What Type of Economy Does South Korea Have?

As of 2014, South Korea has a market economy based on supply and demand. In a market economy, the decisions to invest, build and expand are based on what is needed for the country to operate at optimal levels.

In the 1960s, South Korea was viewed as one of the economically poorest nations in the world. By opening its markets, increasing education and attempting to curb government spending, South Korea has increased its economic wealth and raised the monetary freedom of its inhabitants. It is theorized that the movement from a dictatorship to a parliamentary system of government has aided in the country's economic growth.