The Economic Development of South Korea

by Seung-hun Chun (Author)

How did a country with a dearth of natural resources, a sprawling population congested in a limited arable land transform itself to a modern industrial state within a generation? How could these have been achieved given the lingering geopolitical threats to its very survival as a state, as evidenced by the Korean War and the internecine aggressive posturing of its neighbor from the north?

This book looks at strategies, institutional arrangement, role of entrepreneurs and workers in this odyssey, and on how those factors have worked together through effective leadership to transform South Korea’s economic fortunes

Review
'I understand that the Korean economy was constructed in a unique way by the initiative of political leadership and extraordinary efforts of the people, rather than growing smoothly. Under the conditions of rampant poverty and poor resource base, and dealing with political forces in opposition, the leadership encouraged entrepreneurs, upgraded labor forces, and awakened farmers through leading bureaucrats for national development, and the people responded from their respective positions. This book describes vividly the dynamic process of collaboration and conflict among political leadership and the people of all social standings on the leap from poverty to a modern, democratic nation in Korea. It will give insights to how poverty is overcome at individual and country levels, how wealth is created, and how democracy and sovereignty in a nation are secured.' ― O Won-chol, Former Chief Secretary for Economic Affairs to the President Park Chung-Hee of the Republic of Korea

'Shaped and influenced by the author's early experience of poverty and a destitute childhood in the 1950s, this account of South Korea's economic and social transformation is deeply personal. It is also deeply relevant to today's global community at many levels; especially for leaders seeking to understand the pathology of poverty as a national chronic disease and formulate policies to transform underdeveloped economies. South Korea's inspiring transformation provides hope and lessons learned for undeveloped economies on the arduous journey of poverty reduction. For those of us working to support the cause of global poverty reduction, Dr. Chun's account is instructive to realize that break-through poverty reduction solutions are often at odds with the economic and development orthodoxies of the day. For this reason, this manuscript is a must read for corporate leaders and development practitioners seeking to develop positive impact solutions that create enduring economic and social value.' ― Kim Bredhauer, Group Managing Director & CEO, Palladium

'Dr. Seung-hun Chun has crafted a compelling and thought-provoking book on South Korea's development experience. His attention to detail, careful analysis, and humanistic approach give great depth to the myriad of factors that have contributed to South Korea's rich and fascinating experience. Chun probes this experience with a sensitivity that obliges the reader to action to ensure that the trials and lessons from this country's rise out of destitution do not lay idly on a page but are used to inspire solutions to move families, communities, and countries out of poverty toward productive societies and a thriving economy. Chun's ambitions when writing this book were noble and high and it is a worthwhile endeavor to go with him through South Korea's transformation into a modern state. The reader will similarly undergo a transformation that will hopefully bring us closer in the fight to eradicate poverty and hunger.' ― Shenggen Fan, Director General, International Food Production Research Institute (IFPRI)

About the Author
Seung-hun Chun is currently the President of Korea Institute for Development Strategy (KDS). Having engaged in development policy for South Korean government for three decades, he has been actively providing policy consultations to developing countries. He obtained Ph.D. in Economics from the University of Michigan.