Rapid Industrialisation under Strong Leadership
In October 1963, Park Chung-hee, the leader of the military coup, was elected president following an election. His administration initiated a state-led, export-oriented strategy to drive economic growth. This policy prioritized large corporate firms, aimed to boost employment, and enhance Korea’s competitiveness. The shift from import substitution industrialization (ISI) to export-focused policies in the early 1960s propelled Korea’s remarkable economic expansion. Initially, the government supported labor-intensive light industries like textiles and garments, leveraging Korea’s comparative advantage. Subsequently, in the late 1960s and 1970s, the emphasis shifted to heavy and chemical industries to add value to the economy. Industries such as steel, non-ferrous metals, machinery, shipbuilding, electronics, and chemicals were identified as crucial for economic development.
In 1970, the New Village (Saemaul) Movement was launched to modernize the agricultural sector and uplift rural communities. This initiative empowered rural populations to actively participate in community development, extending later to urban areas and industrial neighborhoods. Korea now shares the principles of this movement with other developing countries seeking similar progress.
Korea’s economic success can be attributed to effective leadership, skilled bureaucrats, proactive industrialists, and a capable workforce. Government incentives encouraged entrepreneurs to boost exports and innovate. The nation’s high literacy rate and open economic policies facilitated the absorption of advanced technologies and foreign investments. Additionally, remittances from overseas Korean workers contributed to economic development.
Economic growth formed the cornerstone of Park’s enduring political power. He amended the constitution to extend his tenure and implemented the Yusin Constitution in 1972, granting the president unprecedented authority. This concentration of power temporarily halted democratic progress in favor of economic advancement. However, challenges emerged with the second oil crisis in 1979, coupled with opposition against Park’s authoritarian rule and suppression of dissent. Park’s presidency ended abruptly in October 1979 with his assassination, marking a turbulent period of economic crisis and political upheaval.
Rapid Industrialisation under Strong Leadership| Class 11 History Notes
South Korea’s journey toward rapid industrialisation under the firm leadership of President Park Chung-hee marked a transformative era in the nation’s history.
Through a combination of strategic policies, strong leadership, and the collective efforts of its people, South Korea emerged as a global economic powerhouse. Let us learn more about the rapid industrialisation under strong leadership!