3011. The Impact of the Korean War on the Korean Economy
- Author:
- Jong Won Lee
- Publication Date:
- 03-2001
- Content Type:
- Journal Article
- Journal:
- International Journal of Korean Studies
- Institution:
- International Council on Korean Studies
- Abstract:
- The three-year long Korean War (June 25, 1950 - July 27, 1953) devastated both South and North Korean economies. It broke out when the two Koreas barely managed to maintain socio-economic stability and restore pre-WWII industry production capability to some extent. The distorted and exploited economy by Imperial Japan was demolished by the brutal war. It started out as the appearance of a civil war, but in effect was carried out as an international war. Thus, it was a severe and hard-fought one between UN forces (including South Korea and 16 other nations) and North Korea and its allies (China and USSR). Although it took place in a small country in Far-Eastern Asia, it developed into a crash between world powers, East and West, and left treacherous and incurable wounds to both Koreas. Nearly four million people were presumed dead, and much worse were the property and industrial facility damages.1 Its impact on the Korean economy was so immense that consequential economic systems and policies re-framed the course of economic development in the following years. In spite of such enormous impacts of the Korean war on the economy, few studies exist. Of those that do, most are centered around describing or estimating war-related damages, while some focus on the long-term effects of US aid on the Korean economy.
- Political Geography:
- United States, Japan, China, East Asia, South Korea, North Korea, and Korea