Investment in human capital in South Korea
Many people know the main driving force behind the Korean economy is human capital. During the post-war period, the South Korean government actively implemented several programs to improve the quality of education. As a result of such initiatives as the Adult Literacy Campaign, the Investment to Improve School Conditions and the 6-Year Plan for Completing Compulsory Education, in the 1950s, the illiteracy rate among adults decreased by 42%. In the 1960s, Universal Primary Education was achieved, with more than 96% of children completing primary school. The Korean government’s strategy for expanding the education sector was consistent. In the 1950–60s, the main focus was on expanding primary education. In the 1960–70s, the focus switched to secondary education. In the 1980s, the government launched the “massification” of higher education through market levers (increasing demand for higher education and technical specialties). As a result, in the 2000s, the university enrollment rate stood at more than 80%. According to international studies, the main determinants of quality education in a country are choice and competition, decentralization and autonomy. There are about 200 universities in South Korea, most of which are private, significantly increasing competition and decentralisation. Over the past years, in order to keep up with the times and be among the most advanced countries, the government has been investing massive resources in the field of STEM (science, technology, engineering and mathematics), investing a trillion won in R&D.
Interesting facts about South Korea
What comes to mind when you hear “South Korea”? Kimchi? K-pop? Gangnam Style? Squid Games? Parasite? Yup, they’re all from Korea—but there’s so much more to this fascinating country. Hallyu (the Korean Wave) has definitely put Korea on the global stage. You’re likely already familiar with K-pop (BTS and BLACKPINK), K-dramas (Squid Games and Crash Landing on You), and Korean films (Parasite and Minari). There’s no denying that Korean entertainment is becoming popular globally. But it’s also spilling over into other areas, like sports. Any true UFC fan will know the recently retired UFC fighter, a.k.a. the Korean Zombie, Jung Chan-sung. Football stars like Son Heung Min and Kim Min Jae are making waves in European football. Ryu Hyun Jin has made a name for himself in MLB. And who can forget the queen of the ice, former figure skating star Kim Yuna? But South Korea isn’t all fun and games. The Korean education system is well known for being very rigorous. It’s helped Korea become known as one of the most technologically advanced countries in the world. Thanks to credit cards and digital payment apps like Apple Pay, Korea is quickly becoming a cashless society. The Seoul subway system is even experimenting with tagless subway gates that operate via Bluetooth, so you don’t even have to swipe a card or phone. Companies like Samsung, LG, and SK Hynix are global powerhouses when it comes to emerging technologies. Their success has contributed to South Korea ranking second worldwide in AI and robotics adoption, according to the World Economic Forum. South Korea is indeed on the cutting edge of technological innovation. Something that appeals to international students but isn’t always well known is that Korea is very safe. According to Statista, the crime rate in Korea stood at just 2,960 crimes per 100,000 population. In addition, Korea, particularly Seoul, has some of the most robust, affordable and clean public transportation you’ll find. It’s easy (and safe) for you to get out and explore the country while you’re here. Are you keen to experience any of these things for yourself? What better way to do it than studying in the Land of the Morning Calm?