Question

South Korea and Argentina have experienced remarkably different economic growth patterns over the course of the 20^th century.

What do these two countries tell us about the economic growth rates of rich and poor countries? Do the experiences of these two countries differ from other countries with similar income levels? Why or why not? What roles might institutions have played in the economic growth or decline of these two countries?

Answer 1

. The major difference between the economy of South Korea and Argentina is that the South Korean economy rises from poor to rich and the Argentina economy moving from rich to poor.
South Korea and Argentina have experienced remarkably different economic growth patterns and in these economies, the rising pattern of South Korea is very positive it Rises according to the opportunities and creativity and innovations.
The consumer market of South Korea is very vast and the share in the global economy of South Korea is also very high.
The South Korean economy is rising very fast and it is among the topmost economies which is able to convert the traditional economies into a modern economy, therefore, the South Korean economy is treated as one of the best economies in the world and the basic background is uplifted from poor economy to rich economy.
The economy of Argentina is one of the biggest economies in Latin America but because of instabilities the economy of Argentina is suffering a downsize market in the global economy.
Argentina is rich in natural resources but the utilisation and the productivity is not as much as greater than in comparison to South Korea, therefore, the rising pattern of Argentina is below the rising pattern of South Korea.
In this two countries, the economic growth rates of rich and poor are different because the rising pattern of South Korea is very positive and in comparison to Argentina South Korea stands in a better position, therefore, the rich and poor ratios in both the countries are totally different and in a positive sense is good in South Korea in comparison to Argentina.
Yes, the experiences of these two countries differ from other countries with similar income levels because the productivity of these two countries are totally different and not in a similar way that all other countries whether it belongs to developed economies or are developed economies.
The financial institutes and the investors play an important role in both the countries the investment is high in South Korea in comparison to Argentina because the rate of return in any project in South Korea is very high in comparison to their Argentina.