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At the end of World War 2, South Korea remained largely dependent on U.S
aid, however an internal revolution occurred in South Korea in 1961. The new
rulers decided the country should become self-reliant by utilizing five-year
plans. They were designed to increase wealth within South Korea, and make
it more politically stable. A change in policy from import substitution (replace
imported goods with locally produced goods. Usually finished manufactured
goods), to export orientated (Selling goods abroad to increase
industrialisation).
Through the implementation of the five-year plans South Korea has changed
from an underdeveloped country after World War 2 to become the 14th largest
economy in the world. It is a high-tech and rich manufacturing economy.
The country has focused upon high quality, skill intensive industries such as
electronics (LG) and cars (Hyundai). In order to develop they invested 14% of
their GDP in to education to create a skilled workforce. They have
successfully transformed their economy.