Democracy and market economy in Korea

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When we talk about Korea, there are several topics to be mentioned. First of all, the tremendous economic development during the period of last three decades, and then the financial crisis which struck Korea at the end of 1997. Politically, Koreans have struggled for democratization, and lots of political accidents and happenings have drawn attention even from outside of Korea. I am going to examine the major causes of the economic development and financial crisis in Korea. We need to figure out the role of politics and its relationship to economic developments. South-North Korea relation issues are also an inevitable topic and timely subject. To develop our nation, we should achieve democracy along with a market economy. Recent history has not only demonstrated this, it has also taught that it is a universal virtue. Through the currency crisis Koreans have already already learned a valuable lesson that parallel development of democracy and a market economy is requisite for a true national development. As Korea's democracy is squarely on track, I have no doubt that Korea will also accomplish sound economic development. I also believe that the Korean model will offer useful insights to other developing nations trying to build modern political and economic systems.

Original languageEnglish
Pages (from-to)13-19
Number of pages7
JournalJournal of Third World Studies
Issue number1
Publication statusPublished - 2001

All Science Journal Classification (ASJC) codes

  • Geography, Planning and Development
  • Development
  • Political Science and International Relations


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