How South Korea transformed from poverty to a global economic powerhouse in 75 years

Explore the stark economic contrast between North and South Korea. This episode traces South Korea's rapid growth through textile exports and examines the survival of entrepreneurial spirit within the restrictive environment of North Korea.

Following the end of World War II, the Korean peninsula split into two distinct power structures. While South Korea evolved into a global exporter of goods like Samsung televisions and cultural phenomena like BTS, its economic trajectory was vastly different just 75 years ago. The nation's path out of poverty was fueled by the textile industry and a strategic partnership with Bangladesh.

The episode also investigates the nature of capitalism under a socialist regime by following a woman operating a small business in North Korea. It highlights the Donju, an affluent entrepreneurial class, and questions how private enterprise functions within such a highly restrictive society.

Source: Getting entrepreneurial in Korea (Summer School) | Planet Money