Man, Economy, and Seoul - Christopher Westley - Mises Daily

Man, Economy, and Seoul - Christopher Westley - Mises Daily: "In 1960, per capita GDP in South Korea stood at $79, ranking it among the poorest countries in the world. In 1970, vast areas of Seoul had yet to be electrified. Yet, from the 1960s through the 1980s, the South Korean economy grew at an average rate of 8 percent a year, and today per capita GDP is about $32,400.  What did it do right that persistently struggling economies do wrong?

The short answer is it saved. Korea is part of a broader Asian culture that encourages saving, resulting in low Asian time preferences developed over centuries in order to survive on rice-based diets and fluctuating fresh water sources. Furthermore, the generation that emerged from post-war South Korea is similar to the generation that emerged from the Great Depression in the United States in that both survived by valuing thrift and an efficient use of resources. Institutional development over this time rewarded saving that would be transformed into the capital structure necessary for wealth creation in the future. The resulting low interest rates brought about sustainable economic growth marked by output that individuals had saved to purchase."

"how Koreans access their apartments (they often put down a single large payment and allow the apartment owner to earn interest off it in lieu of rent)"