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Korea was a protectorate of Japan for about 35 years, being its colony. By pursuing a strict economic policy, the colonialists had a significant impact on the growth of the Korean economy, which amounted to 3.6 % of GDP growth per year. The volume of the economy grew 2.66 times, the consumption of goods almost doubled. The Korean yen was exchanged in the equivalent of the Japanese 1: 1, transport infrastructure was developed and railways were built.
Some Korean politicians call this transition “days of prosperity”, some consider it genocide. In any case, Japanese rule had a beneficial effect on the development of the Korean economy (hereinafter referred to as South Korea), laid the foundation for further economic success of the country. It must be admitted that before 1945, the basis of the Korean economy was agriculture. It should be borne in mind that the war and the division of the country into North and South Korea, undermined the country's economy, throwing South Korea among the poorest countries in the world, by 1960, GNP per capita was $ 80 per year.
A military coup in 1961 brought to power Park Chon-hee, who can be considered the father of the Korean economic miracle. The methods of the so-called “mobilization economy” of Park Chonkhi were quite tough, he led the nationalization of the banking system, industry and transport, attracted investment in the economies of Western countries and the United States. South Korea supported the United States in waging the Vietnam War, involving a huge number of Korean troops.
Compensation for human casualties on the part of the Korean troops was expressed gratitude to the United States, which provided a large number of subsidies, soft loans, and technology exports. By the type of state-owned corporations, a purely Korean form of oligarchic enterprises — Chaebols-emerged. It was Chaebols that became the main engine of the development of the Korean economy in the 70s and 80s.
Tough economic policies, state support for Chaebol, and economic support from the United States allowed South Korea to actively develop its economy, industry, education, and medicine, and in a short time break out and take a place among the leading Asian countries (after the 1997-98 crisis, South Korea's economic growth slowed down somewhat).
Korean culture has many similarities to Japanese culture. But the Japanese, as we know, had a big head start after the atomic bombing, as the Americans poured a lot of money into Japan to compensate for the damage. Therefore, with a similar culture, Koreans had a longer and more difficult start.�
Incredible hard work. This is a common trait with the Japanese. It is believed that both peoples are descendants of one of the lost tribes of Israel. Thousands of years of ethics, respect for ancestors, patriarchal way of life and, probably, Buddhist traditions work for order and consciousness in society.�
Protestantism. South Korea is home to the world's largest church, with more than a million parishioners. Of course, this is not the only church, but Christianity has a huge influence on the country. Protestant churches of various sizes and directions operate in all cities. European countries experienced a similar stage after the Protestant Reformation, which strongly stimulated the development of science, technology and economic relations.�
There may be other important factors involved. I write what I know about.
On two things. First, before this economic success came, the whole country worked hard for 25-30 years at an average monthly salary of $50. Secondly, they have a provision in the constitution stating that any laws that prevent the introduction of innovations are considered null and void.
If you put these things together, you get the following picture. The whole country has been working almost free of charge for its technological development for a quarter of a century. Economic success in such a situation is simply inevitable.
It all started with the fact that almost independent other “economic” states – conglomerates (or Chaebols) were formed within the state. Over time, after the merger of several chaebols into one, and sometimes vice versa, chaebols have become larger and more powerful, and now the whole world depends on these very conglomerates. Here are some of them – Samsung (+Sanyo), LG (Lucky-Goldstar), Hyundai(+Kia)
, SK(Hynix), GS, Lotte, Daewoo, and so on.
For example, Samsung is not just the world's leading smartphone and TV retailer, it's something else. 7 of the 10 tallest buildings in the world including the tallest in Dubai, the twin towers in Malaysia, Taipei 101 were built by them(Samsung Construction), the largest and most luxurious cruise liners as well as tankers and container ships are Samsung. Heavy, Production of 70% of all types of memory chips, processors, banking, insurance, hotel chains, military industry, sophisticated medical devices (NMR, CT, X-ray…)this is an oil producing and refining company, chemical plants and telecommunications (such as MTS, but with one condition that without their technology, MTS or others would not beat… half of iPhones and Xiaomi consist of components made by Samsung, and much more. In short, MORE THAN $ 1 TRILLION IN TURNOVER and more than A HUNDRED BILLION DOLLARS in NET PROFIT.. 500,000 employees, and millions of other jobs in Korea and around the world.. Slightly smaller than Lg, Hyundai and others…
Read Andrey Lankov, he studied the inside in detail. In my opinion, Koreans are generally extraterrestrials. When the” bloody dictator ” Lee Seung-man was informed that after the war there were too many people in the south, saying that the land would not feed so much, he decided to move the extra people to another country where there was enough fertile land. At that time, migrants were received either by Ecuador or Bolivia. Since then, there has been a Korean community there. Or you could just wait until they die out, like any normal national leader. Aliens.
The United States opened up its market to them and gave them many preferences . Well, they didn't want to live like in North Korea . We looked into the face of good Kim during the war .
The main ” components “of South Korean “economic” success:
Confucian �labor �ethics ( to make �many �efforts �for �achieve �set �goals is �moral; to put �interests �team (in �this �context – interests �firm/company/Corporation) above �personal is �moral; �to settle for �small, to be �modest is �moral);
Hard �mobilization �economy �in �time �Board �Pak Jong-Hee;
Investment �in �economy �South Korea �with �side �state �and �private �sectors �economy �such �countries as �Japan �and �USA.