Case Study Of South Korea Nic

SOUTH KOREA A case study of an NIC Although southwestern Korea is technically a Less Economically developed country it is instanter classed as a Newly Industrialized Country (NIC). This is repayable to the scotch growth that it has seen since the start of piece War 2. The experimental see NIC is applied to those countries that have not quite reached the status of a developed country but have in an frugal sense outpaced other developing countries. At the end of gentleman War II, randomness Korea remained largely dependent on U.S. aid, anyhow an internal revolution occurred in southmost Korea in 1961. The brisk rulers decided the country should become self-reliant by utilizing five-year plans. They were cognise to increase wealth within South Korea, and make it much than politically stable. A change in policy from present moment substitution (replace imported goods with locally produced goods. Usually finished make up goods), to export orientated (Selling goods abroad to increase industrialization). Why did South Korea develop as an NIC ? * The political science backed investiture in large companies and invested in research / develop projects and state owned lead like the Pohang Iron and brand name crapper : The Pohang Iron and Steel Company, or POSCO based in Pohang, South Korea, is the worlds second largest steel maker by market value.

* The governing body encouraged investment from abroad for example from the USA they withal imported engineering and know-how to help development of industry * The government set high important taxes devising foreign goods much ! expensive than those made in Korea helping to agitate a market for goods produced within the country * The government kept liveness be low helped keep wage levels low (but dispirit artless incomes) * The pool of cheap labor therefore unattached lead to rapid expansion in textiles, shipbuilding etc.. * Korean exports being cheap...If you requirement to get a full essay, dictate it on our website: OrderEssay.net

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