AS A MIDDLE Eastern oil shock rocked the world, South Korea’s president sounded a defiant note. “It is as if the ship of the Korean economy…has started to be shaken, and behind those rough seas, a much stronger sea wind is blowing,” said Park Chung-hee. It was 1974, three months after the first Arab oil embargo rocked global markets. Park nevertheless vowed to press on with an ambitious plan launched a year earlier to prop up the sectors, such as heavy machinery and chemicals, that would propel South Korea into the future.
Source:
www.economist.com
