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Korean war
The United Nations Security Council authorized the formation and dispatch of UN forces to Korea to repel what was recognized as a North Korean invasion. Twenty-one countries of the United Nations eventually contributed to the UN force, with the United States providing around 90% of the military personnel. -
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First Development After The Korean War
When South Korea it gained its independence, South Korea was an impoverished, predominately agricultural state, and most of the industry and electrical power was in North Korea. It faced a devastating war from 1950 to 1953, and an unpromising and slow recovery in the years that followed. Then, from 1961 to 1996, South Korea underwent a period of rapid economic development, during which it was transformed into a prosperous. -
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South Korea Economic Take-Off
South Korea’s “economic miracle” began under the military government of General Park Chung Hee (Pak Chǒng-hǔi), who came to power in a coup in May 1961. The previous year had seen the overthrow of President Rhee’s authoritarian regime in a student-led revolt and a rather chaotic experiment in parliamentary democracy under Chang Myun (Chang Myǒn). Under Chang Myun, the government drew up a long-term plan for economic development that partially served as the basis for the new military. -
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Transformation Starting
As the economy grew, South Korea underwent a radical social transformation. This was most clearly seen in the rate of urbanization. Millions of Koreans left their rural homes to find work in the urban areas. Parents sent their kids to the cities to get a better education, and their children seldom returned. In 1960, farmers made up 61 percent of the population. This fell dramatically to 51 percent in 1970, and to 38 percent in 1980 -
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Economy Slowing Down
South Korea had its time as one of the most famous countries from being poor rising up to one of the countries with the best economies in the world, although the growth rates slowed down after a few years due to the slowing of the global economy. More recently the economy stabilized and maintain a growth rate between 4-5% from 2003 onwards. -
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Recovering From Financial Crisis
Despite the financial crisis that occurred, South Korea’s economy, helped by timely stimulus measures and strong domestic consumption of products that compensated for the drop in exports, was able to dodge a recession unlike most of the industrialized economies, posting positive economic growth for two consecutive years of the crisis. In 2010, South Korea made a strong economic rebound with a quite big growth rate of 6.1%, showing a return of the economy to the pre-crisis levels.