ABSTRACT
Within approximately a single generation, South Korea, 1 the Miracle on the Han River, has transformed itself from an aid-dependent developing country following the Korean War, 2 to one of the richest countries in the world. From being a basket-case economy that relied on foreign aid for survival, it is now a donor country that is pulling its weight as a global citizen. Although the 1997 Asian financial crisis threatened to engulf the country’s economy, by 2016 Korea emerged as the eleventh largest economy in the world and fourth in Asia after China, Japan and India, according to The World Bank (2017).
