South Korea become the country it is today because of strong competent leadership and governance by Halyeey Park Chung-Hee.
First Koreans unlike other African governments had high literacy rate to begin with due to their colonization by the Japanese who educated them for
assimilation in the future.
Then there were land reforms that took place that allowed farmers to be more productive because they had ownership over the land they farmed. This allowed them to work harder in making bigger yields where before they weren't as motivated as they were just tenants for a landlord. This means more food production, which grew the population and allowed less foreign imports that bleed the country of capital.
Then he got involved in the Vietnam war sending thousands of troops that were payed by the Americans while Korean government got additional aid to kick-start their economic programs. He also went to Japan signed a peace agreement with them in return for more economic aid and investment by Japanese companies that transferred tech knowledge and know how to Korean companies. The Japanese aid was actually reparations for their colonization of South Korean so they were for the average Korean who suffered under Japanese rule like the comfort women but he took that money directly instead to propel economic growth. The xoolo African dictator would eat that money himself.
A large pool of workers allowed South Korea to be an attractive place for foreign companies like China today. This allowed increased employment and the more capital for the country.
There was heavy government support to domestic Korean firms through government grants, strict anti-union labor laws, while procuring foreign loans for them becoming their collateral. Any debt they couldn't pay back was payed by the government and he closed off the Korean market for them from foreigners but kept them competitive by propping up successful ones and pulling the support plug on the noncompetitive and unprofitable ones. This allowed greater risk taking for Korean companies which ultimately paid off.
Human capital was very important because the new companies needed highly skilled workers, so there was heavy emphasis on educating the populace.
The only negative of this was the creation of "Chaebols" which are huge conglomerates that dominate almost every sector of the Korean economic society. Chaebols such as Hyundai, Samsung, LG and others create anything from ships, to cars, to smartphones, home appliances to TVs. They also are involved in insurance, construction, hotels and every other thing imaginable. This monopolisation of the Korean domestic market allows them to compete globally with other comapnies worldwide, but they stifle entrepreneurship in South Korea so the people have no option but to work for them. It's just not possible to compete with them. So this lowers any chance of serious innovation .They also still have that crony relationship with the SK goverment as seen in the recent scandal with the daughter of Park Chung-Hee so any chance of reforms is very low.
First Koreans unlike other African governments had high literacy rate to begin with due to their colonization by the Japanese who educated them for
assimilation in the future.
Then there were land reforms that took place that allowed farmers to be more productive because they had ownership over the land they farmed. This allowed them to work harder in making bigger yields where before they weren't as motivated as they were just tenants for a landlord. This means more food production, which grew the population and allowed less foreign imports that bleed the country of capital.
Then he got involved in the Vietnam war sending thousands of troops that were payed by the Americans while Korean government got additional aid to kick-start their economic programs. He also went to Japan signed a peace agreement with them in return for more economic aid and investment by Japanese companies that transferred tech knowledge and know how to Korean companies. The Japanese aid was actually reparations for their colonization of South Korean so they were for the average Korean who suffered under Japanese rule like the comfort women but he took that money directly instead to propel economic growth. The xoolo African dictator would eat that money himself.
A large pool of workers allowed South Korea to be an attractive place for foreign companies like China today. This allowed increased employment and the more capital for the country.
There was heavy government support to domestic Korean firms through government grants, strict anti-union labor laws, while procuring foreign loans for them becoming their collateral. Any debt they couldn't pay back was payed by the government and he closed off the Korean market for them from foreigners but kept them competitive by propping up successful ones and pulling the support plug on the noncompetitive and unprofitable ones. This allowed greater risk taking for Korean companies which ultimately paid off.
Human capital was very important because the new companies needed highly skilled workers, so there was heavy emphasis on educating the populace.
The only negative of this was the creation of "Chaebols" which are huge conglomerates that dominate almost every sector of the Korean economic society. Chaebols such as Hyundai, Samsung, LG and others create anything from ships, to cars, to smartphones, home appliances to TVs. They also are involved in insurance, construction, hotels and every other thing imaginable. This monopolisation of the Korean domestic market allows them to compete globally with other comapnies worldwide, but they stifle entrepreneurship in South Korea so the people have no option but to work for them. It's just not possible to compete with them. So this lowers any chance of serious innovation .They also still have that crony relationship with the SK goverment as seen in the recent scandal with the daughter of Park Chung-Hee so any chance of reforms is very low.
