What South Korea did right
* In the early 1960s, South Korea was a wartorn, aid-dependent country with very limited natural resources * Estimates place South Korea’s GDP per capita in 1961 at roughly US$82-100 — a level below that of Malawi, Ghana, or Kenya at the time * The economy was predominantly agrarian, unemployment was widespread, and foreign aid financed a significant share of public expenditure * Six decades later, South Korea is a high income economy with GDP per capita exceeding US$33,000,…
