The Korean Economic Crisis

The Korean Economic Crisis | The Prologue: Before the Crisis | During the Crisis | After the Crisis | Korean Crisis Works Cited

The Korean Economic Crisis

In the years after the armistice was signed in 1953, South Korea went through a transitional period of military autocracies which were countered by increasing economic growth and power. Though it took post-war Korea roughly 35 years to establish a stable, democratic form of government, the economic explosion that drove Korea into the realm of First-world countries occurred nearly a decade before. This “economic miracle” ultimately led to a disastrous depression in July of 1997, which branched out to effect the majority of the Pacific Rim economies. Although most of the affected nations have since recovered – Korea now claiming the 10th highest GDP in the world – the Korean Financial Crisis of 1997 has been highly analyzed, for its warning signs, its short-term effects on local and international trade, and its long-term effects that persist even to today.