South Korea
The East Asian country of South Korea is officially known as the Republic of Korea. The country rules a majority of the Korean peninsula and has a population of over 51.5 million residents spanning an area of nearly 100,000 KM. Seoul is the capital city, with a population of over 10 million inhabitants.
Korea was divided at the end of WWII, when it was divided into the Soviet and US zones. The Republic of Korea (ROK) was created following an election in 1948 in the US zone and the Democratic People's Republic of Korea (DPRK) was established in the Soviet zone. The Korean War, which never technically ended, had a major impact on the country's development and continues to influence South Korea politics today.
Today South Korea is considered a highly developed country and high-income economy, with a ranking of 18th in the world in the Human Development Index. The country has the 11th highest nominal GDP and 12th largest PPP (purchasing power parity) in the world. The country is a leader in technology and industrial sectors, as the 5th largest exporter and 8th largest importer worldwide. South Korea is a member of the United Nations, East Asia Summit, OECD, and APEC, among other international foreign relations groups.
South Korea Government & Legal System
South Korea has a democratic government and is divided into three branches (judicial, executive, legislature). Local governments are semi-autonomous and the judicial branch operates at state and federal levels. The government’s structure is based on the Constitution of the Republic of Korea.
The country’s legal system is based on a civil law system. The President is elected every 5-years by popular vote and Prime Minister is appointed by the President. South Korea is divided into nine provinces and has a total of 232 lower-level governments within metropolitan cities.
The Judicial system consists of the Supreme court, appellate courts, and the Constitutional Court. All cases are decided by judges, as no jury system exists in the country. 14 Supreme Court Justices are appointed by the President and the Supreme Court is known as the court of last resort. The Constitutional Court is comprised of 9 justices, also appointed by the President. This court hears constitutional issues under the country’s Constitution. The appellate courts are comprised of six high courts, 13 district courts, and several specialized courts.
South Korea has become a popular tourist destination in recent years, with over 17 million visitors in 2016. There are three designated UNESCO World Heritage Sites in the country of South Korea. Additionally, Seoul, Jeju City, and Incheon, are leading tourist attractions in the country. Recently, South Korea hosted the 2018 Winter Olympics.
The National Law Review features content and legal analysis on South Korea, with special emphasis on financial sector news and updates on South Korea’s oversight of cryptocurrency exchanges. The National Law Review hosts legal news and updates regarding South Korea.