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Korea

Korea is a divided peninsula in East Asia, bordered by China and Russia, and separated from Japan by the Korea Strait. There were three kingdoms existed in Korea, namely, Goguryeo, Baekje, and Silla. Unified Silla emerged, followed by the later Three Kingdoms. Goryeo then united the peninsula, but later fell to a coup, leading to the Joseon era marked by peace and cultural achievements. Sejong the Great created the Korean alphabet and Confucianism became influential. Mongol invasions weakened Goryeo, which became a vassal state. Military resistance ended Mongol political influence, but political strife followed, and General Yi Seong-gye established Joseon. 

Korea is a major advanced manufacturing and services economy, exporting mobile phones, electronics, cars, ships, and steel. It has transformed into a global industrial powerhouse through extensive state intervention and support for chaebols like Hyundai and Samsung. Its per capita GDP was once comparable to some of the poorest countries but has since experienced rapid growth.

The Korean economy has experienced significant growth in recent decades, driven by a strong manufacturing sector and high-tech industries. However, the services sector lags behind due to the dominance of small and medium-sized enterprises, limited entrepreneurial culture, and low investment in research and development. The Korean won has a long history, with the Bank of Korea assuming responsibility for issuing banknotes and coins after World War II.

The Korean economy has experienced significant growth in recent decades, driven by a strong manufacturing sector and high-tech industries. However, the services sector lags behind due to the dominance of small and medium-sized enterprises, limited entrepreneurial culture, and low investment in research and development. The Korean won has a long history, with the Bank of Korea assuming responsibility for issuing banknotes and coins after World War II.

The Korean won was initially pegged to the USD at a rate of 15 won to 1 dollar, but devaluations occurred due to the Korean War. The Bank of Korea replaced the Bank of Joseon as the new central bank in 1950, issuing banknotes ranging from 1,000 to 50,000 won featuring historical figures. In the 1980s, South Korea replaced the USD peg with a basket of currencies and allowed the won to float freely in the late 1990s.

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