Economic Development and Poverty Reduction in Korea

The solution for countries where the majority of the poor lives is to strive for economic development. However, what is highlighted in many publications, economic development doesn't guarantee reducing poverty or income inequality. The questions remain: how to combine poverty reduction and economic growth. South Korea and its transformation from one of Asia's poorest countries in 50' to one of the 4th largest economy in Asia, 12th largest in the world and cone of the most complex economies in the world. Analyzing South Korea's history we know that the sate left after the Japanese colonialism period and the destruction experienced due to the Korean War left the country in a fragile state with little natural resources and financial means. We can point out a few figures that influenced significantly the Korean economy and strategy. Main changes are thought to happen in the 60s and 70s during Park Chung-hee preisdency. That's the period when major state-led policies took place. This period of time includes any controversies though focusing only on the economic matter, the period transformed the Korean economy. Even though it brought many later on benefits, it was also full of turbulence. Later following presidents were part of the democratization movement and were introducing stabilization policies started. What is an important exemption in terms of Korea is that welfare played a big role. Most of the governmental policies were studied and modified welfare programs for economic development. The focus was put to combine both of those goals. Moreover, multifunctional institutions were in use that also aimed at poverty reduction. 

 I found it interesting to see how the share of the different industries changed over the years. We can see a big turn to the services and manufacturing and technology rather than agriculture and forestry and this trend continues. Due to limited natural resources, South Korea put a focus on human resources and education. Once again the role of education in improving the welfare, in the long run, is presented. 

 Do you think cultural background related to collectivism had a positive influence on introducing changes in South Korean society?

Comments

  1. 김성희 KimSeonghuiJune 8, 2020 at 12:06 AM

    I think that cultural backgrounds such as collectivism have had a positive effect on Korea's introduction of social change. Collectivism places more importance on the interests of groups than on individuals. That is why collectivism is very useful in bringing the whole group together. For example, When the IMF broke out in Korea, people tried to free the country from debt through a campaign to collect gold on their own. I think collectivism took these actions for granted, so most people join forces to change the country.

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