Crisis of Self-Confidence: Is the Miracle on the Han River Over?
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South Korea’s rapid economic development since the 1960s has transformed it from an impoverished agrarian economy to a prosperous industrial economy in less than half a century. But with the era of rapid growth having come to an end, its economy is suffering from stagnant GDP and wage growth. The loss of economic momentum has induced a deep crisis of confidence among the Korean people about whether Korea can achieve its long-held goal of joining the first tier of advanced industrial countries. This essay first examines how the economic slowdown and the daunting nature of the reforms that are needed to restore growth in the face of a maturing Korean economy have caused Koreans to question themselves and their identity. It then looks at the prospects for successful economic revitalization by showing how Koreans have acted in the face of similar challenges in their recent history.
Abstract
South Korea’s rapid economic development since the 1960s has transformed it from an impoverished agrarian economy to a prosperous industrial economy in less than half a century. But with the era of rapid growth having come to an end, its economy is suffering from stagnant GDP and wage growth. The loss of economic momentum has induced a deep crisis of confidence among the Korean people about whether Korea can achieve its long-held goal of joining the first tier of advanced industrial countries. This essay first examines how the economic slowdown and the daunting nature of the reforms that are needed to restore growth in the face of a maturing Korean economy have caused Koreans to question themselves and their identity. It then looks at the prospects for successful economic revitalization by showing how Koreans have acted in the face of similar challenges in their recent history.