East Asia Politics, South Korea development Essay

East Asia Politics, South Korea development - Essay ExampleThis paper briefly analyses the East Asian miracle focusing in general on and South Korea based on World Bank subject and some articles written by Atul Kohli and Bela Balassa.The 1993 World Bank policy research report states that private domestic investment and rapidly growing human capital were the principal engines of growth in South Korea like East Asian countries. artless growth, population growth rate decline, better educated workforce effective public administrative system and high levels of financial savings also contributed heavily for the growth of this region (A World Bank Policy research report, p.5). South Koreans are hardworking population like most of the other Asian people. They gather in realized the importance of developing indigenous resources like agriculture for their economic development along with industrialization. They also realized the dangers of population growth and implemented more policies t o restrict the population growth. Family planning policies were implemented in order to achieve this objective.World Bank report also mentioned the role of governmental intervention through and through multi channels, in the development of South Korea like East Asian agriculturals developments (A World Bank Policy research report, p.5). It is difficult for a country to develop properly if the problem is tackled from one side only. The economy of a country depends on many aspects and it is necessary to address all these aspects correctly in order to boost the economic growth. South Korea adopted a market friendly functional approach for their economic developments. Unlike many other countries they neer looked the foreign direct investments suspiciously. They have welcomed and accepted FDI with both hands and formulated specific policies to subsidize credit for some specific industries, keep the interest pass judgment low, protect