Korean Colonialism In Vietnam

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South Korea, Thailand and Vietnam all belong to the so-called East Asian miracle economies, and share certain similarities with each other: Korea and Vietnam both have a history with colonialism, whereas Vietnam and Thailand belong to the continental zone and seem to have experienced a growth that was more a result of vent-for-surplus conditions, rice and other exports, and foreign investment in manufacturing, as opposed to Korea’s development in which the state seems to have had a more prominent role (Hayami 2001, Quibria 2002). However, looking at for instance statistics of GDP per capita from the 1950’s onwards, it is evident that these economies took off at different points in time: South Korea around 1960’s, Thailand in the late 1980’s,…show more content…
The military that was now in power seeked help from economists, and Park set a goal to lift the country from the ruins of war. Fuelled by the aid from the US and later Japan, which colonized the country until 1945, the newly-established Economic Planning Board laid the groundwork for the nation’s economic reform with their set of Five-Year Economic Development Plans from 1961 onwards. More and more so-called chaebol companies, big conglomerates, were established and the country eventually became a successful manufacturer with a focus on labor-intensity and exports (Quibria 2002, Oshima 1986, Savada and Shaw 1990, South Korea: A Country Study.…show more content…
Korea and Vietnam were both colonized during the 20th century, and although Thailand did not experience such conditions, the fear of being colonized might have contributed to the government’s decision to create a strategy that would reform Thailand’s agricultural and other sectors (Pongsapich et al 1994). The circumstances behind Thailand’s eventual growth appear to be very different from those of South Korea: Thailand’s economic growth could be accounted for its favourable ecological conditions, and the vent-for-surplus growth that was thus made possible as more land was cultivated with the rising demand fuelled by globalization, and the improvements in the agricultural sector around the Chao Phraya Delta. Both South Korea’s and Thailand’s leaders devalued their currencies to support trade, although in the case of Thailand trade was mostly due to the demand of foreign investors and rice as the main export, as opposed to South Korea’s case in which the government encouraged domestic companies to export (Hayami 2001, Quibria

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