South Korea Sociocultural Report

The economy of the Republic of Korea (South Korea) has grown in the last 35 years. Per capita gross national product, only $100 in 1963, exceeded $20,000 USD in 2005. South Korea is now one of the foundings largest economies (as of 2006, it is 14th in the realness according to GDP measured in PPP, tenth when measured nominally). The core of the South Korean economy has changed substantially over the countrys six-decade existence. In the 1940s, the country was predominantly agricultural, with little pains. The emphasis shifted to clarification patience and consumer products in the following decades, and then to heavy industry in the 1970s and 1980s. As in other essential countries, the service sector has become increasingly dominant since the nineties; it now comprises about two-thirds of the GDP. South Korea has the tenth largest economy in the world (fourteenth largest by purchasing power parity), and the third largest in Asia, behind only Japan and China (fourth behind China, Japan, and India by purchasing power parity). As one of the East Asiatic Tigers, it achieved rapid economic growth through exports of manufactured goods. This is in sharp contrast to the stagnation of North Koreas economy, which has turned for the worse since the disintegration of the Soviet Union. South Koreas per capita GDP is now close to 12 times that of North Korea.

This phenomenal growth is often called the Miracle on the Han River, the Han River being the main river that runs through the nations capital and largest city, Seoul. In the 1980s and 1990s, growth continued as South Korea understand i tself from an exporter of mostly textiles an! d shoes into a major global manufacturing art of auto quicks, electronics, shipbuilding, and steel and later, high-technology fields such as digital monitors, mobile phones, and semiconductors. Administrative district centered around... If you want to take hold of a full essay, order it on our website: OrderCustomPaper.com

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