Teaching East Asia: Korea Teaching East Asia: Korea | Page 89

Bringing Korea into the Curriculum
Economic Development and Democratization of South Korea
For World History, Government, and Economics Classes
(The lesson was created by Key Cheol Lee in 2013 when he served as South Korea’s Ambassador to the
Netherlands. In 2016, he began his service as the Consulate General of the Republic of Korea in Los Angeles. In
2017, the Consulate General updated this lesson)
Successful Development Story of South Korea
South Korea, though it is a latecomer, has made unprecedented achievements in both economic
development and democratization. As a result, South Korea, a former developing country, is now one
of the most popular role models among developing nations throughout the world. Out of the 80
countries in the world that became independent after WWII, South Korea is the only one that achieved
both democracy and economic development to the average level of European Union countries.
Now, let us take a closer look at what South Korea has achieved for the last 50 years and what the
secrets of its success were.
3-1.What did South Korea look like in 1950’s?
About 50 years ago, in the wake of the Korean War
(1950-1953), South Korea was one of the poorest
countries in the world with its per capita Gross
Domestic Product a mere $67. Its infrastructure was
destroyed by the Korean War and millions lived in
extreme poverty with thousands of unemployed
people struggling to fulfill basic needs. North Korea
had been better off than South Korea until the mid-
1970’s. South Korea once received economic aid from
Thailand and the Philippines.
Dutch Korean War veterans tell us that when they left
South Korea in 1953, they believed that there was no hope for recovery. A famous British journalist
said that expecting South Korea to become a democracy was like expecting a rose to blossom in a
dumping ground.
3-2. Economic Success to the Level of European Union (EU) Countries
However, for the last 50 years, South Korea has
gone through a miraculous economic
development. South Korea today is one of the
most prosperous economies with a GDP of
$1,376 billion (2015) and the 11th largest
economy in the world. Its per capita GDP has
increased by more than three hundred times for
the past 60 years to around $36,000. The GDP
per capita in terms of PPP (Purchasing Power
Parity) is equal to the average European Union
(EU) countries.
South Korea now possesses more than 140 items
of world top selling products. As a case in point,
South Korea’s shipbuilding industry is ranked
No. 1 in the world, whereas its steel industry is
ranked No.6. It also has two consumer electronics firms that are among the top ten electronics