Part 5/10:
Comparative Success: South Korea’s Transformation
South Korea serves as a poignant example of successful institutional reform. After the Korean War, both North and South Korea emerged from similar circumstances, yet pursued vastly different paths. South Korea embraced international trade, promoted industrial growth through government backing, and ensured property rights were respected. As a result, it transformed into an economic powerhouse, starkly contrasting North Korea’s ongoing struggles and isolation.