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Korea had gone from 22% literacy in 1945 to almost 90% by the end of the 1970s. Thus the Korean workers' knowledge level picked up the slack - Koreans were working smarter rather than simply harder.
One of the reasons productivity decline in the 1970s was increased political instability. A wealth gap had emerged in Korean society, evidenced by a reduction in the Gini coefficient. Park was assassinated, resulting in increased instability. After the economic boom was established, further changes were made in economic policy at the political level. Deregulation was imposed in order to rectify some of the social sacrifices that had occurred as a result of the nation's push to prosperity. The Park government had been roughly modeled on a colonial system and reforms were required. Inflation was high and the country was developing strong class divisions that threatened the social order. Massive infrastructure investments and a dramatic increase in the savings rate allowed for a rapid pace of growth. The country successfully weathered some growing pains has now become one of the world's strongest economies, with the fastest GDP growth rate in the Western world.
These reforms brought South Korea its final economic push into modernization. The education system was reformed so that more Koreans had access to higher levels of education and policies that encouraged class divisions in education were curtailed. Deregulation allowed for greater competition, but also opened even more foreign markets. This was a vital step - Korea had become strong but needed to emerge on the world stage. By dramatically reducing government intervention in the economy, Korea was able to take the final leap to economic prosperity. By the late 1980s, the country was running a positive balance of payments.
Works Cited
Gregg, Donald. (1999). Park Chung Hee. Time Magazine. Retrieved December 10, 2008 at http://www.time.com/time/asia/asia/magazine/1999/990823/park1.html
Menarguez, Francisco Garcia-Blanch. (2002). Economic Growth in South Korea, 1961-2000. Universidad Complutense Madrid. Retrieved December 10, 2008 at http://www.ucm.es/info/eid/pb/Book02FGB.pdf
No author. (no date) the Economy Country Studies - U.S. Library of Congress. Retrieved December 10, 2008 at http://countrystudies.us/south-korea/45.htm
Myung Soo Cha. (No date). The Economic History of Korea. EH.Net. Retrieved December 10, 2008 at http:/ / the.net/encyclopedia/article/cha.korea
Gregg, Donald. (1999). Park Chung Hee. Time Magazine.
No author. (no date) the Economy Country Studies - U.S. Library of Congress.
Gregg, Donald. (1999). Park Chung Hee. Time Magazine.
Menarguez, Francisco Garcia-Blanch. (2002). Economic Growth in South Korea, 1961-2000. Universidad Complutense Madrid.
Myung Soo Cha. (No date). The Economic History of Korea. EH.Net
Works Cited
Gregg, Donald. (1999). Park Chung Hee. Time Magazine. Retrieved December 10, 2008 at http://www.time.com/time/asia/asia/magazine/1999/990823/park1.html
Menarguez, Francisco Garcia-Blanch. (2002). Economic Growth in South Korea, 1961-2000. Universidad Complutense Madrid. Retrieved December 10, 2008 at http://www.ucm.es/info/eid/pb/Book02FGB.pdf
No author. (no date) the Economy Country Studies - U.S. Library of Congress. Retrieved December 10, 2008 at http://countrystudies.us/south-korea/45.htm
Myung Soo Cha. (No date). The Economic History of Korea. EH.Net. Retrieved December 10, 2008 at http:/ / the.net/encyclopedia/article/cha.korea
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