Today South Korea is one of the wealthiest countries in Asia a major economic power in the world. Another name given to South Korea is ‘Miracle of Han River,’ its fast growing economy was mainly due to the export of high-tech goods. South Korea has one of the highest industrial and export production rate in the world.
South Korea strongest industries include biotechnology, automobiles, construction, electronics, robotics, semiconductors, steel and ship building.
Social and economic development of a country always goes hand in hand. A country’s economic development is linked to its social welfare and development. South Korea showed that a good understanding of economic facts and organizations usually involves a deeper interest in maintaining a sound society. The socio-economic development model used by South Korea made it enter the OECD in 1996 and become one of the worlds leading economic powers. Social development was prevalent in South Korea as it witnessed tremendous economic development. It went from ruins to riches. South Korea’s social development concentrated on the family, state and market. The South Korean model of social development is based on a type of society that is marked by strong inter-generational family solidarity, quasi full employment and poor participation of women. However, South Korea’s infrastructure, education system, lifestyle of the people, and the like improved tremendously over the years.
The relationship between the United States and South Korea began since the formation of South Korea in after the Korean War. This has been one of the most intense and extensive relationship between countries. As South Korea grew economically its dependence on the United States began to reduce. Today South Korea does not depend much on the U.S., economically, politically and even in its military growth.