Not long time back South Korea was considered as a very poor and backward country and its economy, which mainly dependent on agriculture was really passing through a bad phase. It was even more distressing than some poor African countries. The disturbing economy was then entirely depending on financial help from other countries. The speedy recovery and revival in its economy and its transformation to a developed country in the last few decades made South Korea one of the vibrant economies in the world and its gross domestic product kept on increasing. The world witnessed a spectacular rise from one of the most underdeveloped and poor country in the world to a highly developed and economically strong country within a span of few years. Their wonderful and upward economic growth and technological development is simply unbelievable, which ultimately brought South Korea to come up to share the stage of economically developed countries. The rulers of the economically downtrodden country that grabbed the reign of the country for years took the strongest possible method of economic reforms and strong economic commitment for the growth and development of the country. The imminent result came in handy and the country’s huge industrialization really paid off and quite naturally the economy bounced back and also the per capita income of the South Korean people came up handsomely. Because of huge industrialization the country became a strong economic power and possessed a highly skilled labour force. An overall improvement in the business atmosphere and policies undertaken to incentivize investment opportunities are the factors that led to and contributed in the rise of its economy in the international market and rapid industrialization in South Korea.
And quite naturally along with others the education sector was modernized and revamped and was given a new look by the long-winded approach of the successive governments in South Korea. The growth in the industrial sector put paid to the natural increase in the number of educational institutions and commercial projects in many major cities invited the rural population to straighten out in the semi urban and urban areas. Seoul all of a sudden became a very crowded city and a nucleus for educational studies that automatically promotes the communication and media, newspaper, print and publications. Different activities were carried out to expand and update the system of communications. Seoul thus became one of the most sought after locations for the students from the entire world to study in South Korea. With the change in the demography of South Korea the status of the middle class completely emerged. Reforms in the land holding policy in the early 50s completely destroyed the system of Yangban and there came the new generation elites. The subtle change in the nucleus of social fabric completely eradicated the extended family system. Huge shift from rural to urban ultimately entirely destroyed the traditional big family formula and practices, because they are forced to settle in small houses as they have small family and nuclear family. The economic drive that was carried out through the country helped to the conception of multinational business system. Big industries houses like car manufacturing companies, ship building, and export promotions units helped the country by providing for millions and millions of job opportunities and thus played an important role in the country’s economic growth and upliftment.
Rapid industrialization and development in technology and also innovative ideas to sustained growth and development also played an important and crucial role in advancement of its economy. Conducive business atmosphere in the country always supports and invites foreign investments and in the ease of doing business category South Korea holds a very envious position in the world economic forum. South Korea faces an uphill task in its promotion of exports and innovative business skills as it has been facing a constant challenge and competition from the neighbouring country like China. And quite naturally this has given a negative impact in its export oriented promotional business because China has been an age old trade partner and a huge chunk and quantity of goods and materials were imported by China. The priority and importance of highly skilled research and development programme in the manufacturing sector has been duly given and as a result China has emerged as a technically developed country. The import policy of China has been changed to make a completely independent country in respect of technological development. The consequential urbanization process and a small family concept along with women’s participation in the market has increased the life expectancy and the population is on the verge of declining stage.