South Korea—Economic System
When South Korea gained its independence in 1945, the country had no workable resources or capital except for its unemployed illiterate population. Even before the euphoria at independence had faded away, people found themselves in turmoil, followed by civil war between North and South Korea (1950–1953).
The Separation of North and South Korea
At the start of the transition period, when Korea was being divided (1945–1948), the southern part of Korea was primarily agricultural. It had an area of 98,430 square kilometers, with a population of 9.3 million. Geographically, southern Korea was blessed with relatively rich soil and a.....
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