Miracle on the Han River: Compare to our economy

[gattaca]

Below is piece of information. How south Korea went about their economy ? we can quickly compare this with ours. We know where we messed up. http://en.wikipedia.org/wiki/Miracle_on_the_Han_River One of the most important contributors to the "Miracle on the Han River" was Park Chung-Hee. Under the rule of Park Chung-hee, South Korea began to make a successful recovery in its economy. Park Chung-hee announced the first 5-year Economic Development Plan to mobilize national resources in establishing a self-supporting industrial economy. This psychological boost gave Koreans confidence and motivation in its path to economic success.[5] "Treat employees like family" was Park's new motto, which also led to Korea's economic success. With this motto, Korean workers were claimed to be 2.5 times more productive than American workers even though Korean workers were paid one-tenth of American wages.[3] Park's rule is remembered by Koreans with mixed emotions. Many praise him for the contributions he made to Korea's economy and its recovery,[5] but contemporary opinions criticize him for what has been called a dictatorship. Following a military coup in the 1960s Park established a strong authoritarian rule characterized by a one-party regime. In this authoritarian state, the leading party only had to appease a small constituency of the ruling or military elite. During Park's tenure Korea suffered from censorship in the press and media. Because of strong antipathies toward communism, Korean journalism and free speech were tightly controlled. Disregarding human rights and violations, Park would utilize the abundant supply of cheap labor and place his foremost priority on Korea's economic restoration. Morality laws established mandatory curfews and regulations on attire and music. In his program of Yushin Kaehyuk (Revitalizing Reforms), he caused Korean cinema to enter into a moribund period considered by many to be the lowest periods in the history of Korean cinema. Such enormous growth of economy came with costs to freedom. Although Park was successful in bringing economic recovery to Korea, he trampled on human rights and often imprisoned those who questioned his rule. Park had believed that South Korea was not ready to be a full democratic nation nor a free nation. As he stated, "Democracy cannot be realized without an economic revolution." Park argued that the poverty of the nation would make it vulnerable, and therefore an urgent task was to eliminate poverty rather than establish a democratic nation. During his presidency the Korean Central Intelligence Agency became a much feared institution and the government frequently imprisoned anyone who opposed them. Park Chung-hee's rule ended on October 26, 1979 when he was killed by his chief of security services, Kim Jaegyu.

[diga]

Read the polyester prince - ambani story .. seems that everything was bad with Indian economy in the 60s to 90s...