Final answer:
China transitioned to capitalism through economic reforms in the late 1970s, while Chile transitioned from socialism and isolationism during the 1970s and 1980s. South Korea promoted capitalism through government-led industrialization and export-oriented policies.
Step-by-step explanation:
1. How China transitioned to capitalism:
China transitioned to capitalism through a series of economic reforms starting in the late 1970s. The Chinese government, under the leadership of Deng Xiaoping, introduced market-oriented policies that encouraged private enterprise and foreign investment. The reforms included allowing individuals and businesses to own property, establishing special economic zones, liberalizing trade and investment regulations, and decentralizing economic decision-making. These measures led to rapid economic growth and the emergence of a vibrant private sector, making China one of the world's largest economies today.
2. How Chile transitioned from socialism and isolationism:
Chile transitioned from socialism and isolationism during the 1970s and 1980s. After a period of socialist policies under President Salvador Allende, Chile experienced a military coup in 1973, resulting in the establishment of a military dictatorship led by General Augusto Pinochet. Pinochet implemented free-market policies known as neoliberalism, which involved liberalizing trade, deregulating the economy, privatizing state-owned enterprises, and attracting foreign investment. These measures led to economic growth and integration into the global economy.
3. How South Korea promoted capitalism:
South Korea promoted capitalism through a combination of government-led industrialization and export-oriented policies. In the 1960s and 1970s, the South Korean government implemented a series of economic development plans, known as the Five-Year Plans, which focused on heavy industries such as steel and petrochemicals. The government provided support to domestic industries through initiatives like low-interest loans, tax incentives, and protectionist measures. South Korea also encouraged exports by providing subsidies and creating export processing zones. These efforts led to the development of a strong manufacturing sector and the growth of South Korea's economy.