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When the Korean War (1950-1953) happened, the Peninsula has divided into two, resulting in a million people have killed and half of the infrastructure destroyed. President Park realized that the only way to compensate has to put aside the outdated Import Substitution Industrialization Model and implement the Export-Oriented Industrialization Model instead. Despite of such obstacles the Republic of Korea has become the fastest-growing economy in the world with extraordinary economic achievements, once one of the poorest countries. This study, the impact of economic diplomacy on South Korea in the post-Cold War era, and the reasons for rapid growth that changed the socio-economic structure will be discussed according to data in academic publications. At the end of the study, South Korea's economic relations with the Asia-Pacific region will be touched upon.
Yavaş et al. (Tue,) studied this question.