One unfamiliar with the Republic of Korea, or South Korea as it is more commonly known, may immediately associate the country with its short yet significant war against its neighbor to the north in the 1950s. More than half a century later, South Korea stands strong as one of the powerful Asian Tigers in the global trade arena, a presidential republic presently ranked among the top ten exporters in the world. With over 300 billion dollars of export revenue recorded in 2009, this tiny country does an enormous business in technology and transportation industries that effect how the world moves and works daily.
The Miracle on the Han River
Once a destitute area held under Japanese imperial rule, then split from North Korea after World War II, South Korea underwent major growth beginning in the 1960s through rapid industrialization and democratization. Through drastic measures that included conservative spending of government budgets, improvement of education, and expansion of agricultural mechanization, South Korea saw an impressive rise in their gross national product over the next thirty years. By 1989, the country prepared to enter the next decade with an impressive GNP of over 200 billion dollars, 68 times the total from the early 1960s!
Today, this complete free democracy is known as one of the top exporters to the United States, particularly in the technology and automotive sectors. If you own a Hyundai Elantra or Accent, you are driving a South Korea import. In fact, you may have a number of items in your home or office that come from this emerging Asian economy.
It may surprise you to realize that many household items you feel you cannot do without come not from Japan or China, but this major economic giant. Given their amazing growth over the latter half of the twentieth century, and higher projected numbers in the decades to come, one might expect South Korea to eclipse her neighbors in the IT industry. So long as the global demand for faster and quicker ways of communication remains high, it’s safe to bet the telecom conglomerates of South Korea will emerge to the forefront of new innovations.
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