South Korea has shown dramatic growth in the past decades quickly rising from third to first world in a span of a few decades. Often being dubbed a miracle, it is now the 13th largest economy in the world with renowned brands such as Samsung that is comparable to United State’s Apple. However, her success did not come easy. South Korea, henceforth Korea, has experienced a difficult transition to democracy after the end of Japanese colonial rule in 1945. Liberalization did not occur until the 1987 June Democratic Uprising, yet today; democracy in South Korea operates more efficiently compared to any other Third World countries .
It is ranked first for their education system. Students in South Korea study for very long hours. Reasons why students in South Korea achieve great results is because, they believe in hard work instead of talents. Even though some may be talented, they still study hard to attain good results. Their culture strongly believe in hard work and diligence over all.
Korean went from a mostly agricultural economy to one that had free markets and an economy that was becoming rapidly industrialized by the day. The reason that Japan was successful at this was in part due to the policies introduced by Kazushige Ugaki and also because Japan needed the raw materials that Korea would provide. Because Japan had industrialized and modernized Korea so much, by the time 1940 was over, Korea was the second most industrialized country in all of Asia, second only to Japan. Today, the effects of Japan’s occupation of Korea are prevalent. Korea has the 4th largest economy in Asia, 11th in the world, and leads in industries such as electronics and
Since then the United States have spent large amounts of money, thus developing a budget for education. Also the United States has kept record of how the children are being educated and the outcomes of that. Through that “politicians and corporate leaders believe that the way to solve society’s most pressing problems is through educational reform, thus bringing eye to it from the public and politicians” (Theodoulou & Kofinis, 2012). Initially what sparked such a strong focus on education was,
South Korea’s economic system is capitalism, where businesses and properties are privately owned. The owners can increase their wealth, as well as own their properties and the citizens have the choice whether to consume or not the goods and services. While in North Korea, their economic system is communism, where all production, consumption, and distribution is controlled by the government. The businesses have quotas and the citizens get the same amount of goods and services, where they cannot deny the amount even if it is too small. When the Koreas reunite, decisions might not be made because both economic systems have its own benefits and disadvantages.
Importing of foreign labour could also be another way in keeping the economy growing to the fullest as it can relieve shortages of labour. With its fast-aging population, South Korea has gone from a country where labor was the only abundant resource to one seeking foreigners to help run its plants, farms and industries such as clothing and construction. The Korean labour market has been near full employment since the mid 1980s. Unemployment rates have been around 2.5 per cent. For example, in 1995, the unemployment rate was only 2 per cent.
Considering that Korea was one of the poorest countries in the past, Korea stood at the thirteenth place in world’s largest economy in 2007. Korea also surpassed United Sates $20,000 mark in per-capita. Both were one of the greatest achievements that Korea achieved and it shocked not just the United States but also other countries around the globe. In addition, the world saw how South Korea was included in the list of countries that were able to recover quickly and efficiently when the Asian financial crisis occurred in 1997. The recovery post the Asian financial crisis embarked their path to innovation and genuine economical
They found the positive role of education as in every year of education brings about 7 percent revenue for wage earners or labour. They found the effect of technical training and private schools is positive and significant. The impact of government spending on education on economic growth of Pakistan for the period ended 1980-2009 was explored by Kakar, et al (2011), they concluded that education has a long -term relationship of economic growth. They suggested that Better standards of education can improve the efficiency and productivity of the workforce and its impact on economic development in the long run. The impact of vocational training on economic growth of Pakistan for the period 1980-2010 was determined.
• Adapts work force to the shifts in the economy. The formal education system offers a systemic orientation through school, technical, vocational and higher education and ensures quality of education and overall enrolment. On the other hand, skill development looks at upskilling existing workforce, unemployed (educated and dropouts) and some with in the fold of formal education. There are certain areas that demand innovation and entrepreneurship, skill development enhances capacities such that the demands are met. Skill development ensures enhancement in labour force participation, quality of labour and productivity of labour leading to overall growth of economy.
In this age, the K-12 education system is merely a long-term extensive college preparation course. The changing demands of society, including rising competition and deviation from manufacturing labor to service-providing careers, can be attributed to the substantial focus on higher education. As education provides the opportunities for new generations to meet these new demands, society is beginning to improve on virtually every level, from to justice. This is because, in order to successfully alter a society, the society must formally encourage change at the individual level. Thus by advertising higher education to the masses, the future society will reap the benefits of the individual on a larger scale.