Korea’s economic development is often cited as a model for other developing nations. One of about 60 countries whose per capita income was less than $300 in the 1960s, only Korea was able to attain a per capita income of more than $10,000 by 1995. Some scholars have pointed to education as the key. However, while education clearly played a significant role, Korea’s spending on education was not greater than that of other developing countries at the same level of per capita income during the key years of its development from 1962-1994.
One under-appreciated factor in Korea’s development is the role foreign aid. In the second half of Korea’s developmental decades (1979-1992), aid increased sharply to $65.6 billion and consisted of aid that was primarily loans rather than grants. From this experience with developmental aid, Dr. Lee Kye Woo draws ten lessons and conclusions for future developmental assistance.
- The role of aid in Korea's development
- Lee, Kye Woo
- Korea Economic Institute of America
The role of aid in Korea's development
Washington, DC:Korea Economic Institute of America
|Series Title; No||Korea's Economy / 2014|
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Official Aid < General|
|Holding||Korea Economic Institute of America|