The creation of a growth‐oriented society in Korea

Outlines the process, which commenced at least a century ago, during which appropriate prerequisites for rapid growth were established. Explains that, by 1960, Korea already possessed a semi‐developed economy, in terms of physical infrastructure, economic and financial institutions and human resources, and that, given the country’s paucity of natural resources, its human capital had to be the main fount of economic growth. Notes that, in this respect, it was well‐endowed with both a substantial body of vigorous entrepreneurs and an abundant supply of industrious workers, and that levels of education and training were also rising rapidly. Describes how the population’s receptivity to change and desire for modernization had been kindled by various foreign influences, including the long period of Japanese colonization, the Second World War, the post‐war American presence and the Korean War. Details how, after this war, the continued military threat from the north underlined the need for rapid industrialization, and how, against this background, President Park triggered rapid growth based on export‐oriented industrialization.