South Korea’s renaissance
From Korean War to the ‘Peace Olympics’
SEOUL – When South Korea hosted the 1988 Summer Olympics in Seoul, it was a coming-out party for a poor country still recovering from the ruins of the Korean War.
Fast-forward to today, and South Korea is a much different place as the Winter Games begin in the city of Pyeongchang. Seoul, the capital, is a dynamic hub of 25 million, and South Koreans enjoy a standard of living on par with most developed countries.
This global powerhouse is home to Samsung, the world’s largest phone manufacturer, and Korean
brands LG and Hyundai are household names. South Korea ranked No. 1 for the fifth year in a row on the 2018 Bloomberg Innovation Index; the USA slipped to No. 11.
The country produces movies, music and fashion that travel far beyond its borders, such as the blockbuster success of K-pop. Americans are familiar with Psy’s Gangnam Style, and the crossover success of boy band BTS, whose latest album debuted at No. 7 in September on the Billboard 200.
Getting to this point of economic prosperity hasn’t been easy. After the Korean War ended in 1953, South Korea was one of the poorest countries in the world. The average income by 1960 was just $158 per year, poorer than developing nations from Liberia to Guatemala.
What followed was a period of growth and development so incredible it’s often called “The Miracle on the Han River.”
Fueled by determination and hard work, South Korea built a modern economy that began with light industries such as garments and textiles, then ramped up to shipbuilding, steel, automobiles and electronics.
South Korea received billions in aid from the United States, partly in exchange for sending more than 300,000 troops to the Vietnam War.
The modern-day South Korea still deals with political struggles and corruption, as well as its belligerent neighbor North Korea and leader Kim Jong Un’s nuclear ambitions.
Koreans took to the streets last year to protest swirling scandals enveloping President Park Geun Hye — daughter of former dictator Park Chung hee, who was assassinated in 1979 — leading to her impeachment and the peaceful election of President Moon Jae In, who took office in May.
Moon has positioned these Olympics as the best chance to kick-start a tense relationship with North Korea, which sent athletes and performers to the Games. Sports diplomacy could be key to what Moon has regularly called the “Peace Olympics.”
Seoul Mayor Park Won Soon echoed that notion. “At the 1988 Seoul Olympics, much was talked about in terms of national power and rankings,” he said. “But now in 2018 at Pyeongchang, we should talk more about peace and prosperity.”