Abstract
The major characteristics of South Korea’s economy had been set up during 1970s. The legacy of South Korea’s economic development model was created during the last half of 1970s. The export-oriented economy became the major characteristics of South Korea’s economy. Politically, the legacy of Park Chung-hee as a godfather figure developed the model led by a strong Presidential leadership. Economic initiatives introduced and carried out by a person not by the system. Socially, the sufficient distribution system of wealth was forced to be sacrificed for the economic development. The reports of Los Angeles Times and New York Times confirmed the facts. South Korea achieved its economic miracle. The legacy was established in the 1970s especially the late half of the decade. Through the reports of those two major American newspapers a new image of South Korea was created while they provided vivid American views on South Korea’s economic development of the period.
Highlights
Under the leadership of Park Chung-hee, South Korea’s GDP increased 452% (1962-1980) and the total volume of exports skyrocketed from $10 billion in 1964 to $1 trillion in 1978
In 1978 South Korea became a country of achieving economic miracle and the pace was faster than that of Japan
This study aims to provide the American views on the South Korean economic miracle with the thorough examination of the reports from the Los Angeles Times and New York Times, two American major newspapers during this period
Summary
Under the leadership of Park Chung-hee, South Korea’s GDP increased 452% (1962-1980) and the total volume of exports skyrocketed from $10 billion in 1964 to $1 trillion in 1978. South Korea maintained an average of 8.5% increase of GDP and achieved the fastest economic development in the world (Kim, 2005). Even though Park limited democracy and political freedom for the sake of economic development, South Korea became one of the model countries for the economic development of the Third World. Chicago Tribune did not deal with this subject for entire 1970s They had some biased views, the views from outside on this matter would provide a true nature of South Korea’s economic miracle of the late 1970s. The positive and negative nature of South Korea’s economy can be examined to clearly acknowledge what is the South Korean model of economic development
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