Aim and objectives
This study aims to analyze the possibilities related to the implementation of the development model behind the economic successes of South Korea in sub-Saharan Africa and its potential impact on the region. In particular, it focuses on the development policies that South Korea employed in the 1960s and how did the same transform Korea into a major economic player and at the time made way for more farsighted decisions. Through this examination, this study can find the real dynamics that are involved in the implementation process of similar development phases in various sub-Saharan African countries. The thesis intends to stretch from a statistical comparison of current time Africa with Korea in the late 1950s and early 1960s and then compares the conditions both political and economic. The outcome of this comparison aims to provide an explanation to all the issues that come across when various world agencies would tend to implement the experiences of the Korean Development Model for developing the sub-Saharan African region. This research elicits several lessons for the future and identifies a number of areas for improvement. Such lessons will provide policymakers with practical knowledge that reflects the reality in relation to the identification of the strength of sub-Saharan Africa and possibilities for its growth.
Introduction
Over the past half-century, Korea has remarkably transformed itself from a nation with an input-driven economy to one based on knowledge and hence has now become a successful example for the international community. As a whole, Korea has now become a very unique case study for socio-economic growth with possibilities of re-enactment. Now, when the focus shifts to the Sub-Saharan region of Africa, we would easily assess it as the poorest in the world. This region possesses vast resources in form of both natural resources and workforce but has still been the most under-developed ones because of several political and economic turmoil since Second World War. In the current scenarios, things have been found to be ripe enough to introduce new development and socio-economic order in the region. Hence, this research tends to undertake the following research questions:
- Does the current political condition in sub-Saharan Africa support new economic order similar to the one in Korea in the 1960s?
- As it is widely known that dictators in Africa have resulted in the extraordinary loss of human life, the Korean Development Model may result in another layer of financial power to these dictators thereby reducing its impact on the socio-economic front. The most important part of the research now revolves around the political stability and electoral maturity of people. Would the new economic order provide much-needed empowerment to the common people?
The experience of this Asian economic powerhouse will help the reform process of various African nations and also strengthen their national policies in key areas namely; industrial policy, investment, and export promotion, human resource development, agriculture, and energy.
Significance
The outcomes of this study will significantly contribute to improving the processes that are currently being applied in the development of African nations and at the same time will effectively help in reassessing the Korean development model so as to make it a benchmark for socio-economic development of the world. The efficiency of this sub-Saharan region will get enhanced its real potential with human civilization approaching more towards the successful achievement of MDG goals. In Korea, little researches have been conducted in this field, and rigorous research has yet to be conducted.
Literature review
Industrialization and socio-economic development of African nations in the Sub-Saharan region is perhaps the most important goal needed for a thoroughly developed human civilization. The experiences and learning from the successes of developed nations help in setting up goals and also in developing the ways to achieve them for developing ones. The development of South Korea in the last fifty years is perhaps the most successful case of a consistent national policy towards cumulative growth and success. Therefore, one of the ways to eradicate poverty in African nations and its integration into the world economy would require contribution through sharing of knowledge gained during the various phases that the Korean economy went through in the five decades. Also, the Korean government has developed a plan that studies the basic feasibility needed to carry out similar development activities in African nations through national aid for the developing nations of sub-Saharan countries. First above all question, the research process begins with the issue of whether Korea’s development strategy could be applied to these underdeveloped nations. The later part of the research revolves around the compare and forecast model with validation through theoretical as well as data analysis.
Methodology
The methodology will employ policy research within a case-study framework, with several phases that include a grey literature review, interviews with key informants, and preliminary data analysis for review. The research will be carried out in one of the sub-Saharan African countries where economic policy getting derived through Korean experiences has already been implemented since the 1990s.
References
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