East Asian Culture and Economic Miracle: The South Korean Experience

After the economic destruction of advanced nations including Japan during to the Second World War, the countries gradually recovered to register impressive growth rates until 1980s; included in this rank is some developing countries. Tremendous growth rates were seen in newly industrialised nations such as Hong Kong, Singapore, South Korea, and Taiwan since the 1980s. At present, the Chinese economy is fast expanding and is the fastest growing after Malaysia and Thailand. East Asian economies are among the three major economic powers in the global economy along with the EU and the NAFTA. They share cultural heritage and have worked hard to develop their nations and play an important role in the global economic system. Thus, it is relevant to analyse what are reasons behind East Asian countries’ rapid economic development. Furthermore, it is also important to find out whether culture impact on national development in East Asia. This paper examines the cultural homogeneity in East Asia which is strongly influenced by Confucianist ideology and beliefs in general. It also discusses South Korean economic development strategies and role of culture in particular. Additionally, it analyses whether South Korean economy could develop further by creating technology innovation and strengthening regional economic integration.