South Korea - NIC

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  • South Korea - NIC
    • Why did South Korea's economy grow?
      • 1) Massive economic aid from USA
        • The USA were determined to create S.Korea as a successful communist against their Northern capitalists
      • 2) A well-educated workforce with cheap labour
        • In 1965, their wagers were 1/10 of those of Japan
      • 3) A growing number of gifted entrepreneurs
      • 4) A strong government
      • 5) Protective trade barriers
    • By the late 1980s, GNP was growing by 12% annually
    • Large SHIFT in sector: Agriculture -> Services & Manufacturing
    • Exports grew from $40 million in 1953 -> $195 billion in 2003
      • USA, JAPAN and CHINA hold over 1/2 of S.Korea's exports
    • Hyundai
      • S.Korea is now the 5th largest motor vehicle maker
      • Hyundia have factories in over 11 countries: USA, Russia & Pakistan e.g.
      • Hold the largest shipyard in Ulsan where 40 vessels can be made simultaneously
    • TriGem
      • A smaller personal computer company
      • First set up in 1980, and within 10 yrs, sales had risen to $300 million
      • Originally employing just 5, it now employes over 4,000 workers

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