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South Korea's miraculous economic development

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  • South Korea's miraculous economic development
  • Pleskacz,Borys; Kim,Kunwoo


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Title South Korea's miraculous economic development
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Material Type Video
Author(English)

Pleskacz,Borys; Kim,Kunwoo

Date 2012
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Holding On Live
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Abstract

South Korea's miraculous economic development "one of the biggest mysteries of the modern world." It was no mystery to the Koreans. "Park Chung Hee" The miracle worker of the Korea. South Koreans refer to this growth as the Miracle on the Han River. Korea's infrastructure was destroyed by the Korean War (1950-53) and millions lived in poverty at the time, with thousands of unemployed people struggling to fulfill basic needs. When General Park Chung-hee seized power in 1961, South Korea had per capita income of less than $100 per year. During that time, South Korea was mostly dependent on foreign aid. President Park Chung-hee's "Saemaeul (New village) movement" focused on developing rural Korea. It is considered by many Koreans as a symbol of national pride and "can-do" spirit. Besides the Saemaeul movement, the Korean government carried out another effective economic development plan called the Five-Year Plan. There were more than 5 plans created, and they were designed to revive the economy.