So What Does That Tell Us?
The country of South Korea came into existence after World War II and was firmly established as a legal country following the Korean War, which permanently (?) divided the
into North and South. Here is what happened in the last 50 years. peninsula of Korea
In 1960, in the aftermath of a devastating war, the exhausted south was one of the poorest countries in the world, with an income per head on a par with the poorest parts of
Africa. By the end of 2011 it will be richer than the European Union average, with a gross domestic product per person of $31,750, calculated on a basis of purchasing-power parity (PPP), compared with $31,550 for the EU. is the only country that has so far managed to go from being the recipient of a lot of development aid to being rich within a working life. South Korea
How did this happen? Well for one thing
is a triumphant result of American foreign and military policy. The South Korea U. S. fought to keep South Korea as South Korea, and massive economic and military aid has kept the country safe and has contributed to its prosperity. History may record the Korean war as a stalemate, but history should record the Korea War as a mighty success for the U. S. and for the South Korean people. United States
Furthermore the fact that the
provides much of Korean national defense frees government resources to invest in the domestic economy. Defense spending doesn't do all that much to help economic growth so it is really good if someone else is doing the spending for you. U.S.
Furthermore the fact that the
There are of course some lessons for the Unites States from South Korean economic prosperity. For example
|South Korea Has Learned Lessons from the|
U. S.; Lessons the U. S. has Forgotten
Yes, when you have economic gains going largely to the middle and lower income groups prosperity takes place for all, including the higher income groups.
And there is also this
The government also initiated a public-works scheme that is mopping up over 2% of the labour force. It introduced an old-age pension and began, then expanded, an earned-income tax credit. All this from President Lee Myung-bak, who was once chief executive officer of Hyundai Construction and is widely assumed to be excessively friendly to big business.
South Korea is growing and prospering by implementing policy that would be considered unacceptably liberal in the and heavily denounced by Conservatives. Well at the rate income is growing in United States South Korea they will soon have a level equal to or above the . United States
If the Korean economy goes on growing at 4.5% a year and
America’s at 2.5%, Korea would overtake (in PPP terms) only a few years later. America
Maybe then the Conservatives will look around and see that someone doing policy they oppose is doing better than the U. S. Or maybe not, after being a Conservative means never ever having to say you were wrong.