Type
Essay
Pages
9 pages
Word Count
2673 words
School
Polytechnic University o
Course Code
Accountancy

Comparative Study

December 26, 2019
Zarina Luz R. Bartolay
BSA 2-8
A COMPARATIVE STUDY OF THE
ECONOMY OF SOUTH KOREA AND
PHILIPPINES
Final Requirement in Economic Development
1
COMPARATIVE STUDY OF SOUTH KOREA AND PHILIPPINES
COMPARATIVE STUDY OF SOUTH KOREA AND PHILIPPINES
SOUTH KOREA
PHILIPPINES
COLONIAL HISTORY:
a. Japanese Colonization
Japan had built an extensive
infrastructure of ports, railroads,
roads, and buildings that would
facilitate the modernization of Korea’s
economy and Japan’s control on the
modernization process.
Most of the programs drafted in
Korea were from the policies that were
drafted in Japan during the Meiji
period.
As a matter of fact, the colonizers
had located numerous heavy
industries such as chemicals, steels,
and hydroelectric power across Korea.
COLONIAL HISTORY:
a. Spanish Colonization
Before, in the Pre-Hispanic
societies, there are indications that the
indigenous land-tenure arrangements
were characterized by communal
ownership of land. However, after the
arrival of the Spaniards here in the
Philippines, they introduced one of the
most significant changes to the
economy of the country and that is the
change in the land tenure system or
the private land tenure. Wherein they
introduced the idea that individuals,
could own a land and that land would
be considered as their source of
wealth. With this system, it did not only
changed the Filipino land relations but
also it allowed the private land
ownership by the Spaniards, thus
leading to agricultural enterprise.
Beginning 1571, the Spanish crown
was said to have made around 200
land grants which marked the start of
the colonial estates. Ranching and
Agriculture were the two main uses of
these landed estates. There had been
24 cattle ranches in Manila during
1606 but the number declined as early
as 1659 in favor of the agriculture
sector. “Most agricultural estates
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COMPARATIVE STUDY OF SOUTH KOREA AND PHILIPPINES
produced rice, although small amounts
of land were dedicated to fruit,
tobacco, and sugar.” During the late
19th century, three crops namely
abaca, tobacco and sugar had
dominated the Philippine exports.
Philippine abaca, which was
considered the best material for ropes
and cordage, grew in importance and
after 1850 alternated with sugar as the
islands' most important export.
Another economic effect that the
Spanish colonization brought to the
country is the Manila-Acapulco
Galleon Trade. This was once
considered as the “most significant
pathway for commerce and cultural
interchange between Europe and Asia.
At its simplest form, it linked both
China and Mexico through the
Philippines. In a span of 250 years,
from 1565 to 1815, the galleons
travelled between Manila and
Acapulco carrying goods and
exchanging these goods to those from
the East. Thus allowing the Spaniards
to earn huge amount of profits. This
system did not involve the raw
materials of the Philippines, the
country only served as a point of
exchange for goods. So, during the
1590s, a total of 12 million pesos were
already traded at an average of 2-3
million pesos a year where most of
which were headed for China.
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COMPARATIVE STUDY OF SOUTH KOREA AND PHILIPPINES
b. American Colonization
Under the rule of the Americans,
Filipinos were allowed to own up to 24
hectares of public land under the
Homestead Act in 1924.
Moreover, Filipino products were
able to enter the United States without
the need to pay custom tariffs.
By this time, the country has
entered the industrial age. It favored
the usage of machines as well as the
mass production of goods in large
factories.
c. Japanese Colonization
During the Japanese
occupation, the Japanese military
authorities confiscated the enemy
assets owned by the American army
and by others enemy. With this,
several investments in industry,
agriculture, commerce, infrastructure
and mining were then taken as war
AGRICULTURE

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