South Korea- The Phoenix Rising from Ashes | Teen Ink

South Korea- The Phoenix Rising from Ashes

April 21, 2023
By kousei GOLD, Mymensingh, Other
kousei GOLD, Mymensingh, Other
14 articles 3 photos 1 comment

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The terms Samsung, LG, K-Drama, and K-Pop may sound familiar to us. In our daily lives, these names are connected to a wide variety of objects. K-Drama is a prominent Korean web series; Samsung and LG are two well-known technological corporations; and K-Pop is popular Korean music. The speed of cultural evolution has accelerated in the modern day as technology has made the entire world accessible in one's palm. The culture of South Korea is currently spreading quickly throughout the world due to globalization. Since the advent of the internet, we have had the chance to use the products produced by the renowned South Korean technology corporations.

South Korea is currently at the pinnacle of its development. In this era of information and communication technology, it is home to many of the top technology companies in the world, as well as organizations that invest hundreds of billions of dollars in research. People from this nation are skilled in many different disciplines and have had success carrying out professional obligations in numerous nations throughout the world. The quality of life for those who live in modern cities has significantly increased. Nevertheless, this image was very different even 70 years ago. South Korea has experienced many ups and downs, but today it is standing on a strong foundation. In the past, South Koreans were unable to eat three meals a day, but today their per capita income is over $30,000 annually!

Let's take a brief historical detour. The Korean Peninsula was a colony of Japan during World War II. Then, once Japan joined World War II, the Soviet Union and the two other Allied countries invaded Japan. After the war, the Soviet Union and the United States each attempted to impose their own ideologies on Korea. The American and Soviet delegations finally came down to negotiate, and after discussions, they decided to partition the Korean Peninsula along the 38-degree axis. In North Korea, communism was formed. On the other side, South Korea successfully embraced democracy and capitalism. Since their inception, relations between the two Koreas have not been positive. There have always been disinformation campaigns by one nation against another.

It became inevitable that there would be war between the two Koreas. Additionally, the further involvement of foreign nations represented the nations. When North Korea attacked its neighbor, South Korea, it briefly entered a state of war. Following the conclusion of World War II, the Cold War era began across the world. The involvement of its two main adversaries, the Soviet Union and the United States, gave the Korean Peninsula War additional dimensions. The two nations incurred significant losses throughout the three-year conflict, yet neither nation was successful in achieving its goals. After this war, a sizable portion of the working population vanished, factories were reduced to rubble, and the major cities of both countries were practically destroyed. South Korea continued to stand on a solid economic foundation for three decades after the destruction and declared its significant role in the global economy. Experts have called it the "Miracle of the Han River".

There are numerous prominent businesses in South Korea. Samsung has developed a name in the modern era for its smartphones and laptop-like gadgets. The Hyundai Company offers car prices in all countries. Many people's homes and businesses have LG's high-quality refrigerators. Surprisingly, these businesses produced necessary goods and carried out other business operations using a marketing-focused approach. Samsung used to produce sugar and wool; LG once produced a variety of plastic goods. Another point to make is that these organizations initially restricted themselves to the national level only.

Military leader Park Chung Hee was crucial to the nation's economic development. The poverty line had a devastating effect on the lives of the people of the nation. Park Chung Hee was under huge pressure to advance in order to prevent tragedy for a nation perched on the edge of such a ditch. Park Chung Hee came to the conclusion that nothing could be resolved without economic development. He provided funding for large business organizations, reduced the burden of additional taxes, and upgraded the roads to add more mobility options. Significant businesses in South Korea's national economy, such as Samsung, Hyundai, and LG, could enhance their activities for his new initiatives. Numerous individuals had been employed as a result of this advancement, and the unemployment rate was declining.

The renowned institutions of South Korea paid little attention to international trade earlier. These businesses put all of their resources into exporting footwear, traditional fabrics, etc. However, due to the fierce competition, it was impossible to gain a significant profit. But afterwards, a number of businesses made the decision to successfully export electronic goods outside the nation. Samsung began selling televisions, radios, and washing machines overseas. For the first time in its history, the Hyundai Company began producing automobiles in the 1960s. These goods were initially in great demand on the global market. As a result, many businesses began to spend more money on technology than on conventional materials. To minimize production costs, Samsung and other IT firms made the decision to create their own semiconductor sector. Samsung employed its own researchers, and a 64-kilobyte RAM chip was created. In the history of South Korean electronics companies, this was a significant occasion. As a result, the nation's export industry expanded.

Park Chung Hee established diplomatic ties with Japan, which was a significant action. As a result of the deal, Japan gave the nation grants totaling $300 million and also settled a further $500 million in South Korean debt. This enormous sum of money was used to enhance the nation's infrastructure. South Korea became involved in the Vietnam War at the invitation of the US. As part of the wages and financial support for the participating soldiers, the United States gave the nation $5 billion. The national income of the country was multiplied by these assets.

Additionally, Park Chung Hee made an agreement with East Germany that included clauses regarding the export of laborers. After the agreement was signed, so many ladies and gents from South Korea traveled to East Germany. Men went into mining, and women mostly went into nursing. During the 1970s, the wealthy Middle Eastern nations began to build their own nation's infrastructure and roadways for oil exports. The South Koreans seized this chance. The nation's real estate firms started making investments in the Middle East. Additionally, there was a significant market for the goods produced by South Korean technological enterprises in the affluent civilizations of the Middle East.

Furthermore, there is a strong sense of nationalism among South Koreans. They learn early on that the nation must always take precedence. In the time of Park Chung Hee, it was required to swear an oath to defend the status of the national flag and to sing the national anthem on a regular basis in the nation's educational institutions. Even after that time, South Korean youth gathered frequently to sing the national song. Numerous South Korean residents contributed their gold holdings to the state treasury during the 1990s Asian economic crisis in an effort to keep their country out of the debt trap. These two incidents clearly indicate their nationalist consciousness. Additionally, it is always understood in a nation's corporate sector that national advancement is more significant than individual accomplishment. Many analysts believe that this national mindset has greatly contributed to the development of South Korea.

Park Chung Hee is called the 'father of economic upheaval' in South Korea. He made every possible effort to advance his country. It was not simple to rebuild that nation after a three-year-long destructive war that left the country in ruins, and it took two decades for it to become a major powerhouse in the global economy. The people of South Korea have always put the needs of the nation first. South Korea's name will be pronounced forever because of its determination to recover economically after World War II and maintain its position as a developed country in this modern age.



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