Econ 350 Yongjung Essay Rho6050899075yrho@usc.eduThe World Economy: Economic Convergence between South Korea and USB Before Korea was divided into two parts, Korea was occupied by Japan in 1905 and annexed the entire peninsula to Japan in 1910. Korea regained its independence in 1945 after Japan surrendered to the United States during World War II. The most important period to focus on is the post-World War II period. A democratic government was established in the southern part of Korea, while a communist government was established in the northern part. North Korea invaded the South along with China and the Soviet Union and occupied much of the southern territory until the United States and the United Nations fought alongside South Korean soldiers. In 1953, the Korean Peninsula was divided into a demilitarized zone with the 38th parallel. This turned Korea into two different countries; South Korea and North Korea. After the Korean War, South Korea remained one of the poorest countries in the world. In 1960, GDP per capita was about $1,000, lower than that of any other poor country such as Latin America and Africa. However, a huge wind has blown through the South Korean economy. South Korea's real GDP has grown by an average of 8% for many years. Real GDP, which was $2.7 billion in 1962, reached $230 billion in 1986. In 2007, South Korea's real GDP reached trillions of dollars. During the period, South Korea became one of the leading countries from one of the poorest countries. The people of South Korea call this period the Miracle on the Han River. First Economically, South Korea in 2013 is reported to be ranked 15th in the economic ranking in nominal terms and 12th in terms of PPP (purchasing power parity). South Korea's type of government is based on democratic republic, and its system is mixed with European civil law, Anglo-American law and Chinese class...... middle of paper ......A Factbook• “Korean website .” Korean site. Np, nd Web. April 30, 2014. http://115.84.165.91/jsp/WWS00/outer_Seoul.jsp?stc_cd=1• “South Korea: The Origins and Development of Chaebol.” South Korea - The origins and development of Chaebol. Np, nd Web. April 30, 2014. http://www.country-data.com/cgi-bin/query/r-12303.html• “South Korea Economic Statistics: NationMaster.com.” NationMaster.com. NationMaster and Web. April 30, 2014. http://www.nationmaster.com/country-info/profiles/South-Korea/Economy• “South Korea Profile.” BBC News. Np, nd Web. April 30, 2014. http://www.bbc.com/news/world-asia-pacific-15289563• “Top 10 Countries with Fastest Internet.” SmartPlanet. Np, nd Web. 30 April 2014. http://www.smartplanet.com/blog/bulletin/top-10-countries-with-the-fastest-internet/24801• World Development Indicator (WDI)• Governance data of the World Bank