South Korea as a Developing Region

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Table of Contents

Political System Impact
Legal System Impact
Economic System Impact
Economic Freedom
References

Political System Impact

Despite authoritarianism, the region’s politicians understand the importance of collaborating with social forces for economic growth. One of the main directions in the economy of South Korea is industrialization, forced by the state, although this is less typical for the agricultural region of South Jeolla (Baek et al., 2022). The relationship between the government and the private sector, coupled with its economic growth, are understood as necessary to compensate for the lack of political legitimacy of authoritarian regimes. Thus, despite the political authoritarianism, the region has the potential for further development.

Legal System Impact

The state actively intervenes in the economy, giving legal grounds for economic protection. During the current global economic crisis, governments have stepped in to support financial institutions (Liu et al., 2020). South Korea’s legal inflation control and interest rate policy is a rigid government system (Vartanyan, 2018). The obligation to strictly follow the established legislation provides opportunities for stable growth with government support. Small businesses in the South Jeolla region are protected so farmers can thrive and grow their businesses.

Economic System Impact

The economic system is critical to establishing prosperity in the region. South Korea’s economy is a highly developed mixed economy dominated by family conglomerates (Cardinale, 2019). In agricultural regions such as South Jeolla, cultivation of crops according to ancient traditions is strong. The state actively stimulates the agricultural sector, which allows farming to remain one of the main activities in the region. Sustainable development was the result of successful economic reforms to support business and stimulate production.

Economic Freedom

The South Korean economic, political and legal systems restrict economic freedom. However, South Korea remains one of the most sustainable regions in Asia and has strong economic performance (Yang et al., 2020). Despite limited economic freedom, Korean entrepreneurs can be successful in the traditional agricultural sector, as well as successfully establish family businesses. In the face of severe government restrictions, there are also competent business support measures that allow both small businesses and the state demonstrate sustainable growth.

References

Baek, S., Yoon, H., & Hahm, Y. (2022). Assessment of spatial interactions in farmland abandonment: A case study of Gwangyang City, Jeollanam-do Province, South Korea. Habitat International, 129(1), 1-10. Web.

Cardinale, R. (2019). Theory and practice of state intervention: Italy, South Korea and stages of economic development. Structural Change and Economic Dynamics, 49(1), 206-216. Web.

Liu, Y., Lee, J. M., & Lee, C. (2020). The challenges and opportunities of a global health crisis: the management and business implications of COVID-19 from an Asian perspective. Asian Business & Management, 19(3), 277-297. Web.

Vartanyan, E. G. (2018). South Korea’s Economic Course: from State Dirigisme to Liberal Monetarism. East Asia, 35(4), 347-357. Web.

Yang, L., Wang, Y., Wang, R., Klemeš, J. J., Almeida, C. M. V. B. D., Jin, M., & Qiao, Y. (2020). Environmental-social-economic footprints of consumption and trade in the Asia-Pacific region. Nature communications, 11(1), 1-9. Web.

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South Korea as a Developing Region

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