Foundations
At the root of the rapid expansion of the Korean national economy were several factors, some societal and others political. Experts agree that one of the fundamental building blocks of the Miracle on the Han was the importance placed on education. Aided by widely held Confucian ideals which celebrated literacy and scholarship, the state established a public compulsory education system. This allowed Korean labor to become highly skilled while labor expenses remained relatively low.
Following the unprecedented economic growth experienced by Korea beginning in the 1960s, experts began to speculate that the Miracle on the Han was a result of three key factors (known as “The Iron Triangle”): state strength, strong bureaucracy, and the Korean Chaebol businesses.
Read more about this topic: Miracle On The Han River
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