The Korean Economic Development

The Korean economy has achieved remarkable growth during the last 6 decades. At the time of Korea’s independence from Japan in 1945, Korea was one of the poorest countries in the world. Moreover, the division of the Korean peninsula and the Korean War in 1950 has made the South Korean economy in miserable condition. In many senses, Korea fell in the poverty trap where the vicious cycle of poverty and under-development had re-enforced each other. However, the growth performance of the Korean economy after the end of the war in 1953 was truly remarkable, and many people call it as the “Miracle of the Han River”. Plus...