1. Introduction to the text
South Korea’s economic development is often regarded as a remarkable success story. In the aftermath of the Korean War, which left the country devastated, South Korea embarked on an ambitious journey of industrialization and economic growth. This text explores the key factors and policies that drove South Korea’s economic transformation, turning it from one of the poorest nations in the world into a global economic powerhouse.
2. Vocabulary
| Korean Word | Romanization | English Meaning |
|---|---|---|
| 경제성장 | gyeongje seonggang | economic growth |
| 수출주도형 | suchul judohyeong | export-oriented |
| 산업화 | sanaephwa | industrialization |
| 재벌 | jaebul | large conglomerate |
| 중화학공업 | junghwahakgongeop | heavy and chemical industries |
| 개발독재 | gaebaldonggye | developmental dictatorship |
| 노동집약적 | nodongjibagjjeog | labor-intensive |
| 자본축적 | jabonchugjeog | capital accumulation |
| 외국인직접투자 | oeguginjigjeogtuja | foreign direct investment |
| 기술혁신 | gisurhyeogsin | technological innovation |
3. The main text in both Korean and English
한국의 경제성장은 수출주도형 산업화 전략에 기반을 두고 있습니다.
South Korea’s economic growth was based on an export-oriented industrialization strategy.
1960년대 초반, 한국 정부는 노동집약적 경공업 제품의 수출을 장려했습니다.
In the early 1960s, the South Korean government encouraged the export of labor-intensive light industrial products.
이는 자본축적과 외화 획득을 용이하게 하였습니다.
This facilitated capital accumulation and foreign currency acquisition.
1970년대에 접어들면서 중화학공업 육성 정책이 추진되었습니다.
In the 1970s, the government pursued a policy of promoting heavy and chemical industries.
당시 군사정권은 개발독재 방식으로 경제개발을 주도했습니다.
The military regime at the time led economic development through a developmental dictatorship approach.
재벌 기업들은 정부 지원을 받아 규모의 경제를 실현했습니다.
The large conglomerate companies, known as chaebols, realized economies of scale with government support.
1980년대 후반부터 외국인직접투자가 증가하면서 기술혁신이 가속화되었습니다.
From the late 1980s onwards, foreign direct investment increased, accelerating technological innovation.
이를 통해 한국 기업들은 글로벌 시장에서 경쟁력을 갖추게 되었습니다.
Through this, Korean companies gained competitiveness in the global market.
그러나 이 과정에서 환경오염과 노동문제 등 사회적 비용도 발생했습니다.
However, this process also incurred social costs, such as environmental pollution and labor issues.
최근에는 혁신과 포용성장을 강조하는 새로운 경제정책이 추진되고 있습니다.
Recently, new economic policies emphasizing innovation and inclusive growth have been pursued.
4. Reading comprehension questions
1. What was the key strategy behind South Korea’s economic growth?
2. Explain the role of chaebols in South Korea’s industrialization.
3. How did foreign direct investment contribute to South Korea’s economic transformation?
4. What were some of the social costs associated with South Korea’s rapid economic development?
5. What are the current economic policy priorities in South Korea?
5. Cultural and historical notes
South Korea’s economic transformation is deeply intertwined with its cultural and historical context. The nation’s drive for economic development was fueled by the devastation of the Korean War and the desire to overcome poverty. The government’s export-oriented industrialization strategy, while successful, was implemented under authoritarian regimes, leading to concerns about human rights and labor conditions.