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At the end of World War II, Korea was a poor former agricultural colony of Japan. But the rapid growth of Korea’s industrial economy has been remarkable. The economy of South Korea is now the third-largest in Asia and the 13th largest in the world by GDP as of 2007. To trace back the economic development of South Korea, the former president Park Chung-Hee played a pivotal role, and was credited for shifting its focus to export-oriented favoring a few large conglomerates. Unlike his predecessors, Park showed a strong commitment to economic development, believing good economic performance as a primary means for enhancing his political legitimacy. Under the President Park Chung-Hee’s era, the government played a dominating role in a country’s economy. It was able to do so by allocating resources, fixing prices, and owning and controlling enterprises directly. The government of Republic of Korea’s role in the economic development plan was “either direclty participate or......

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Approximate Word Count: 4206
Approximate Pages: 17 (250 words per double-spaced page)

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