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Analysing the Growth of Korean and Japanese Economy.  

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Analysing the Growth of Korean and Japanese Economy South Korea (henceforth referred to as Korea) is being looked upon as the role model by different countries for their economic development. Korean history and culture, state intervention, policy reforms, and Chaebols have been the corner stones for Korea's success. As B N. Song (1990) describes "The way the Korean economy has grown, and the way the Korean people have shared the fruits of economic growth, have been greatly influenced by Korea's history and culture." Korea was among the very poorest countries in the world, the out come of the Korean War was devastating. Recovery of the country started in early 1950's, with extensive support and assistance from United States. According to B N. Song "The period from 1953 to 1961 was one of very slow recovery from the war...the trend curve changed abruptly, however with the beginning of first five year plan in...

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