How did South Korea change from an agrarian society into an industrial economy?

Following the Korean War, South Korea underwent a rapid transformation from an agrarian society into a global industrial power, a phenomenon often called the "miracle on the Han River."1

Beginning in the 1960s under President Park Chung-Hee, the government implemented a series of economic development plans that prioritized export-oriented industrialization. This strategy was supported by heavy investment in infrastructure and education, which cultivated a highly skilled labor force.123

Key drivers of this growth included:

• Strategic Targeting: The government focused on specific sectors, starting with textiles and light manufacturing, moving to heavy industries like iron, steel, and chemicals in the 1970s, and eventually shifting toward high-technology fields like electronics and automobiles.2
• Chaebols: The state provided significant support, including low-interest loans, to large, family-controlled conglomerates known as chaebols, such as Samsung and Hyundai.123

While this state-led model achieved remarkable economic success, it also concentrated power within these conglomerates and involved significant government control over the economy and society.23