South Korea — the innovation-driven economic miracle
Why do some countries prosper and continue to grow from strength to strength while the economic development and growth in others stagnate or, worse, falter and decline? We asked this question some weeks back and, last week, we highlighted two nations — South Korea and South Africa — whose starkly differing economic progress in the past 30 years, after achieving democracy around the same time (in 1993 to 1994), makes for fascinating research subjects.
In this article, we will focus on some of the major factors behind the stories of their economic success and failure, collated from a wide range of publications and research materials. It is not our intention to do a direct comparison between the two countries or, for that matter, against our own. After all, no two countries are alike. Countries differ in terms of land mass, geography, topography and climate. Their populations have a different demographic makeup, such as ethnicity and age, cultural background and historical legacies. The success of South Korea is unique and quite likely difficult to replicate. The point is to highlight the differences and the lessons we can learn from them. Our article does not pretend to be comprehensive or definitive but, rather, aims to raise questions and encourage debate to enhance knowledge and wisdom. In doing so, we hope for a better understanding of what it takes to bring economic progress, prosperity and jobs that will improve the well-being of the masses, and not just the small group of elites and privileged.
