Teaching East Asia: Korea Teaching East Asia: Korea | Page 88

The Korean Economy Past: Present, and Future (Marcus Noland)
Education About Asia (Winter 2013)
Grade 12 – Principles of Economics (History-Social Science Framework Appendix A –
Integration and Disintegration in the Contemporary World)
The appendix offers some alternative perspectives on the contemporary world and proposes that
students reflect on global themes. The revised framework discusses globalization and notes that
the modern multinational corporations are distinctive as they have the capacity to spread out the
productive process across different countries. It notes that “Apple’s iPod is “designed in northern
California and assembled in China, out of components that originate in Japan, Taiwan, Korea,
Singapore, and many other countries. The framework also states the following: “Overseas markets
have been even more vital to the growth of smaller “Pacific Rim” economies such as Singapore,
Taiwan, and South Korea in the 1980s and 1990s .”
Possible Questions for a Discussion on “The Korean Economy Past, Present, and Future”
1. Who is Marcus Noland and how is he a credible resource for learning about Korea’s economic
development?
2. What does Noland say about economic development in the northern and southern part of the
Korean peninsula during Japanese occupation (1910-1945)? Why might this information be
surprising to many people?
3. What were the results of the Korean War?
4. President Syngman Rhee (1948-1960) developed policies that might have been good politics,
but were ineffective in terms of economic growth. Explain.
5. What were Rhee’s economic policies during his administration and what were some of the
positive changes?
6. How was Park (1961-1979) able to transform the Korean economy from an exporter of agri-
cultural produce to and exporter of manufactures of textiles, electrical products, and iron and
steel?
7. What caused the 1997-1998 economic crisis?
8. What is a chaebol?
9. Name some of the leading Korean corporations and what are some of the main merchandise
exports?
10. Noland states that in the period following the 1997-1998 crisis, South Korea “made better
progress on economic reform that the other heavily affected Asian crisis countries…” Explain
this statement.
For further information on Syngman Rhee: http://countrystudies.us/south-korea/11.htm
For additional information on Park Chung-hee: http://www.asian-studies.org/EAA
Archives, “Park Chung-Hee, An EAA Interview” with Carter J. Eckert,Winter 2013.
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