History of South Korea
On August 15, 1948, the Republic of Korea was formally established, with Rhee Syngman as the first president. With the establishment of Rhee's government, de jure sovereignty also passed into the new government. On September 9, 1948, a communist regime, the Democratic People's Republic of Korea (North Korea), was proclaimed under Kim Il-sung. However, on December 12, 1948, by its resolution 195 in the Third General Assembly, the United Nations recognized the Republic of Korea as the sole legal government of Korea.
Korean War
Postwar recovery was different in the two Koreas. South Korea stagnated in the first postwar decade. In 1953, South Korea and the United States signed a Mutual Defense Treaty. In 1960, the April Revolution occurred and students joined an anti-Syngman Rhee demonstration; 142 were killed by police; in consequence Syngman Rhee resigned and left for exile in the United States. Park Chung-hee's May 16 coup enabled social stability. In the 1960s, prostitution and related services represented 25 percent of South Korean GNP. From 1965 to 1973, South Korea dispatched troops to Vietnam and received $235,560,000 in allowance and military procurement from the United States. GNP increased fivefold during the Vietnam War. South Korea industrialized and modernized. Contemporary North Korea remains underdeveloped. South Korea had one of the world's fastest-growing economies from the early 1960s to the late 1990s. In 1957 South Korea had a lower per capita GDP than Ghana, and by 2010 it was a developed country and ranked thirteenth in the world (Ghana was 86th).