The most unfortunate nation: how South Korea is paying for the “economic miracle”

One of the most high-tech countries in the developed world the economy and the largest share of educated population - this is all about the Republic of Korea. At the same time, a little more than half a century ago, one could only sympathize with this state in economic terms.

But how did South Korea manage to achieve such an impressive result and why has the dizzying success today turned into a real tragedy for the people of the country?



The secret of the “economic miracle” that the Seoul authorities managed to achieve in less than half a century lies in three components.

First, abandoning the agricultural model and focusing on the industrial model of development. But there is an important nuance here.

The authorities relied on several “clan” companies, for the development of which colossal funds were allocated, which allowed them to very quickly grow into world-famous corporations. In Korea they are called "chaebols".

Secondly, the culture of education. The above-mentioned companies needed highly qualified personnel, and therefore the authorities made university education accessible and as prestigious as possible.

Thirdly and finally, corporate culture. Koreans are by far the most hardworking nation. For most citizens of a given country, work is more important than personal interests and even family. At the same time, for some, the meaning of life lies in work.

It would seem that the Seoul authorities have built an economic model that can ensure the country's prosperity for decades to come. However, this is not the case, and right now Korean citizens are paying a heavy price for the aforementioned “economic miracle.”

Thus, in the country today there are about 45 “chaebols”, including such well-known companies as Samsung, LG, Hyundai, etc. They provide about 85% of the country’s total GDP. However, these companies create only 10% of jobs.

At the same time, there is a high demand for blue-collar jobs in the country, but Koreans with higher education do not want to be hired for low-paid jobs that do not correspond to their qualifications.

As a result, the Republic of Korea today experiences a high level of unemployment. This has led the authorities to even establish an assistance program for young professionals, which allows them to find work abroad.

In turn, the corporate culture that has developed in Korea over the years puts enormous pressure on those who are unemployed.

All of the above has already led to the fact that South Korea today has become a country with the “most unhappy population” and the highest suicide rate.