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How Does The Government Affect The Economy Of South Korea

978 Words4 Pages

Martha Beck once said, “Every day bring new choices.” We all face series of choices that would bring us to diverse paths of life. Thus, it is important to make relatively best choices that will lead us to relatively best lives. This is true for the government as well. Among different problems that government faces, there are some problems —including free rider problem— that government meets only two choices: “yes, do it.” and “yes, do it.” Even though the only option that they can have might include a free rider, they just need to go along with existing choice as the benefits to all outweigh the costs. Such a task occurs in immense stage and renders government necessary to economic growth of market. Government, rather than enterprises, promotes …show more content…

Developing country Korea decades ago received aids from United States. In the article “South Korea: From Aid Recipient to Aid Donor”, the author states that “From 1953 to 1962, U.S. aid financed an average of 69 per-cent of imports.” (US Aid, South Korea: From Aid Recipient to Aid Donor) Nevertheless the fact that South Korea was so dependent on foreign trade that it was very vulnerable to international market fluctuations, U.S. assistance to Korea, which began in 1952 and lasted until early 1970s, was critical to Korea’s survival as a nation and its initial post-war recovery. South Korea, once an aid recipient, becomes aid donor and helps economy of America. According to New York Times, United States is benefiting from “$115 billion in trade with South Korea, the sixth-largest American trading partner. Korea covers 40 percent of the United States’ basing costs there, worth $843 million annually.” (New York Times, What the U.S. gets for Defending Its Allies ad Interests Abroad) This means more than trade and interrelationship between countries; the elaborate structure of government enables to enhance its own economic growth by enhancing economy …show more content…

and Peçanha, S. (2017). What the U.S. Gets for Defending Its Allies and Interests Abroad. [online] Nytimes.com. Available at: https://www.nytimes.com/interactive/2017/01/16/world/trump-military-role-treaties-allies-nato-asia-persian-gulf.html [Accessed 6 Nov. 2017].

Kang, C. (2016). Self-Driving Cars Gain Powerful Ally: The Government. [online] Nytimes.com. Available at: https://www.nytimes.com/2016/09/20/technology/self-driving-cars-guidelines.html [Accessed 5 Nov. 2017].

Oh, K. (2010). Korea’s Path from Poverty to Philanthropy. [online] Brookings. Available at: https://www.brookings.edu/articles/koreas-path-from-poverty-to-philanthropy/ [Accessed 6 Nov. 2017].

Photos.state.gov. (2010). South Korea: From Aid Recipient to Aid Donor. [online] Available at: https://photos.state.gov/libraries/korea/115197/kimnamhee/Korea%20case%20study%2020110615%20_corrected%2020111027%20TU_%20-%2050th.pdf [Accessed 6 Nov.

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