Government-Led Growth

From the 1960s to 1980s, South Korea’s ‘Five-Year Plans’ transformed its economy by targeting factories, exports, jobs, and savings. The government nurtured globally leading companies like POSCO and Samsung, shifting from import dependency to a leading exporter through tax incentives and loans. Simultaneously, science/engineering schools trained students in factory skills, fostering education-industry synergy. This ‘developmental state’ model prioritized strategic planning and long-term growth, uniting government, business, and education. The result is a foundation for Korea’s digital economy and 1990s tech boom.

What you will learn in this video:

• Korea’s economic growth plans (1960s–80s)
• Teamwork between government, schools, and factories
• How this set the stage for Korea’s digital future