QUESTION:

Explain how international trade and trade policy helped South Korea transform itself from an underdeveloped country to a high income country in the space of a single generation.

You might begin by discussing South Korea's trade strategy.

Why do you think international trade is of such vital importance

to South Korea?

(Based on Case Study of South Korea about Trade, Capital Flows, and Development Strategy on Economic Development Book by Todaro and Smith (12th Edition))