he Miracle on the Han River is a term used to refer to South Korea's postwar export-fueled economic growth, including rapid industrialization, technological achievement, education boom, large rise in living standards, rapid urbanization, skyscraper boom, modernization, successful hosting of the 1988 Summer Olympics and co-hosting of the 2002 FIFA World Cup. This growth was accompanied by a democratization and globalization that transformed the country from the destruction of the Korean War to a wealthy and developed country.
For the main section of this paper, I will be looking at the South Korean model, explored above and trying to fit it into the Indian context, and will then make an estimation on how well it holds.
As mentioned above, …show more content…
Confucianism as mentioned earlier, focused on education for all and also encouraged political and economic reforms when they happened. Spirituality, whether we like it or not has a great impact on the psyche of the masses, and this is a good example. Luckily for South Korea, the compatibility of Confucianism with Western formal institutions like capitalism, democracy and liberalism helped it advance in a Western dominated market. While this works in India’s favour too, for example the Bishnoi tribe and environmental conservation, there are quite a few negatives associated with informal institutions in India. Khap Panchayats are the ugly side of the same, blocking education for women and social progress in the heart of the country- its villages. A large and diverse population ensures that no one informal institution can unite the thoughts of the country. In fact, all it seems to be doing currently is leading to more divisions. The only solution for people to overcome this, is for them to take pride in their country. Another trait of the South Korean people, they used the hostility across the border and poor economic conditions to unite themselves and build their ‘own’ country. It is interesting to note that the Gini coefficient of South Korea indicates that economic disparity is very low, primarily because investment in human capital ensured no one was left
For the main section of this paper, I will be looking at the South Korean model, explored above and trying to fit it into the Indian context, and will then make an estimation on how well it holds.
As mentioned above, …show more content…
Confucianism as mentioned earlier, focused on education for all and also encouraged political and economic reforms when they happened. Spirituality, whether we like it or not has a great impact on the psyche of the masses, and this is a good example. Luckily for South Korea, the compatibility of Confucianism with Western formal institutions like capitalism, democracy and liberalism helped it advance in a Western dominated market. While this works in India’s favour too, for example the Bishnoi tribe and environmental conservation, there are quite a few negatives associated with informal institutions in India. Khap Panchayats are the ugly side of the same, blocking education for women and social progress in the heart of the country- its villages. A large and diverse population ensures that no one informal institution can unite the thoughts of the country. In fact, all it seems to be doing currently is leading to more divisions. The only solution for people to overcome this, is for them to take pride in their country. Another trait of the South Korean people, they used the hostility across the border and poor economic conditions to unite themselves and build their ‘own’ country. It is interesting to note that the Gini coefficient of South Korea indicates that economic disparity is very low, primarily because investment in human capital ensured no one was left