Please ensure Javascript is enabled for purposes of website accessibility
U.S. Essential to South Korea Economic Miracle
GV-Wire-1
By gvwire
Published 7 years ago on
February 12, 2018

Share

Friday’s elaborate Winter Olympics opening ceremony, as is normally the case for the event’s host country, was a showcase for South Korea – its symbols, traditions, achievements and aspirations.
But as Washington Post columnist Fareed Zakaria notes, the reality of South Korea’s rise from economic backwater just 50 years ago, to its status today as one of the most successful nations on earth, is a particularly impressive narrative.

South Korea: An Economic Miracle

“Half a century ago, South Korea was one of the poorest countries on the planet,” Zakaria writes, “and nobody would have predicted that it would conjure up an economic miracle.”
Beyond its poverty, Zakaria says the country had to overcome illiteracy, geographic and resource disadvantages and political repression to transform itself into the economic powerhouse it has become.
He goes on to explore the factors that led to South Korea’s emergence, in contrast to the failure of its counterpart to the north.

U.S. Support a Key Factor

“South Korea’s success is about having the right kind of policies, which the World Bank once concluded were a basic support for markets and trade as well as a large investment in education and infrastructure,” Zakaria explains.
He also points the significant level of aid provided by the United States.
“According to a South Korean think tank, the United States poured $60 billion in aid and loans into South Korea from 1946 to 1978, close to the amount it spent on the entire continent of Africa during the same period.”
With American willingness to engage with the world on the decline, Zakaria notes “they might want to think about how far South Korea has come – and take some small pride in having helped it get there.”
Click to read the full article from The Washington Post.

DON'T MISS

California’s Water Crisis Deepens as San Joaquin Valley Sinks

DON'T MISS

What to Know About Pam Bondi, Trump’s New Pick for Attorney General

DON'T MISS

North Korean Leader Says Past Diplomacy Only Confirmed US Hostility

DON'T MISS

Democrats Strike Deal to Get More Biden Judges Confirmed Before Congress Adjourns

DON'T MISS

Newsom Gaslights on Potential Gas Price Hikes in Fresno Visit

DON'T MISS

Automakers to Trump: Please Require Us to Sell Electric Vehicles

DON'T MISS

President Biden Welcomes 2024 NBA Champion Boston Celtics to White House

DON'T MISS

Ohtani Makes History With 3rd MVP, Judge Claims 2nd AL Honor

DON'T MISS

Trump Chooses Pam Bondi for Attorney General Pick After Gaetz Withdraws

DON'T MISS

Average Rate on a 30-Year Mortgage in the US Rises to Highest Level Since July

UP NEXT

How About an Honest Conversation About the Range of Light Monument Proposal?

UP NEXT

Putin Says Russia Has Tested a New Intermediate Range Missile in a Strike on Ukraine

UP NEXT

What Will Happen to CNBC and MSNBC When They No Longer Have a Corporate Connection to NBC News?

UP NEXT

Wall Street Climbs as Nvidia Swings, Bitcoin Rises and Alphabet Sinks

UP NEXT

How Trump Can Earn a Place in History That He Did Not Expect

UP NEXT

‘Woke’ Terminology Not Commonly Used by Americans: YouGov Survey

UP NEXT

Demography Drives Destiny and Right Now California Is Losing

UP NEXT

Defining Deviancy Down. And Down. And Down.

UP NEXT

Pope to Make Late Italian Teenager Carlo Acutis the First Millennial Saint on April 27

UP NEXT

Target Struggles in the Third Quarter Despite Price Cuts and Offers a Tempered Holiday Outlook

Democrats Strike Deal to Get More Biden Judges Confirmed Before Congress Adjourns

10 hours ago

Newsom Gaslights on Potential Gas Price Hikes in Fresno Visit

11 hours ago

Automakers to Trump: Please Require Us to Sell Electric Vehicles

12 hours ago

President Biden Welcomes 2024 NBA Champion Boston Celtics to White House

12 hours ago

Ohtani Makes History With 3rd MVP, Judge Claims 2nd AL Honor

12 hours ago

Trump Chooses Pam Bondi for Attorney General Pick After Gaetz Withdraws

12 hours ago

Average Rate on a 30-Year Mortgage in the US Rises to Highest Level Since July

13 hours ago

Cutting in Line? American Airlines’ New Boarding Tech Might Stop You at Now Over 100 Airports

13 hours ago

MLB Will Test Robot Umpires at 13 Spring Training Ballparks Hosting 19 Teams

13 hours ago

Death Toll in Gaza From Israel-Hamas War Passes 44,000, Palestinian Officials Say

14 hours ago

California’s Water Crisis Deepens as San Joaquin Valley Sinks

California’s San Joaquin Valley is sinking at an alarming rate, according to a new study published in Nature Communication Earth and E...

4 minutes ago

Photo of Friant-Kern Canal
4 minutes ago

California’s Water Crisis Deepens as San Joaquin Valley Sinks

9 hours ago

What to Know About Pam Bondi, Trump’s New Pick for Attorney General

10 hours ago

North Korean Leader Says Past Diplomacy Only Confirmed US Hostility

10 hours ago

Democrats Strike Deal to Get More Biden Judges Confirmed Before Congress Adjourns

11 hours ago

Newsom Gaslights on Potential Gas Price Hikes in Fresno Visit

President Joe Biden with Mary Barra, the chief executive of General Motors, at the Detroit Auto Show, Sept. 14, 2022. President-elect Donald Trump has promised to erase the Biden administration’s tailpipe rules designed to get carmakers to produce electric vehicles, but most U.S. automakers want to keep them. (Doug Mills/The New York Times)
12 hours ago

Automakers to Trump: Please Require Us to Sell Electric Vehicles

12 hours ago

President Biden Welcomes 2024 NBA Champion Boston Celtics to White House

12 hours ago

Ohtani Makes History With 3rd MVP, Judge Claims 2nd AL Honor

Help continue the work that gets you the news that matters most.

Search

Send this to a friend