South Korea is a democracy that has used __________ to develop its economy.

Question

BlackTom AI · Accepted Answer

The question asks about the economic model South Korea has used to develop its economy.
Option 1: 'state capitalism' – This fits well with the historical reality of South Korea’s development strategy, where the government actively directed investment, industrial policy, and support for key sectors through agencies, subsidies, and chaebol (large family-owned business conglomerates). The state played a coordinating and strategic role rather than leaving the market completely alone.
Option 2: 'laissez-faire capitalism' – This describes minimal government intervention in the economy. In contrast, South Korea’s growth involved significant planning, policy interventions, and state-led financing, so laissez-faire is not an accurate descriptor.
Option 3: 'free-enterprise capitalism' – While market mechanisms exist, the economy has been characterized by substantial government involvement and directional policy. Simply labeling it free-enterprise misses the standout feature of state-guided development.
Option 4: 'agriculture' – While agriculture is a sector in the economy, referencing only agriculture does not capture the developmental model used to industrialize; the emphasis was on export-oriented manufacturing and state-directed growth rather than agriculture as the defining mechanism.
In summary, the strongest alignment with South Korea’s historical development approach is a model where the state actively guides and supports strategic sectors, aligning with the concept of state capitalism.

GEOG-1300-501-Spring 2025 2.3 Quiz | East Asia

South Korea is a democracy that has used __________ to develop its economy.

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