The economic development of South Korea after WWII

Abstract

Today, South Korea is one of the most developed countries with a population over 51 million people and per capita GDP being more than 41 000 US dollars. But more than 60 years ago, Korea was under a major reconstruction after WWII and Korean War. With the help of import substitution and foreign aids, Koreans built a start to a miracle. With the new government in 1961, Korea has introduced export-oriented economic growth that led to substantial changes. Selective government intervention provided a favorable environment for industrialization era of the country.