Using the case of South Korea and China, demonstrate how both the state and the market play important roles in the development and growth of a nation.

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Course

POLI1047: Politics & Dev in Asia/Africa

Course School/Level

H/UG

Coursework

Essay

Assessment Weight

50.00%

Tutor

N Dasgupta, L Macmillan

Submission Deadline

12/01/2021

Coursework is receipted on the understanding that it is the student's own work and that it has not, in whole or part, been presented elsewhere for assessment. Where material has been used from other sources it has been properly acknowledged in accordance with the University's Regulations regarding Cheating and Plagiarism.

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5. Using the case of South Korea and one China, demonstrate how both the state and the market play important roles in the development and growth of a nation.
The state and market play a critical role in influencing the development and growth trajectory of any nation. The contemporary environment is globalized and interconnected, marked by increased mobility of labour and economic resources worldwide. The states and markets interact intricately in determining the dynamics of development and growth through trade and resource mobility. The states and markets both function together in influencing economic development. The states often have overarching roles in providing a favourable economic growth environment, while market forces such as capitalism, free markets, and liberalization may challenge government interventions (Brandsma, Kancs and Persyn, 2014:372-380). As geopolitics' reassertion, state power is emerging as dominant international responses to the economy's dynamics (Held & McGrew, 2003: 9). However, both the state’s interventions and market forces must coexist in a delicate balance.
South Korea is a case of economic growth and development, examinable under market and state control lenses. South Korea has undergone a compelling economic growth marked by transitions from poorly resourced and low-income countries to high-income economies within a relatively short period. Korea’s past and recent economic growth strategies and policies demonstrate how the state strives to overcome global and domestic problems. South Korea underwent a tremendous economic transformation, starting as an agricultural-based economy. Economic success is substantially attributed to export-oriented policies. An enhancement of the business environment and the development of policies that encourage innovation are critical factors that underpin South Korea’s success in international trade.  South Korea has put substantial efforts into innovation and technology to improve its export competitiveness, thereby facilitating a favourable balance of foreign trade, which explains remarkable economic development. Production of Korea’s exports is facilitated by a competent labour force supported by th...