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Title: THE POST SPLIT, ECONOMIC SUCCESS OF SOUTH KOREA AS COMPARED TO NORTH KOREA
Authors: Jastej Singh
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Jastej Singh III Year Student , Department of Economics, Sri Guru Gobind Singh College of Commerce
MLA 8 Singh, Jastej. "THE POST SPLIT, ECONOMIC SUCCESS OF SOUTH KOREA AS COMPARED TO NORTH KOREA." Int. j. of Social Science and Economic Research, vol. 6, no. 11, Nov. 2021, pp. 4418-4447, doi.org/10.46609/IJSSER.2021.v06i11.011. Accessed Nov. 2021. APA 6 Singh, J. (2021, November). THE POST SPLIT, ECONOMIC SUCCESS OF SOUTH KOREA AS COMPARED TO NORTH KOREA. Int. j. of Social Science and Economic Research, 6(11), 4418-4447. Retrieved from doi.org/10.46609/IJSSER.2021.v06i11.011 Chicago Singh, Jastej. "THE POST SPLIT, ECONOMIC SUCCESS OF SOUTH KOREA AS COMPARED TO NORTH KOREA." Int. j. of Social Science and Economic Research 6, no. 11 (November 2021), 4418-4447. Accessed November, 2021. doi.org/10.46609/IJSSER.2021.v06i11.011.
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Abstract: Before 1945, North and South Korea constituted a single, unified Korean peninsula, ruled by a myriad of dynasties. The last colonial rulers of Korea were the Japanese who reined the peninsula till the end of World War II, after which its division into two nations commenced. The division of the peninsula along the 38th parallel was mutually decided by USA and Soviet Union in the August of 1945. Post-split, Soviet Union took control of North Korea and the Soviet Army, with the help of its proxies set up a communist regime there. South Korea on the other hand, set up a military regime, directly supported by USA. Soon after a failed UN-sponsored vote, for Koreans to determine their future, South Korea formed its own government led by Syngman Rhee, while North Korea placed Kim Il Sung as the first premier of Democratic People’s Republic of Korea. In 2016, South Korea became the 11th largest economy in the world (in terms of GDP). Starting as an agriculture-based economy in the 1960s and then transforming into an industrial-based economy, South Korea has experienced one of the largest economic transformations of the past 60 years, often referred to as “The Miracle on the Han River”. Considering all the natural resources and industrial set-ups were majorly in the northern part of the colonial Korean Peninsula, this paper aims to analyze the economic policies adopted by South Korea and what went right for them, with the focus on its export & import policies. North Korea, on the other hand might lag behind economically, but is a major military and nuclear power. This paper also scrutinizes where North Korea spent its resources and money post split and whether its trade, majorly import & export policies, were successful or not. This paper looks at the trade relations of both the nations with other nations and aims to trace back the route for South Korea’s economic triumph.

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