U.S. Essential to South Korea Economic Miracle
gvw_gv_wire
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

23 for ’23: A Year in Photos

DON'T MISS

See How this Fresno roastery sends aid to Northern Thailand.

DON'T MISS

District Says Fresno Teachers Contract Proposal Would Bankrupt Budget Reserves by Year 3

DON'T MISS

Trump Vows to Ban Gaza Refugees, Expand Muslim Travel Ban If He Wins

DON'T MISS

The Supreme Court Orders Makers of Gun Parts to Comply with Rules on Ghost Guns

DON'T MISS

George W. Bush for Speaker? A Democratic Lawmaker Thinks It’s Possible

DON'T MISS

Former Navy IT Manager Gets Five Years for Hacking, ID Theft

DON'T MISS

Gunman Kills Two Swedes in Brussels, Prompting Terror Alert and Halt of Belgium-Sweden Soccer Match

DON'T MISS

Zakaria: The Best Response to Hamas Would Be to Keep the Saudi Deal Alive

DON'T MISS

Groundbreaking Human Brain Atlas Offers New Hope for Treating Neurological Disorders

UP NEXT

District to Fresno Teachers: Read Our Proposal Before Taking Strike Vote

UP NEXT

State Department Memo Warns US Diplomats: No Gaza ‘De-Escalation’ Talk

UP NEXT

George W. Bush for Speaker? A Democratic Lawmaker Thinks It’s Possible

UP NEXT

Jim Jordan’s Rapid Rise Cheered by Trump and Far Right. Could It Make Him Speaker?

UP NEXT

What Does Destroying Gaza Solve?

UP NEXT

How Liberal California Compares to Florida, Texas on Social Media Regulation

UP NEXT

Trump Vows to Ban Gaza Refugees, Expand Muslim Travel Ban If He Wins

UP NEXT

The Supreme Court Orders Makers of Gun Parts to Comply with Rules on Ghost Guns

UP NEXT

Gunman Kills Two Swedes in Brussels, Prompting Terror Alert and Halt of Belgium-Sweden Soccer Match

UP NEXT

Zakaria: The Best Response to Hamas Would Be to Keep the Saudi Deal Alive

You May like

Trump Vows to Ban Gaza Refugees, Expand Muslim Travel Ban If He Wins

1 year ago

The Supreme Court Orders Makers of Gun Parts to Comply with Rules on Ghost Guns

1 year ago

George W. Bush for Speaker? A Democratic Lawmaker Thinks It’s Possible

1 year ago

Former Navy IT Manager Gets Five Years for Hacking, ID Theft

1 year ago

Gunman Kills Two Swedes in Brussels, Prompting Terror Alert and Halt of Belgium-Sweden Soccer Match

1 year ago

Zakaria: The Best Response to Hamas Would Be to Keep the Saudi Deal Alive

1 year ago

Groundbreaking Human Brain Atlas Offers New Hope for Treating Neurological Disorders

1 year ago

Newsom Signs Law to Slowly Raise Healthcare Minimum Wage to $25

1 year ago

Former Fresno CC Coach Ed Madec Arrested for Allegedly Threatening to Kill Chancellor

1 year ago

Jim Jordan’s Rapid Rise Cheered by Trump and Far Right. Could It Make Him Speaker?

1 year ago

HOT OFF THE PRESS

23 for ’23: A Year in Photos

1 year ago

1 year ago

Trump Vows to Ban Gaza Refugees, Expand Muslim Travel Ban If He Wins

1 year ago

The Supreme Court Orders Makers of Gun Parts to Comply with Rules on Ghost Guns

Photo of a hacker typing on a laptop

1 year ago

Former Navy IT Manager Gets Five Years for Hacking, ID Theft

1 year ago

Gunman Kills Two Swedes in Brussels, Prompting Terror Alert and Halt of Belgium-Sweden Soccer Match