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Korean Economic Problems and Foreign Economic Aid to Korea 1945-1955 University of Montana ScholarWorks at University of Montana Graduate Student Theses, Dissertations, & Professional Papers Graduate School 1958 Korean economic problems and foreign economic aid to Korea 1945-1955 Jai Hyuk Kwon The University of Montana Follow this and additional works at: https://scholarworks.umt.edu/etd Let us know how access to this document benefits ou.y Recommended Citation Kwon, Jai Hyuk, "Korean economic problems and foreign economic aid to Korea 1945-1955" (1958). Graduate Student Theses, Dissertations, & Professional Papers. 5144. https://scholarworks.umt.edu/etd/5144 This Thesis is brought to you for free and open access by the Graduate School at ScholarWorks at University of Montana. It has been accepted for inclusion in Graduate Student Theses, Dissertations, & Professional Papers by an authorized administrator of ScholarWorks at University of Montana. For more information, please contact [email protected]. KOREAN ECONOMIC PROBLEMS AND FOREIGN ECONOMIC AID TO KOREA, 1945-1955 by Jai Hyuk Kwon B. A, Seoul National University, 1950 Presented in partial fulfillment of the requirements for the degree of Master of Arts MONTANA STATE UNIVERSITY 195# Approved Chairman, Baardyof Examinffcbs Dean, Graduate School AUG 2 5 1958 Date ACKNOWLEDGMENTS The author is indebted to Dr. Roy Jo W. Ely, Chairman of the Department of Economics, who provided the original incentive to embark upon this study; and to Dr. Raymond H. McEvoy, Dr» Thomas A o Martinsek, and Dr. Richard G o Shannon and William C o Hoekendorf, who assisted by furnishing materials for research and correcting the manuscripto UMI Number: EP40608 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. UMI EP40608 Published by ProQuest LLC (2014). Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code ProQuest LLC. 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106- 1346 & TABLE OF CONTENTS CHAPTER PAGE INTRODUCTION............ 1 I. THE ECONOMIC HISTORY OF KOREA ............ 3 A. The Korean Economy, 1910-1945 ........... 3 Characteristics of the Economy . 3 Effects of Japanese Occupation, 1910-1945 4 Be The Korean Economy Since 1945 ..... 17 Liberation and Political Division of Korea IS The Korean War and its Aftermath ....e.eoe 21 Foreign Aid ............... 23 II. PROBLEMS OF THE E C O N O M Y ................... 26 A. Pattern of the Economy «... 26 Zonal Division of the Economy ...... 26 B. Gross National Product and Balance of Payments ........................... 30 Gross National Product ......... 32 Government Budget ...... 34 Balance of Payments ......... 34 C. Inflation......... 37 D. Exchange Rate ......... 42 E. Reconstruction......... 45 III. FOREIGN AID TO KOREA, 1945-1955 ...... 47 A. A General Review of American Foreign Aid . 47 i CHAPTER PAGE B. History of Foreign Aid to K o r e a .......... 50 First Period ............................ <>... 50 Second Period ...... «...o........ *....... 51 Third Period .................. ............ 52 Co Analysis of Foreign Economic Aid ........ 53 ICA ................. 55 U N K R A ......................... 55 Other Economic Aid, Public Law 4 & 0 ...... 5$ D. Reconstruction of the Economy o . 59 Achievements of Projects ................. 62 IV. CONCLUSION...... 66 ii LIST OF TABLES TABLE PAGE I. Percentage Distribution of Gross Value of Production in Korea and Japan, 193# ........ 6 II. Production, Exports, and Domestic Consumption of Brown Rice in Korea, 1915-1944 .......... & III. Per Capita Consumption of Rice in Korea ..... 9 IV. Farm Families in Different Relationships to L a n d .................. 10 V. Employment Statistics for Korea, 1943 ....... 14 VI. Wartime Changes in South KoreaTs Production of Selected Commodities ............... 24 VII. Cultivated Area in Northern and Southern Korea, 1944 ................................. 2B VIII. Percentage Distribution of Industrial Production, Northern and Southern Korea, 1940 ................ 29 IX. Percentages of Selected Minerals, Northern and Southern Korea, 1944 ............ 31 X. Gross National Product and Net Imports, Origin and Uses of Total Resources, Selected Years ............. 33 XI. Relation of Gross National Product, Expenditure, and Foreign Aid, 1954-1956 .... 35 XII. Status of Republic of Korea Government Budget, 1955 ............................ 36 XIII. Abbreviated Korean Balance of Payments, 1955• « 33 XIV. Money Supply and Principal Factors Affecting the Money Supply, 1945-1953 ................ 41 XV. Exchange Rates of Hwan to U.S. Dollars, 1945-1955 .......... 43 iii TABLE PAGE XVI. Gross National Product and Per Capita Income 1+6 XVII. United States Gross National Product, Total Federal Expenditure for Goods, Services, and Foreign A i d .................. 1+8 XVIII. Summary of Foreign Economic Aid and Relief Goods Received, 1945-1955 .......... 54 XIX. Status of ICA Aid and Supplies Received, 1954-1955 ................................... 56 XX. Status of UNKRA Aid and Supplies Received, 1952-1955 ................................... 57 XXI. Exchange of U. S. Agricultural Surplus Goods to Korea Under Public Law 1+80, 1955 60 XXII. Foreign Aid to Korea by Projects, 1945-1956 64 iv INTRODUCTION This paper is an attempt to study the Korean eco­ nomic problems, and to describe and evaluate the various forms of foreign economic aid to Korea during the period 1945-1955. Korea was reborn in 1945, but as two Koreas on the tiny peninsula. No communication has been exchanged be­ tween the two parts since 194#. Thus, in this paper "Korea” refers only to the southern part except in the historical portions and where otherwise evident. Korea had by 1955 been the recipient of approximate- 1 ly $1,436 million of foreign aid under the various names5 the Government and Relief in Occupation Areas of the United States Army (1945-1949)* the Economic Cooperation Adminis­ tration (1949-1951), the Foreign Operation Administration (1951-1953), the Civil Relief in Korea (1950 — ), the United Nations Korean Reconstruction Agency (1952 ), and the International Cooperation Administration (1953 --- )« In addition, Korea has received annual military assistance of more than $300 million through the Korean-American Mutual 1 The Bank of Korea, Annual Economic Review, 1957, (Korea: The Research Department, Bank of Korea, 1957), IV, 221. 1 2 2 Defense Agreement of 1950, and Agricultural surplus aid by United States Public Law 480 of 1954* Ninety percent of the total aid received by Korea has come from the United 3 States* The entire question of foreign economic aid, however, is extremely complex because it involves nationalist aspira­ tions and international relations as well. For this reason, a brief economic history of Korea since annexation by Japan in 1910, including a summary of important political develop­ ments leading to the establishment of a divided Korea, is presented in Chapter I. This furnishes a background for understanding the current economic problems of Korea. In Chapter II, a more detailed treatment of the economic pro­ blems of Korea since the end of World War II is given. Chapter III is a discussion of specific measures of foreign aid to Korea during the period, 1945-1955o Finally, an evaluation of past foreign economic aid with suggestions for future foreign aid and its effective utilization, are presented in the concluding chapter. 2 Ibid., I, 181. 3 Ibid., I, 182. CHAPTER I THE ECONOMIC HISTORY OF KOREA A. THE KOREAN ECONOMY, 1910-1945 Characteristics of the Economy,, The Korean economy has, as yet, nothing to distinguish it from that of any other typical Asian country. First, the economy has been predominantly agricultural. The farming population was 1 73.6 percent of the total population in 193 3® Second, such basic industrial resources as coal, iron ore, and hydroelectric potential have not yet been developed on a large scale. This has effected a low productivity in agri­ culture due to adherence to traditional methods. Third, the pressure of population on resources has become evident and made for poverty. Furthermore, thirty-six years of Japanese colonial rule were, in some important respects, detrimental to Korean economic development. Korea has an homogeneous population of over 30 million and is located between the Chinese mainland and the Japanese islands. It is separated from Manchuria by the Yalu and Grajdanzen, Andrew J., Modern Korea, (N.Y.: The John Day Company, 1944). p. 79® 3 4 Tumang rivers and adjoins Russian territory along a twelve- mile length* The rest of the land is stretched out between the Yellow Sea and Tonghae Sea, with a coastline of 11,000 miles* The Korean peninsula contains about $5,000 square 2 miles* Geographically this peninsula is divided into the mountainous northern part and plains-like area of the southern region* The northern portion of the peninsula is compara­ tively rich in natural resources such as coal, iron ore, tungsten, graphite, gold and other important minerals for industrial development, as well as forests of spruce, fir and pine* The southern part of the peninsula is well suited to the growing of agricultural products, which are mainly rice, millet, wheat, barley, and beans*
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