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Economic growth on korea

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One of the reasons productivity decline in the 1970s was increased political instability. A wealth gap had emerged in Korean society, evidenced by a reduction in the Gini coefficient[5]. Park was assassinated, resulting in increased instability. After the economic boom was established, further changes were made in economic policy at the political level. Deregulation was imposed in order to rectify some of the social sacrifices that had occurred as a result of the nations push to prosperity. The Park government had been roughly modeled on a colonial system and reforms were required. Inflation was high and the country was developing strong class divisions that threatened the social order

These reforms brought South Korea its final economic push into modernization. The education system was reformed so that more Koreans had access to higher levels of education and policies that encouraged class divisions in education were curtailed. Deregulation allowed for greater competition, but also opened even more foreign markets. This was a vital step Korea had become strong but needed to emerge on the world stage. By dramatically reducing government intervention in the economy, Korea was able to take the final leap to economic prosperity. By the late 1980s, the