South Korea is sustaining a quantum leap towards economic prosperity. Post 1950s, the government realized the significance of the economic prosperity in terms of a robust industrialized economy. This research report maintains a major theme of economic growth in the country. The key factors used as the pillars of the research are globalization, industrialization and Total Factor Productivity growth (TFP).
1.2 Significance of research.
1.3 Statement of problems.
1.4 Aims and objectives.
1.5 Research questions.
2.1 Globalization and economic growth.
2.2 Industrialization and economy.
2.3 Impact of TFP on economic growth.
3.1 Research philosophy.
3.2 Research approach.
3.3 Research design.
3.4 Data collection.
3.5 Data analysis.
A strong industrial base coupled with the effective workforce has become the key driver of South Korea hastening it in becoming the ‘next giant of Asia’. The major conglomerates of South Korea are accelerated by the widespread subsidies of the government allowing them to attain significant gains (Lee & Suh, 2017). The TFP has contributed to around 43 per cent economic growth in the country between 1950 and 1973. This research report is an extensive analysis of the growth in South Korea. It specifically lays prominence on the economic growth in the country since the 1950s (Ku, Lee & Woo, 2017). Different variables used in assessment for assessing growth involve GDP and employment statistics.
This report is of eminent significance as it brings forward a clearer picture of the factors driving the economic growth in South Korea. It specifically addresses the elevated upsurge post 1950s.
Since South Korea is progressing towards a robust economy, there is an urgent need to make sure that the factors driving the same and the gross-output framework is determined (Ku, Lee & Woo, 2017). This report envisages determining the role of globalization, industrialization and TFP growth,
The key objective of this report is to shed light on the economic development of South Korea and highlights the key factors contributing to the same. TFP, globalization and strong emergence of the industries and integration of labour are the key factors contributing to the same. The objective of the report is to determine the role of these factors in driving the economic development of the country post 1950s. The research objectives are as follows:
Globalisation has radically improved economic growth in developing countries and has increased the overall income and lowered consumer prices in developed countries. It also contributes to the alteration in the balance of power between the developed and developing countries and significantly affects the culture (Zahonogo, 2018). A higher level of human capital is directly associated with strong financial systems the globalised countries effectively benefit from globalisation as it supports export and imports and improves the economic structure. The most critical positive aspect of globalisation is that it promotes growth and its dimensions inflate the economic flows (Zahonogo, 2018). It benefits economic development by ensuring that the markets become more efficient by limiting the military conflicts, disseminating the wealth in an equal custom and increasing the competition so that that effective products and services are crafted.
Industrialisation is basically significant expansion of the cities and urbanization making it easier to access the basic services and efficaciously handle the demand for raw materials and development of new classes from the capitalists (Opoku & Yan, 2019). It benefits economic growth as it generates more employment opportunities and encourages innovation and advancement. It provides better education prospects and is also helpful in utilising the resources in an efficient custom. Because of these benefits, industrialisation is critical for the economic growth of a particular region as industrial development is of high value for the local economy as well as the population (Opoku & Yan, 2019). The industrialisation has also contributed to the elevation of standards of living of individuals and has raised the production of goods.
TFP is multifactor productivity and is associated with GDP and aggregate inputs. It is determinant of economic growth and it has a greater impact on the development of the economy as compared to the formation of fixed capital and employed labour (Bautista, 2017). It poses a significant influence on economic development as it is responsible for the simultaneous contraction of the inputs and expansion of the outputs. It is statistically significant in promoting innovation as well (Bautista, 2017). Growth and TFP are directly associated with financial wellness. Furthermore, it also accounts for the total alterations with output. It is essential for economic growth and is also cardinal for sustaining the long-term development and is an important factor as it undertakes the measured gains in the total product quality. It impacts economic growth as it is a cardinal contributor to the growth rate and GDP and is also associated with the physical capital and labour inputs.
A research methodology is a process of framing the overall conduct research including the research design involving research approach, data collection method, sampling technique, research instruments and analysis procedure (Bresler & Stake, 2017).
Research philosophy is basically an instrument which helps in defining the overall direction of the research and its critical focuses maintain on the analysis of the research work and the data collection procedure. Interpretivism research philosophy will be incorporated in this report to comprehend the subject by making use of communal constructions (Ledford & Gast, 2018).
The inductive research approach will be used to constrict the raw data into the format of a brief summary. It is helpful in establishing a bridge between the assessment of the research and findings' summary (Bresler & Stake, 2017). Also, it makes use of the systematic set of tactics for the analysis of the qualitative data.
The purpose of a research design is to safeguard that the relevant evidence is assembled to fulfil the research objective (Ledford & Gast, 2018). The exploratory research design will be used in this report because it investigates the subject in such a manner that future research can be facilitated and can also be amended as per the requirements.
Data collection process assists in answering the research question of the research and in evaluating the outcomes of the research (Bresler & Stake, 2017). The secondary method of data collection will be used by using peer-reviewed articles and journals post year 2015. The keywords used will be ‘globalization’, ‘TFP’, ‘industrialization’, economic growth’ etc.
Data analysis is the inspection of the data while transmuting it into convenient evidence. Since data incorporated is qualitative, thematic analysis technique will be employed for inspecting data. It facilitates interpreting the patterns of the collected data (Ledford & Gast, 2018).
The above-depicted research report has laid prominence on the overall plot of the research method for analyzing the economic growth in South Korea and how it has boomed post 1950s. It is contingent from the research report that the key factors that have contributed to the economic inflation in the country are globalization, industrialization and TFP. The research methodology that will be used for studying the topic will be based on the interpretivism research philosophy and will incorporate the qualitative data collection from the authentic journals and articles.
Bautista, A. D. (2017). Total factor Productivity (TfP) in Manufacturing and Economic Growth in Mexico. Análisis Económico, 32(79), 7-24.
Bresler, L., & Stake, R. E. (2017). Qualitative research methodology in music education. In Critical Essays in Music Education, 113-128. Lodon: Routledge.
Ku, Y., Lee, I., & Woo, J. (2017). North Korean economy. In Politics in North and South Korea, 144-164. London: Routledge.
Ledford, J. R., & Gast, D. L. (2018). Single case research methodology: Applications in special education and behavioral sciences. London: Routledge.
Lee, C., & Suh, M. (2017). State building and religion: Explaining the diverged path of religious change in Taiwan and South Korea, 1950–1980. American Journal of Sociology, 123(2), 465-509.
Opoku, E. E. O., & Yan, I. K. M. (2019). Industrialization as driver of sustainable economic growth in Africa. The Journal of International Trade & Economic Development, 28(1), 30-56.
Zahonogo, P. (2018). Globalization and economic growth in developing countries: evidence from Sub-Saharan Africa. The International Trade Journal, 32(2), 189-208.
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