Miracle on the Han River
The Miracle on the Han River (Korean: 한강의 기적) was the period of rapid economic growth in South Korea, following the Korean War (1950–1953), during which South Korea transformed from a least developed country to a developed country.
The rapid reconstruction and development of the South Korean economy during the latter half of the 20th century was accompanied by events such as the country's hosting of the 1988 Summer Olympics[1] and its co-hosting of the 2002 FIFA World Cup, as well as the ascension of family-owned conglomerates known as chaebols, such as Samsung, LG, and Hyundai.[2][3][4] This growth also encompassed declines in child mortality and increases in life expectancy. From 1961 to 1979, child mortality declined by 59%,[5] the second fastest decrease in child mortality of any country with over 10 million inhabitants during the same period.[6] South Korea during this period has been described as "corporatist" or as practicing state capitalism. This period of growth was overseen by the Democratic Republican Party (DRP),[7][8] a conservative, broadly state capitalist[9] and nationalist party.
The growth has been attributed to the hard work of the labor force.[10] External factors include the enormous economic and technical assistance provided by foreign countries, particularly Japan (see: Treaty on Basic Relations Between Japan and the Republic of Korea) and the United States, access to Western and Japanese markets, and the acquisition of foreign currency by Korean migrant workers in the early stages of economic growth.
Following the Miracle on the Han River, South Korea has been held as an economic model for other developing countries,[11][12][13] and acceded to the G20 international forum of major economic powers in November 2010.