Korean War had created a more fluid society …. millions of people had been exposed to a world beyond the village and were restless and open to new opportunities . There was also a sense of optimism a belief in the possibility of a better life , noted by foreign observers and often regarded by them as unrealistic .
The transformation of South Korea into a highly literate , well-schooled nation was a key component of the economic and social development . Educational development did not just keep pace with economic development , it preceded and outpaced it . While it is difficult to establish a direct correlation between education and economic development , South Korea in the 1960s , 1970s , and 1980s was able to offer a labor force that was literate , numerate , and used to learning while still low wage …. By the 1990s newspaper readership was among the highest in the world . South Korea ’ s educational transformation by providing a well-educated citizenry not only contributed to its economic growth but also probably facilitated the transition to democracy .”
South Korea ’ s economic takeoff was one of the most dramatic in modern history . Foreigner after 1945 pointed to the country ’ s lack of resources and its dense population as great obstacles . But history has shown that there is little correlation between natural resources and development . In fact , reliance on commodities such as mineral and agricultural products has often proved to be an ineffective path to development , since commodity prices are subject to sharp swings , resulting in a boom-bust cycle , and they do not necessarily lead to the development of important technical skills . The path to development that the ROK followed – export-led growth focusing on manufacturing – has been the most successful in achieving long-term sustained economic growth . Japan ’ s growth rates before World War I and after the Korean War were also impressive …. Taiwan and Singapore grew at comparable rates . None of these societies , however , was as poverty-stricken or had such dismal prospects as did the ROK in 1960 . China might be more comparable , but is growth , due to its vast size , has been more regional , with large segments of the country and its people left behind .”
Suggested discussion questions and opportunities for written work :
What are the main reasons for South Korea ’ s successful economic and technological development ?
What are policies that underdeveloped countries might adopt from the Korean example revealed in the documents ?
Economies the world over remain vulnerable to business cycles of periodic boom and bust , and the more integrated they become , the more vulnerability they share . From what you have studied from history and economics , what economic system seems to be the best for the greatest quality of life for most of the people ? Support you statement .
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