Economic miracles came with big help from friends

Every generation needs a revolution - an entrepreneurial revolution

We often are mystified by the miracle of economic development of neighboring countries.  With no extractive wealth resources these countries managed to be richer than most of other nations.

But they did with much help from friends.    US helped Japan by encouraging it to manufacturing goods and exporting the same to US.  Korea survived postwar with aid from USA sometimes up to 80% of Korean budget and entering into huge contracts with US companies for outsourcing.   China grew big because of outsourcing of cheap products for US retailers.   Taiwan industrialized when under Japan.   It developed its agriculture when it exported food to Japan

We are glad that PHL on its own step by step grew on its own.  By trial and error.   

Immense influence of a private corporation in nation's economy

Every generation needs a revolution - an entrepreneurial revolution

Samsung contributes 20% to SKorea GDP -  one of the biggest in the world.   And the company's control over its affiliate is immense.  And it is controlled by just one family

I have been to Samsung community -  factories with dormitories, mall, hospital, church so that employees do not have to go out of the complex.

In Korea, it is the goal of every student to work for Samsung.   

Its unbelievable.  

Secret of South Korean Economic Miracle

Every generation needs a revolution - an entrepreneurial revolution

Having suffered from NK and China invasion South Korean was poor.  Until 1960 it was still so poor.  However after several decades  South Korean is one of the most prosperous country in Asia, having reached  1 $ trillion GDP, and with standards of living nearly equalling that of Western countries.

What were their secrets to success.  There were 3:

1.   Chaebols employed to industrialize export and grow;

2.   Education

3.   Strong work ethic  (due to the Chaebol) and country's drive to excel

Now its no longer working because competition in education and work place is so intense, many Koreans are unhappy and suicide rate is one of the highest.