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Salient. Victoria University Students' Newspaper. Volume 38, Number 16. July 9 1975

South in crisis

South in crisis

Despite glowing reports in "Time" and "Newsweek', south Korea is in deep crisis. Both the economy and the Pak regime are in deep trouble. In the most repressive of nine edicts he has issued in less than 18 months, south Korean dictator Pak Jung Hi on May 13 relieved his subjects of their last few civil rights. All unauthorised assemblies are now punishable by fine or imprisonment, as are any political activities in opposition to the fascist regime. Pak outlawed the following activities:
  • Advocating the revision or repeal of the martial law constitution under which he assumed dictatorial powers.
  • Broadcasting or publishing any news of any opposition to the constitution.
  • Holding any unauthorised student demonstrations or assemblies.
  • Publically opposing the new declaration or passing on any information about opposition to it.

Despite claims to the contrary, south Korea s economy is going from bad to worse because of its dependence on foreign capital. Inflation is roaring ahead, foreign debts are rising, farm production is declining and small and medium-sized businesses are closing down increasing the huge pool of unemployed.

By the end of June 1974, foreign capital brought in by the Pak regime had exceeded 6,800 million U.S. dollars. Foreign capital now controls south Korea's major industries, including iron and steel, oil, cement, machine building, electric power, textiles and plywood.

The foreign trade deficit in the first four months of this year was a huge 1,080 million US dollars. South Korea's foreign debts totalled 7,650 million US dollars at the end of 1974.