It has been a puzzle to many economists for long time why Korean economy has grown faster than most of other devel oping countries. The experience of Korean economic growth has now become a classic example of a successful story of dev elopment and industrialization.
It is very often said that the rapid economic growth and industrialization of Korea since the early 1960s is primarily attributable to its people, not only diligent but also well-educated. When Korean economy initiated its mode
ization and development in the early 1960s, it had almost nothing but human resources as meaningful factors of economic growth and development. Arable land accounted for less than a quarter of the total area. The country had one of the highest population density in the world. It had significantly limited natural resource. In addition, due to its historical reasons, Korea had all of the disadvantages of underdevelopment: a lack of accumulated capital and technology and a scarcity of appropriate institutions and enterprises. The only asset that Korea could rely on for its economic growth and development was its abundant human resources with a relatively high level of education, motivation, trainability, and ability to work together.