Korea, South

views updated

Korea, South

area:	99,020sq km (38,232sq mi)
population:	45,985,289
capital (population):	Seoul (9,853,972)
government:	Multiparty republic
ethnic groups:	Korean 99%
languages:	Korean (official)
religions:	Buddhism 48%, Christianity 47%, Confucianist 3%, Chondogyo 1%, Others 1%
currency:	South Korean won = 100 chon

Republic in e Asia. The Republic of Korea occupies the s part of the Korean peninsula. South Korea is largely mountainous. The capital, Seoul, lies on the w coastal lowlands. Other major cities include Inchon, Taegu and the main port of Pusan, on the se coast. Cheju-do, the largest island, includes Mount Halla, South Korea's highest peak, at 1950m (6398ft). (For land, climate and pre-1953 history, see Korea and Korean War)

History and Politics

Economic problems beset South Korea's first government, led (1948–60) by Syngman Rhee. South Korea was a largely agricultural economy, heavily dependent on the n for energy and resources. The Korean War (1950–53) devastated its infrastructure, and Rhee's corrupt and repressive regime became increasingly unpopular. The massacre of student protesters in 1960 sparked nationwide disturbances and a military junta, led by General Park, seized power in 1961.

Park's presidency (1963–79) brought rapid economic growth. Helped by US aid, South Korea became a major manufacturer and exporter. In 1972 Park introduced martial law and passed a new constitution that gave him sweeping powers. His regime pursued increasingly authoritarian policies. In 1979 Park was assassinated, but the military still dominated the government. Opposition to military rule continued to grow. In 1987, a new constitution ensured the popular election of the president. In 1988 Seoul hosted the summer Olympic Games. Relations with North Korea continued to improve, and in 1991 the two countries signed a non-aggression pact and established a series of summit meetings on reunification.

In 1992 the long-standing opposition leader, Kim Young Sam, became president. His administration was South Korea's first full civilian government in 32 years. In 1994, the death of North Korean president Kim Il Sung stalled reunification talks.

In 1998 Kim Dae Jong succeeded Kim Young Sam as president. In 2000 Kim Dae Jong travelled to North Korea to meet its new leader, Kim Jong Il, and received the Nobel Peace Prize for his efforts at reconciliation. South Korea and Japan co-hosted the 2002 World Cup Finals in football.

Economy

South Korea is an upper-middle income developing country (2000 GDP per capita, US$16,100). During the late 20th century, it was one of the world's fastest growing industrial economies. US aid of more than US$6000 million (1945–78) played a key part in this success. South Korea's industrial conglomerates (chaebols) benefited from a highly educated workforce and import controls. South Korea's protectionist policies slowly gave way to free-market reforms. The largest sector of the economy is services, employing 50% of the workforce. Manufacturing is South Korea's greatest asset. Manufactured goods, machinery and transport equipment make up 66% of South Korea's exports. South Korea is the world's fifth-largest car producer, and a major producer of iron and steel, cement, electrical and electronic products. Agriculture employs 17% of the workforce. South Korea is self-sufficient in grain, and is the world's eighth-largest producer of rice. Fishing is another vital sector. In 1997 Hanbo and several other major chaebols collapsed. Over-lending by South Korea's banks and the crisis in the rest of Southeast Asia devastated the national finances. The IMF agreed to a record US$21 billion rescue package. Labour reform laws led to redundancies and rising unemployment.