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The Role of Aid in Korea’s Development
Author: Lee Kye Woo
Region: Asia
Location: Korea, South
Published March 4, 2016
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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.

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