Final answer:
South Korea promoted capitalism through state-controlled capitalism, land reforms, large scale industrialization led by major corporations, extensive investment in education, and embracing technological developments. Achieving universal primary education and almost universal secondary education, coupled with high rates of investment in GDP, significantly contributed to the country's substantial economic growth.
Step-by-step explanation:
South Korea promoted capitalism and its economic growth by implementing a strategy that included state-controlled capitalism, comprehensive land reforms, heavy investment in education and technology, and forming strategic partnerships with global firms. After World War II, South Korea underwent significant transformations under a military government, which carried out land reforms leading to increased agricultural production. Rapid industrialization, particularly along the coastal regions, was propelled by major South Korean corporations like Samsung and Hyundai, which have made the nation a leading global manufacturer of automobiles, electronic goods, textiles, and the world's top shipbuilding nation.
Focusing on human capital, South Korea achieved universal enrollment in primary school by 1965, followed by almost universal secondary education by the late 1980s. This investment in human capital was complemented by a substantial increase in physical capital, where South Korea's rates of investment jumped from 15% of GDP at the start of the 1960s to 30-35% by the early 1970s. South Korean students were encouraged to seek scientific and technical training internationally, aiding the technological development of the country, while South Korean firms established partnerships worldwide to gain technological insights, further enhancing the economy's growth potential.
The economic strategies adopted by South Korea, including its historical relationship with the United States, have led to its convergence with the income levels of leading economies such as Japan and the United States. This is a marked contrast to North Korea, where the standard of living and personal income remain low when compared to South Korea's more Western-equivalent levels of personal income and standard of living.