What are the advantages and disadvantages of the South Korean economic system?

Question

I'm doing a project for an economics class and my teacher won't tell me what the advantages and disadvantages of the South Korean economic system are. I need to know how their economy has proven to be better or worse than other economies.

Answer 1

The South Korean economy has really grown through some very strategically planned policy. South Korea 20 years ago was not open to free trade nor was it using its resources to maximum capacity. South Korea was mainly a rice growing nation until industry replaced this as an alternative. Suddenly valuable land only being used for growing rice was utilised for building factories. Coupled with  cheap labour, South Korea has grown into a success story.