This refers to the rapid industrialization and modernization of South Korea's economy from the 1960s onwards, transforming it from a poor agrarian society into one of the world's largest economies.
Think of South Korea's economic growth like a student who starts off struggling in school but then gets a tutor (in this case, government policies and foreign aid), studies hard (industrializes), and ends up getting straight A’s (becomes an economic powerhouse).
Miracle on the Han River: The term used to describe the period of rapid economic growth in South Korea following the Korean War.
Chaebol: Large family-owned business conglomerates in South Korea that played a significant role in its industrialization.
Industrialization: The process by which an economy is transformed from primarily agricultural to one based on manufacturing goods.
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