South Korea's Economic Growth

Definition

This refers to the rapid industrialization and modernization of South Korea's economy from the 1960s onwards, transforming it from a poor agrarian society into one of the world's largest economies.

Related terms

Miracle on the Han River: The term used to describe the period of rapid economic growth in South Korea following the Korean War.

Chaebol: Large family-owned business conglomerates in South Korea that played a significant role in its industrialization.

Industrialization: The process by which an economy is transformed from primarily agricultural to one based on manufacturing goods.