South Korea's Economic Miracle

South Korea's transformation into a global economic powerhouse is often regarded as an economic miracle, stemming from its rapid development since the 1960s. The country boasts competitive industries in shipbuilding, advanced manufacturing, and automotive production, all while maintaining a relatively low public debt. This success, however, stands in stark contrast to North Korea's economic struggles, highlighting the effectiveness of market capitalism and democracy in fostering growth. Yet, South Korea's economic prosperity may be more the result of careful management and external assistance than an organically flourishing economy.