Chapter 14: The Korean Development Model: Characteristics and Lessons

Korea’s outstanding economic and social performance is attributable to the interaction of various factors whose relative importance cannot be easily gauged. Political stability and strong leadership commitment to development were prerequisites for economic development. The labor force in the 1960s was cheap, but educated and industrious. This backlog of human capital combined with the formulation of an outward-oriented development strategy laid the foundation for remarkable economic achievement…