How did South Korea go from war-torn poverty to one of the richest, most innovative economies on the planet?In this episode of Dollar Dialogue, Supreeth Nagella and Arib Malik unpack the true story behind what economists call the “Miracle on the Han River” — South Korea’s rapid transformation from the ashes of the Korean War to the world’s 10th largest economy. We also got a beloved South Korean speaker on our podcast today, and his name is Min Seop Mason Kim From government-driven industrial policies and export-led growth to the rise of the chaebols (family-run business empires like Samsung, Hyundai, and LG), South Korea’s playbook wasn’t textbook capitalism — it was a unique blend of authoritarian leadership, global trade, and relentless human capital investment.But the story doesn’t end there.We explore how the 1997 Asian Financial Crisis nearly toppled Korea’s economy and how IMF-led reforms forced the country to become more transparent, efficient, and competitive. It’s a lesson in resilience — and in the risks of over-concentration, corporate cronyism, and rapid growth without safety nets.Fast forward to today, and South Korea is a global leader in semiconductors, EV batteries, and pop culture — but faces new challenges:🏠 Sky-high housing costs📉 Lowest fertility rate in the world (0.72)🧠 Youth unemployment and mental health crises🌐 Dependence on exports in an era of global volatility🇨🇳 Rising tensions with China and North KoreaWe also draw lessons for emerging markets like Bangladesh:🔹 How to balance growth with equity🔹 Why smart industrial policy matters🔹 The power of investing in education, infrastructure, and digitization🔹 And why avoiding a "chaebol trap" is key to building a resilient middle classWhether you’re a student of economics, a policymaker, or just someone curious about what makes an economy click, this episode is for you.Until next time —this is Dollar Dialogue, changing economics one dialogue at a time. 🎙️