In 1948 South Korea had per capita income of $48, a level of earnings that placed its economics below those of sub-Saharan African countries. At the time one U.S. official concluded that “Korea can never attain a high standard of living.” The reason, he observed, was that “there are virtually no Koreans with the technical training and experience required to take advantage of Korea’s resources and effect an improvement over its rice-economy status.”
The present is always a lousy predictor of the future.
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