History of science and technology in Korea such as the division of Korea and the Korean War that occurred right after its independence. It wasn't until the 1960s under the dictatorship of Park Chung-hee where South Korea's economy rapidly grew from industrialisation and the Chaebol corporations such as Samsung and LG. As of 2008 South Korea ranked 5th highest in terms of R&D. Park Kye-jung, CEO of Ace Electronics, won the Gold and Silver prizes for his invention of motor and motor-equipped gear at the 23rd Invention and New Product Exposition, he took the gold medal with his invention of a special device that converts vibrations from
Trade policy of South Korea of luxury goods increased including high tech and electronics products which reduced exports which resulted in Korea's trade deficit and current account deficit. In mid-1990's Korea reduced tariff rates and import restriction on autos, high tech products and financial services. South Korea and the Asian Financial Crisis Korean Banks and Chaebol borrowed heavily from the foreign banks on a short-term basis. The money was taken to fund investment in the industries at the encouragement of the government. The heavy reliance on the short term foreign loans led the Korean economy to suffer from the currency crisis, as foreign reserves were