Balancing economic and social development

South Korea has been an example for all developing countries by being the first and only "graduate" from developing to developed country, and by doing it all in less than one generation. In economic terms, South Korea has an exceptional track. The following video from prof. Victor D. Cha of Georgetown University points out the following 3 key lessons for developing from South Korea

1. Rational economic decisions 
2. Pragmatic and fast responds 
3. Tough negotiators to achieve the expected results

Tres Lecciones de Corea para LAC from BIDtv on Vimeo.

However, Prof. Cha also points out the cost of development, which for Korea it was mostly in terms of social cost. Despite its development, South Korea has remained the highest among OECD countries in suicide rate for 10 consecutive years (2002-1012) mention a recent article in The Korea Herald quoting OECD Data.

One of the most mentioned reason for social stress in Korea (including suicide) is linked to what can be one of the main causes of South Korea development: a strong internal competition. As mentioned in the video social pressure to get into the best university or company is a common cause of stress that could also be related with South Korea having the highest smoking rates among men, and one of the highest in alcohol consumption.

Living in Korea I saw examples of this very often, and it was impossible not to compare with my more relaxed Latin culture. While I've to accept that Korean efforts definitely drive them higher in education and work related goals than most Mexicans; it is clear than Mexican people enjoy life more than Korean (in general at least!).

The South Korean case shows that while economic development is needed to overcome poverty, it is not enough to guarantee a happy life for everyone. Social development such as having a satisfactory level of gender equality and job rights are important for people to transform economic benefits into a higher quality of life.