![]() ![]() Between 19, in fact, South Korea ’s annual exports surged from a negligible $33 million to more than $17 billion. So while Park was widely criticized for his authoritarian style, his government is credited with laying the foundation for South Korea ’s economic renaissance. Importantly, though, his government was obsessed with economic growth and development. His regime during the 1960s and 1970s was marked by increasing centralization of power, both political and industrial. Park ruled Korea in characteristic military style. ![]() Student revolts in the 1960s forced Rhee Syngman into exile, and the ruling party that finally emerged from the ensuing political fray was headed by military leader Park Chung-hee. The Rhee (Rhee Syngman) government resorted to favoritism and corruption to maintain power and became increasingly authoritative. Throughout the 1950s and early 1960s, Korea ’s recovery was slow. By the end of the war in 1953, in fact, South Korea ’s industrial base lay in ruins. However, during the late 1940s and 1950s commercial expansion was effectively thwarted by the Korean War. The company would eventually succeed, first as a diversified manufacturer of bicycles and industrial products, and later as a manufacturer of trucks and automobiles. Kia (Korean for “arise from Asia ”) was formed in 1944, shortly before North Korea invaded the South. However, the Asian financial crisis forced Kia into receivership, until Hyundai bailed it out in 1998, obtaining 51 percent share of ownership. It entered the world ’s largest potential market, the United States, in 1992 with the formation of subsidiary Kia Motors America. The company started out as one of Korea ’s giant chaebols (groups of companies), but was operating as an independent, publicly traded company in the early 1990s. In addition to the core Korea market, Kia exports vehicles to Europe, North America, and several Asian countries. Until its merger with Hyundai in 1998, Kia Motors Corporation was the second largest manufacturer of automobiles and trucks in South Korea. 15-21 Yoido-dong Youngdeungpo-ku Seoul 150-706 South Korea 82 2 7881114 Fax:2 7840746 Web site: ĥ1 % Owned by Hyundai Group Founded: 1944 Employees: 18,098 Sales: $3.9 billion (1997) NAIC: 336111 Automobile Manufacturing ![]()
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