article: the world of the 21st century is overflowing with wealth but there are scenes that contradict this abundance among the seven billion people on earth one out of five people survive on less than one dollar a day one out of four people do not have access to drinkable water one out of eight people suffer from malnutrition there are many people who live in absolute and inescapable poverty around the world it was a country in abject poverty with its land ravaged by war and did not have even the most meager resources this country has no future this country will not be restored even after a hundred years how can a rose blossom from a garbage dump however 60 years later Korea has become a global power with the world’s 12th largest economy Korea has gone through an amazingly rapid and successful how did Korea once the poorest country technological transformation and this is fabulous in the world managed to escape the clutches of poverty and achieve such astounding success you in 1945 Korea gained independence from 36 years of Japan’s Occupational rule but the Korean War broke out even before they could enjoy the fruits of their newfound food countless Northam South Korean soldiers lost their lives along with another 36,000 troops from 21 foreign nations taking a toll of some 5 million casualties the Korean War left the newly formed Republic in a state of devastation Korea was very poor all destroyed we had to hide for the TT and democratic of the Republic of Korea however during the busy efforts of restoration it was nothing but education which became the nation’s highest priority although they were struggling from day to day Korean parents did not ignore the education of their children you grateful for the sacrifice of their parents children would walk for miles in despite the wars devastation the government continued to invest in education this dedication to and order to attend school despite the wars devastation the government continued to invest in education this dedication to and investment in education produced a highly trained workforce that would later on become the impetus for Korea’s economic turnaround [Applause] unable to recover from the ruins of war on its own Korea was forced to rely on foreign aid but when the foreign aid subsided after completion of the major restoration work this caused Korea’s economic growth to
stall this was a dire situation for a nation whose budget relied more than ninety percent on foreign aid it was at this time that the military regime came to power having succeeded in a military intervention its leadership made economic development their top priority if only to quell widespread public turmoil in order to spur economic growth the military regime founded the economic planning board giving it unprecedented powers for planning allocating the budget and for attracting foreign capital the economic planning board developed a five-year plan which was to be the new blueprint for economic development in 1962 the first five-year plan was put into action the problem was the acquisition of funds unfortunately the United States reacted with indifference Berger the United States ambassador to Korea at the time also made a negative report on this plan to Washington DC but Korea did not give up after endless efforts they were able to receive an inflow of capital from West Germany the miners and nurses that were dispatched to West Germany sent their earnings home and the government was able to obtain loans by pledging company upon analyst are showing up children eligible come to work at a candy bar turn a noble gesture without having gone well good detective Annis the tilt agura hasta monday Moruga at 11:00 this was helpful but far from enough due to an inability to attract sufficient funds the Korean fortunately the light industry sectors like textiles wigs and needlework developed rapidly and created momentum these funds as collateral theater economy took a nosedive for the Korean economy x’ growth while guiding the economy with policies such as rationalization of the exchange rate and interest rates in 1964 and 1965 the government also responded to the markets demands and fostered free enterprise however since the light industry’s relied on low-cost wages their competitiveness weakened the government began to invest in new industries such as steel coal chemicals machinery and shipbuilding to create a powerful engine for economic growth I think it is dynamic as well as there are four sites to his future and their interpretation of globalization into business opportunities steel was the first heavy industry to be developed despite skepticism and concern about the feasibility of such a venture the government launched a massive effort to build an integrated steel mill in 1970 the United States and the world looked upon this project with doubts as the investment and cutting-edge technology and a more advanced nation than Korea at that time had attempted this task but steel industry requires massive failed in spite of such skepticism the Pohang steel mill began to produce steel in 1973 an apologia Delica jugar her composure on oppa Yashiro Isana car CEO would be juicy with a sir Craig in mentality Chrissa shinobi sorry Drago are naturally great Orion will be but blunder although it entered the steel industry about 60 years later than advanced nations Korea would soon become the world’s fourth largest producer of steel the success of this primary industry paved the way for the advancement of other steel related industries such as shipbuilding automobiles fine machinery construction and electronics the new community movement is considered as one of the crucial forces in promoting the growth of the Korean industry when the new community movement began in the 1970s the Korean government was virtually bankrupt but the support that they did manage to provide was used effectively by Koreans in improving their living standards 30 3267 villages in Korea received free cement for the next two years only villages that showed 3 promise were given additional cement and steel the government decided to support the communities that had the will to stand on their own the people also cast off their self-doubt and gained confidence that anything was possible which nurtured hope for a bright future once a movement to increase the revenue of farms the new community movement made its way into all sectors of society increasing social awareness in the cities factories and the workplaces this showed that poverty could not be overcome through foreign aid alone and that the true path to success lies in deeply rooted solutions that can change the core of society this grassroots effort coupled with a global economic boom helps to fuel an amazing economic growth in Korea but a crisis emerged from an unexpected source in October 1973 the Yom Kippur material skyrocketing the domestic
War broke out with the price of raw factories ground to a halt while inflation soared this was a critical blow to Korea since it was a country without a drop of industrialize but this crisis proved to be an opportunity the Korean government used the construction boom in the Middle East which resulted from the skyrocketing oil prices dispatching workers to the region and constructing 10 billion dollars worth of buildings a year and used the oil crisis to stimulate economic growth around this time another oil shock occurred after learning valuable lessons oil which had just begun to from the first crisis Korea overcame the second oil shot without much difficulty during the to aisle shocks most other countries decreased their investment but not Korea for the first oil shock Korea invested heavily in its steel oil chemicals machinery and shipbuilding industries while in response to the second oil shock Korea boldly restructured its economy their strategy was right on target the phenomena of the three lows the US dollar oil prices and interest rates helped the Korean economy to flourish in the 1980s meanwhile with the struggle for democracy in June 1987 each class of democratization which was lagging behind the nation’s economic development Korea’s export based economy became even more competitive and the nation’s per achievements came after only 33 years of member of the WTO and a member of the society started to voice their demands this sparked the efforts to realize capita GNP rose sharply these Korea’s economic development efforts thanks to this success Korea became a OECD in 1996 but these successes had blinded the nation to the lurking dangers of the global economy quite simply it could be said that Korea had popped the champagne cork too soon the Asian financial crisis which started in Thailand spread through East Asia like a wildfire six out of ten major corporations were in danger of bankruptcy even the chaebols of Korea were on the verge of collapse [Music] on November 21st 1997 curry applied for relief assistance from the IMF to the globalized environment and return that Korean corporate downsizing became the order of the day while the people of Korea who once dreamed of joining the world’s advanced countries were burdened to share the pain then again the financial crisis presented an opportunity for economic reforms insolvent financial institutions were shut down or merged while corporate businesses underwent extensive restructuring along with this restructuring management systems were also changed to include principles based on competition and performance first of all career recognized that it had to restructure some of its policies in some of its industries and it did that aggressively enforce phillipe provided leadership in that it did not wait for the rest of the world to make as a result Korea’s foreign exchange reserves which had dwindled to a mere financial crisis surged to 99 billion dollars in September 2001 repayment to the IMF which began in 1998 it happen 3.9 billion dollars at the time of the was completed in August 2004 with a final installment of 350 million dollars it was a truly moving achievement in which Korea managed to pay off the loan three years ahead of the deadline during the time Korea had escaped from dire poverty and become a world power with global corporations the country had to reinvent itself a number of times while the people had to make countless sacrifices [Music] when war in the Middle East broke out most corporations and their employees withdrew from the region in panic but Korean corporations faced the potential risks and remained in the region maintaining their marketing networks due to the financial crisis in 1997 the value of currency plummeted and the price of gold skyrocketed but the people of Korea impressed the world by voluntarily contributing to a national gold campaign a similar response was seen when the swine influenza broke out in Mexico while the world shook in fear of the disease the employees of Korean businesses in Mexico continued their work with face masks
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