South Korean Economic Development

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South Korean Economic Development
The Players 1. Government 2. Big Business
The chaebol conglomerates 3. The
Workers External Factors USAID Japanese
ties Vietnam War Cultural Factors Educational
fervor Nationalism Confucianism
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Signs of Korean poverty in the 1950s
Above Devastated Seoul, 1953
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Seoul Then and Now
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High-rises in Seoul
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Pusan
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Kwangju, Night and Day
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The State and Big Business Park Chung Hee and
the Korean Tycoons
Above At the opening of the Seoul-Pusan
Expressway (1970), built by Hyundai Construction.
At center is Parks wife at right is Chung Ju
Yung
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The chaebol conglomerates
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Chung Ju Yung, Founder and (Honorary) Chairman of
the Hyundai Group
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Hyundai Shipyard, Yesterday and Today
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The foot soldiers of the Miracle, the laborers
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External factors behind rapid economic growth

• Japanese ties The colonial period and beyond
• American aid in post-liberation era
• 3. Vietnam War

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Cultural Factors 1. Educational fervor myths
and realities 2. Nationalism state-directed and
non-state-directed 3. Confucianism frugality
and austerity, suspicion of ostentatious wealth
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Tiger, by Kim Y.O.
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