Korean Economies
A short summary of Korea's economic history.
Traditional Economies of Korea
Merchants held a somewhat low social status in Joseon Korea. Confucian ideals valued learning and natural harmony over the pursuit of wealth. The majority of Korea’s people were farmers, and its nobility gained status based on civil exams. Despite their marginal position in society, merchants connected the cities and villages of Korea to the outside world. Local traders typically traveled on foot or by donkey. They might have pack animals like oxen, but many carried their wares on back frames known as jige. They sold everyday goods like poultry, paper, tea, inks, and curios. Larger scale trade involved the import and export of goods, mainly with China and Japan. From the Goryeo period on, Korea became known for its distinctive celadon ceramics. It also exported metals, ginseng, paper, and other manufactured goods. Common imports from China included silk, books, and luxury items.
Modern Economics of the Koreas
The Joseon dynasty, while independent from China, maintained a tributary relationship with the larger empire. This allowed it to remain secluded and relatively safe, but it led to a long period of decline. While other nations industrialized, Korea’s agricultural output actually decreased. The dynasty grew vulnerable with no strong trade or military. By the late 19th century, it had fallen under the sway of Imperial Japan. The Japanese worked to modernize Korea’s economy. Railroads, electricity, factories, and public schools spread throughout the region during this time.
The Japanese made these investments to feed and power their own growing empire, often at the expense of Korean people and culture. The development, however, would have a lasting impact on the peninsula. After surviving colonialism, World War II, and the Korean War, South Korea used that infrastructure to build a new society. Large, family-run corporations known as chaebol dominate a highly competitive market. South Korea now represents the 11th largest economy in the world. North Korea, limited in its global trade, instead relies on a centrally planned economy. Since the collapse of the Soviet Union and its allies, the North has struggled with famine, resource scarcity, and production. Its average per-capita income is about 17 times less than that of South Korea.
References
Clark, Donald N. Culture and Customs of Korea. Greenwood Press. 2000.
Hwang, Kyung Moon. A History of Korea. Macmillan International Higher Education. 2016.
Kim, Djun Kil. The History of Korea. 2nd ed. Greenwood Press. 2014.
Ku, Yangmo, Inyeop Lee, and Jongseok Woo. Politics in North and South Korea. Routledge. 2017.
“The World Factbook: Korea, South.” Central Intelligence Agency, Central Intelligence Agency, 18 June 2018, www.cia.gov/library/publications/the-world-factbook/geos/kn.html.
“The World Factbook: Korea, South.” Central Intelligence Agency, Central Intelligence Agency, 20 June 2018, www.cia.gov/library/publications/the-world-factbook/geos/ks.html.
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