A comparison of economic development of the Republic of Korea and the Philippines since independence

When South Korea and the Philippines gained independence in 1948 and 1946 respectively, South Korea lagged far behind the Philippines in terms of economic performance. The positions in which South Korea and the Philippines stand today, however, are completely reversed as various economic indices indicate that South Korea outperforms the Philippines. Because the post-independence circumstances for both countries share many similar geopolitical features ranging from geographical location to political history, corruption has been widely believed as the single differentiating factor for the growth gap between South Korea and the Philippines. By the means of comprehensive analysis of history, politics, and economics, this paper argues that there is not one single factor, but rather a number factors that play a part in the rapid development of South Korea and the relatively slow development of the Philippines. Specifically, this paper approaches the topic by examining both South Korea and the Philippines' political and economic situations of four different periods ? colonial, pre-dictatorial, dictatorial, and post-Park Chung Hee respectively Ferdinand Marcos periods ? and comparing their implications for the growth gap. By shedding a new light on the development studies of South Korea and the Philippines, this study also suggests the conditions of political environment conducive to economic development in developing countries.