the United States and the Soviet Union. It had very few natural resources, and was among the poorest countries of the world at the time. The country was further devastated in the 1950s following the war with North Korea. Since the mid-1960s, South Korea has achieved remarkable economic progress and except for a major hiccup during the Asian economic crisis of 1997, the economic growth has been consistently high. In sharp contrast to its impressive economic development, the political development of the country has lagged far behind. This essay compares and contrasts the evolution of South Korea's politics and economics and briefly examines the causes for such an anomaly.
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