Hey I am working on an assignment in regards to South Korea. I am unsure of how
ID: 1139032 • Letter: H
Question
Hey I am working on an assignment in regards to South Korea. I am unsure of how to solve it. Please help me in solving the four aspects below.
* Identity South Korea’s current ideologies (individualism or collectivism), political system (democracy or totalitarianism), and legal system (common law or civil law), and economic system (market economy or command economy).
* When did South Korea become a democratic nation? Please provide your answer via the following criteria:
- Free and fair election
- Multi-party system
- Peaceful transition of power
- Political freedom (freedom of speech and assembly, etc.)
* Is South Korea “Chaebol-based” economy “state capitalism”? Provide your answer via the definition of “state capitalism”.
* How did Park Chung-hee’s dictatorship promote or hinder the economic development of South Korea? What can you learn from this?
Explanation / Answer
1.South korea's current ideology is Collectivism,political ystem is democracy,legal system of South Korea is civil law systemand economic system is market economy.
2.South Korea became democratic nation in 1980.
3.State Capitalism is a political system in which the state has control of production and the use of capital.Chaebol are large firms of South Korea which have strong ties with government agencies.Yes its true that South Korea is a “Chaebol-based” economy “state capitalism.
4.Park Chung-hee’s was a authoritarian ruler.He was determined to develop South Korea.He approved and started many economic policies which will benefit the companies and will protect them from foreign competition.The economic policies also encouraged exports.Overall the polies developed South Korea.