Korea's Economy
From the Issue
Korea's Economy Volume 30About Korea's Economy
Korea’s Economy is KEI’s annual journal publication dedicated to the key issues of the day for the Korean economy. Articles in Korea’s Economy are designed to give the casual, but informed reader insight into issues related to Korea’s markets and financial institutions, economic reform, economic relations with the wider world, and North Korea. It is published jointly each year with the Korea Institute for International Economic Policy.
Korea’s economic development is often cited as a model for other developing nations. One of about 60 countries whose per capita income was less than $300 in the 1960s, only Korea was able to attain a per capita income of more than $10,000 by 1995. Some scholars have pointed to education as the key. However, while education clearly played a significant role, Korea’s spending on education was not greater than that of other developing countries at the same level of per capita income from 1962-1994. However, one underappreciated factor in Korea’s development is the role of foreign aid. Official aid played an instrumental role in promoting Korea’s economic and social development.