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The South Korean economy after the financial crises in 1997 and 2008

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  • The South Korean economy after the financial crises in 1997 and 2008
  • Kouba, Luděk
  • Silesian university in Opava


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Title The South Korean economy after the financial crises in 1997 and 2008
Similar Titles
Material Type Reports
Author(English)

Kouba, Luděk

Publisher

[Karvina]:Silesian university in Opava

Date 2010-08
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Economy < Economic Administration
Holding Silesian university in Opava

Abstract

Korea´s development in the last four decades of the 20th century was astonishing. The growth rate of GDP per capita was even the highest in the world during the period 1965 to 1990. After the World War II, Korea was one of the poorest countries in the world, however, it gradually transformed into an advanced economy. In the late 1990s, Korea was heavily affected by the Asian financial crisis. The crisis revealed longstanding weaknesses in Korea's development model. After this crisis, Korea managed to implement broad structural reforms. The country started to build a knowledge economy and we can claim that it has been successful. Nowadays, we often hear that a crisis represents an opportunity. Korea is an example of a country that was truly able to utilize such an opportunity. (The rest omitted)