The Miracle on the Han River is a term used for the fantastic economic development of South Korea in the second half of the 20th century and can be extended to the period of the beginning of the 21st century. It is a phenomenon that deserves the recognition that economic experts rightly give it. The development of the South Korean economy, and at the same time the progress of the political and social order, is undoubtedly impressive. In the middle of the 20th century, South Korea was a war-torn, poor and backward, mostly agrarian country, which belonged to the group of countries that formed the “Third World” and depended on foreign aid. In the following decades, rapid transformation followed. Economic and social development transformed the country from a poor one to one of the richest countries in the world.
Despite the lack of natural resources, the country developed rapidly, and based its development on international trade…
