Case Study Industry in an LEDC South Korea

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Case Study: Industry in an LEDC ­ South Korea p181
Where is South Korea?
South Korea, also known as the Republic of Korea is in East Asia.
Why has it changed from a poor country with few resources to one of the world's
top ten industrial countries?
In 40 years South Korea has changed from a poor country with few resources to one of the
world's top ten industrial countries. Reasons for this include:
A cheap but effective workforce that was willing to work twelve hours a day for six
days a week
Almost everywhere on the peninsula is within 100km of the sea for access to cheap
water transport
Its main markets are in the Pacific Rim (including the USA, Japan and Hong Kong)
and its protected home market has increased
A government that puts up many barriers to the import of manufactured goods that
would compete with its own industries
How are its industries organised?
Specific to South to Korea is the way in which its industries are organized. Thirty chaebol
(the Korean term for large corporations) are responsible for threequarters of industrial
output. The largest of these familybased claebols are active in several areas of industry.
Their size has supported their aggressive export drives and underpinned their ruthless desire
to become leading world players in certain industries.
Which TNCs have located in this area?
Samsung, Hyundai and LG are now multinational corporations with big investments in
MEDC countries such as the UK.

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