For 35 years from 1910 to 1945, our country was under foreign rule. Due to the Korean War in 1950, our land was devastated. After the war, its GNI per capita was around $50, which was among the lowest in the world. In 1960, it increased to $67 when Ghana’s GNI per capita was $100 and the Philippines $200. American war hero Douglas MacArthur commented, “It will take at least 100 years for Seoul to restore from the debris.” A British newspaper made a skeptical comment that the chance of a rose blooming out of a trash heap would be bigger than the chance of Korea being able to stand alone, after going through Japanese occupation and war.
Despite all the skepticism, Korea made an economic miracle by increasing its GNI by 380 times and GDP 750 times in half a century. In 1996, it joined the OECD. In 2007, its GNI per capita exceeded $20,000. In less than 50 years, it moved from the poorest to one of the 10 richest countries in the world. In 2010, it joined the OECD Development Assistance Committee, known as “advanced nations’ assistance club.” Korea is the only country that transitioned from an aid recipient to a donor since the foundation of the OECD in 1961. Our country sends the second largest number of volunteers abroad after the United States.
Korea’s Democratization
Korea is the only country that achieved both industrialization and democratization among the 140 countries that gained independence after the end of WWII. Korea achieved democracy only in one generation. The Economist Intelligence Unit’s (EIU) democracy index offers an objective indicator of each country’s democracy. The democracy Index evaluates the state of democracy on a 10-point scale based on the measurement of five categories, including electoral process and pluralism, civil liberties, the functioning of government, political participation, and political culture. In the 2016 Democracy Index, Korea was ranked 24th with an overall score of 7.92/10, the same as France, while the United States was scored 7.98 and ranked 21st.For the past 15 years, Korea has remained among the highest-ranked in Asia and higher than many European countries. From 2008 through 2014, Korea scored consecutively above 8.0, which indicates full democracy.
Korea’s Economic Globalization
You probably know the Korean brands Samsung and LG. In 2017, these two brands topped the rankings of the U.S. electronics market share and customer satisfaction. U.S. market research firm TraQline reported that Samsung remained at the top with a share of 18.2% in the second quarter of 2017. Samsung took the top spot over General Electric (GE) by capturing a 16.7% market share in the second quarter of the previous year. Samsung is constantly battling with Apple for the top spot in the global smartphone market share. According to U.S. market research firm J.D. Power’s 2017 customer satisfaction studies, LG was ranked highest in 7 out of 11 kitchen and laundry appliance segments.
Your Perspective on Korea
Korea possesses rich cultural and historical heritage, inherited from its 5000 years of history. Korea is ranked first in Asia and fourth in the world in the number of items inscribed on the UNESCO Memory of the World. The Korean alphabet Hangeul is the only alphabet that was scientifically invented for the people by a ruler. Koreans printed books with movable metal type 78 years earlier than Gutenberg. Some may call our achievements a miracle. However, we know they are grown in rich soil, enriched with ancestral wisdom.
Now, what do you think about Korea?
