United States Army Military Government in Korea
The division of territory as a result of the Korean War further damaged Korean property by 25% and resulted in the establishment of the First Republic of South Korea, ruled by the Syngman Rhee administration until 1960. At this time, the economy was largely agricultural. Through the Farmland Reform Act of 1950, the United States Army Military Government in Korea redistributed previously Japanese-owned land, allowing the generation of private funds.