For thousands of years, China and Korea have been characterized as having similar cultures, customs and traditions and political systems. Following the rapid economic growth and the political developments that have taken place in the Republic of Korea and the Republic of China on Taiwan in the last few decades, many people have sought to compare these two economies to determine what is and what is not similar. However, many people in Taiwan do not understand clearly the developments that have been taking place in the Korean economy as the nation has sought to modernize itself and join the ranks of the developed nations. This study is, therefore, designed to help people better understand the situation in Korea.
The paper, which seeks to condense Korean economic development history since the Middle Ages, is divided into three sections. The first section deals with Korean economic development from the Middle Ages to the beginning of the Second World War. The second section looks at the various Five-Year Economic Plans and how they helped shape the economy after World War II. The third section takes a look at the present state of the Korean economy, and outlines likely future developments.
