Economic Development: The Case of South Korea
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SPICE Curriculum Unit, 2015 South Korea stands as one of the largest economies in the world, producing some of the biggest ships and inventing some of the most advanced consumer electronics. With its roots in a traditinoal agrarian economy, South Korea grew rapidly during the 1960s and 1970s under an export- and heavy industry-focused strategy, led by the state and large conglomerates called jaebols. In less than 50 years, South Korea's gross domestic product increased from $2.7 billion in 1962 to over a trillion dollars in 2007.
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