Introduction
Kim Joo-sung is known as the man behind South Korea’s rapid economic growth in the 60s and 70s. However, there are many things that people don’t know about him. In this blog post, we will highlight ten things you didn’t know about Kim Joo-sung and his contributions to South Korea’s economy.
1. He Was a Freedom Fighter
Before his economic contributions, Kim Joo-sung fought against colonialism and the Japanese. In fact, he was part of a resistance group that was captured and imprisoned by the Japanese for three years.
2. He Studied in Japan
After his release from prison, Kim Joo-sung moved to Japan to further his studies. He attended Waseda University and graduated with a degree in economics.
3. He Became the First Finance Minister
Kim Joo-sung became the first finance minister of South Korea in 1948. He helped establish the Bank of Korea and implemented policies that helped stabilize the South Korean economy.
4. He Led the Economic Planning Board
Kim Joo-sung also led the Economic Planning Board, which was responsible for developing and implementing long-term plans for the South Korean economy. He played a crucial role in the country’s industrialization.
5. He Introduced the Five-Year Economic Plan
Under Kim Joo-sung’s leadership, South Korea introduced the Five-Year Economic Plan. This plan focused on developing heavy industries such as steel, shipbuilding, and petrochemicals. It was highly successful and helped South Korea become an industrial powerhouse.
6. He Was a Founder of POSCO
Kim Joo-sung was a founder of POSCO, a steel company that became one of the largest in the world. He believed that developing heavy industries was crucial to South Korea’s economic growth.
7. He Encouraged Export-Oriented Growth
Kim Joo-sung recognized the importance of export-oriented growth and encouraged South Korean companies to focus on exporting goods. This strategy was highly successful and helped South Korea become a major player in the global economy.
8. He Was a Believer in Education
Kim Joo-sung believed that education was the key to South Korea’s economic success. He implemented policies that focused on improving the education system and increasing access to education for all.
FAQs
Q1. Was Kim Joo-sung a politician?
Yes, Kim Joo-sung was a politician. He was the first finance minister of South Korea and also led the Economic Planning Board.
Q2. Did Kim Joo-sung fight against colonialism?
Yes, Kim Joo-sung fought against colonialism as part of a resistance group that was captured and imprisoned by the Japanese.
Q3. What is the Five-Year Economic Plan?
The Five-Year Economic Plan was a plan introduced by Kim Joo-sung that focused on developing heavy industries such as steel, shipbuilding, and petrochemicals.
Q4. Was POSCO successful?
Yes, POSCO was highly successful and became one of the largest steel companies in the world.
Q5. Did Kim Joo-sung believe in education?
Yes, Kim Joo-sung believed that education was the key to South Korea’s economic success.
Q6. What is export-oriented growth?
Export-oriented growth is a strategy that focuses on exporting goods to boost a country’s economy.
Q7. What was the role of the Economic Planning Board?
The Economic Planning Board was responsible for developing and implementing long-term plans for the South Korean economy.
Conclusion
Kim Joo-sung was a freedom fighter, politician, and economist who played a crucial role in South Korea’s rapid economic growth. He introduced the Five-Year Economic Plan, encouraged export-oriented growth, and believed in the importance of education. His contributions to South Korea’s economy are immeasurable. Today, South Korea is a leading player in the global economy, and we have Kim Joo-sung to thank for it.