South Korea's remarkable economic and technological transformation after the Korean War (1950-1953) is often referred to by observers and historians as the "Miracle on the Han River." The country rose from the ashes after the Korean War to become the 12th largest economy in the world and 4th in Asia. South Korea also became one of the most technologically advanced countries in the world in a short span. Through personal observations, research, and careful analysis, the authors are able to look behind the public face of South Korea and identify both the factors that contributed to the total makeover and the price that South Koreans have had to pay and continue to pay to reach some astounding accomplishments. South Korea's transformation is the result of a strong work ethic, entrepreneurship, emphasis on education, pragmatism, nationalistic fervor, personal and collective sacrifices, and stress on efficiency in a highly competitive environment that permeates throughout the culture. Efficiency is deeply ingrained in the fabric of the culture and society, including education, government, and in such areas of business and industry as construction, transportation, the medical profession, and even everyday life. The same efficiency that contributed enormously to Korea's economic and technological achievements has also been at the root of the high price that Koreans--both adults and school children--have had to pay for the nation's accomplishments, thus the title of this book. As a result of the prevailing efficiency, the technology coming out of Korea can compete in today's consumer-oriented society against all comers, including Apple, Ford, GE, GM, Google, Honda, Intel, Kenmore, Toyota, and Whirlpool. However, South Korea has not limited its exports to high tech, cars, household appliances, and cosmetics. The country is now successfully exporting its culture in the form of K-Pop, spirituality, and yoga as well as popular television dramas featuring chiseled faces of beautiful young people and refined images of Gangnam, Asia's plastic surgery capital made famous by Psy's 2012 satirical mega-hit "Gangnam Style" for its extravagant and superficial lifestyle. In spite of the country's undeniable success, looming in the horizon are some formidable challenges, including one of the fastest aging populations among OECD (Organization for Economic Cooperation and Development) countries and related increased expenditures on social services, a persistently low fertility rate, an overemphasis on higher education, which has created a period of degree inflation, and high youth unemployment. The critical question is whether the leadership and the country are prepared to face yet another difficult test by implementing long-range solutions to a very challenging set of conditions.
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