Background:
Following
World War II, a
republic was set up in the southern half of the Korean Peninsula while a
communist government was installed in the north. Between
1950 and
1953,
US and other
UN forces intervened to defend South Korea from
North Korean attacks supported by the
Chinese; an armistice was signed in
1953. Thereafter, South Korea achieved amazing economic growth, with per capita income rising to 13 times the level of North Korea. In
1997, the nation suffered a severe financial crisis from which it continues to make a solid recovery. South Korea has also maintained its commitment to
democratize its political processes.