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Economic development and impact evaluation

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Title Economic development and impact evaluation
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Material Type Proceedings
Publisher

Seoul:Korea Development Institute

Date 2010
ISBN 978-89-8063-530-6
Pages 528
Subject Country Rwanda(Africa)
Guatemala(Americas)
Mexico(Americas)
India(Asia and Pacific)
Sri Lanka(Asia and Pacific)
Pakistan(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < General
Official Aid < General
Holding KDI; KDI School
Program Type Conference

Abstract

There can be little doubt that foreign assistance was invaluable in aiding Korea’s survival in the
tumultuous years following its liberation in 1945 until the years immediately after the Korean War broke out in
1953. Korea received massive amounts of foreign aid, nearly US $13 billion in economic and military
assistance during 1945 to 1975, most of it from the US, and most of it in the form of grants. Indeed, much of
the aid provided critical humanitarian relief in the decade following 1945; but it also went into public
investments in human capital development such as health and education, the basic pre-conditions that
arguably set the stage for takeoff in the mid 1960s. It is worth noting that aid alone cannot fully explain
Korea’s economic development. Korea lies in a favorable climate region and geographic location surrounded
by waters. Moreover, Korea’s colonial heritage left it the institutional building blocks, the infrastructure, the
beginnings of an industrialization, from which to build, unlike many other developing countries unable to lift
themselves out of the so called “poverty trap.” Once economic growth took off, Korea was able to
institutionalize many of the reforms, gradually wean itself from aid, and thus, secure a more sustainable
growth trajectory after the mid 1960s.