The Price of Efficiency and Success

Ranked #43 in Korean History

South Korea's extraordinary economic and technological transformation after the Korean War (1950-1953) is often referred to by observers and historians as the 'Miracle on the Han River". The nation underwent an astonishing makeover from being one one of the poorest countries to become the 12th largest economy in the world and 4th in Asia. South Korea also became one of the most technologically advanced countries in a short span.

As in other capitalist economies and despite South Korea's undeniable success, some people have benefited from the economic and technological attainments,...

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