Korean War and post-war recovery

Do you know South Korea is the only OECD member country that was once the poorest countries in the World right after WWII?

Korea has come a long way to become an OECD member. As you know, the majority of OECD members are regarded as developed countries with high-income economies and “very high” Human Development Index. Korea’s development experiences, therefore, have been case study materials for many developing countries and scholars for decades. That is for sure an unprecedented transformation. What a stride for a nation that had nothing left after the total destruction due to Korean war? Here’s a short clip that explain “secrets behind Korea’s economic success.” Let’s take a listen.

Secrets behind Korea`s Economic Success

Education reform was one of the key factors as we discussed earlier. But that can’t be only reason, right? The followings are generally agreed key factors.

• Government-led Industrialization: The South Korean government implemented strategic economic plans, focusing on heavy industries, export-oriented growth, and infrastructure development.
• Education and Human Capital: Significant investment in education improved literacy and skills, fostering a highly productive workforce.
• Foreign Aid and Investment: Substantial aid, particularly from the U.S., and foreign direct investment fueled initial recovery and industrial growth.
• Chaebol System: Large family-owned conglomerates like Samsung and Hyundai played a crucial role in driving industrial expansion and innovation.
• Strong Work Ethic and Social Cohesion: Cultural values emphasizing hard work, community, and resilience contributed to the rapid economic transformation.

Of course, there should other factors and probably reasons that some strategies and interventions worked in Korea while they didn’t in other countries. I cannot tell you for sure what are all of them but maybe this story of a friend of mine can shed some light.

He was very diligent at work all the time. He did his best like Korea’s development and success depended on him.

Not only him, but many people on the ground also tried their best to make it happen.

What do you think? As I mentioned last time, our people were indeed instrumental in making theories into reality, right? They are the ones that made all that seemed impossible possible.

Changemkaing isn’t easy. But with right people in right places, korea has been developed. But its journey isn’t over yet. In fact, it faces more challenges than ever. We’ll talk about that next.