Brief Economic History and Government Policy Korea was one of the poorest countries in world after experiencing two wars. ... The country even experienced a food shortage so that it had to heavily rely on the foreign aid. ... However, since 1965, Korea has been transformed from its underdeveloped agricultural economy to a leading Newly Industrializing Country. ... This boom in imports of the world reflected the fact that the industrialized had not yet erected import barriers against exports from developing countries and were, on the contrary, quite active importers of cheaper goods from Newly ...

• Word Count: 2573
• Approx Pages: 10
• Grade Level: Undergraduate