what kind of economic policies did president park chung hee enact to build up the power of the south korean state?

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15-11-2022
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what kind of economic policies did president park chung hee enact to build up the power of the south korean state?

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SonaDas SonaDas · Answer 1 · 2022-11-18T05:14:12-05:00

Adam Smith's laissez-faire economic philosophy was put into practice by President Park Chung Hee, who also promoted a program for the heavy and chemical industries. In order to encourage exports, he also implemented the free trade policy and depreciated the currency.

How did Park Chung Hee help South Korea?

President Park Chung Hee is acknowledged as being instrumental in the growth of South Korea's tiger economy by directing the country's industry toward exports. Under Park's direction, South Korea created an export-driven economic growth model in which preferential loans were given to major corporate conglomerates as particular incentives to produce items for export.

By the middle of the 1960s, South Korea's economy was booming frequently and seeing double-digit growth rates. However, Park began to move toward greater authoritarianism in the late 1960s and was assassinated in October 1979.

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