The economic development of South Korea, in the context of globalization, also led to the country's vulnerability. Once the economic partners, especially the countries that were the major import partners, experienced economic recession, South Korea, like the rest of the world, was subject to a recession. Many of the Asian countries that were a few years ago were praised for their rapid and sustained economic development were proven to have encouraged unsound practices like an unlimited and uncontrolled overinvestment from the part of business groups that were receiving the protection of corrupt officials. However, South Korea was able to swing the negative effects of an economic downfall of the Asia tigers toward a rapid change in economic policies. "In the six months between mid-September 2001 and mid-March 2002, the stock market has risen by nearly 90%"(Noland 2002). The economic policies undertaken under the new government were, as shown before, encouraging...
[ View Full Essay]