Abstract

The major characteristics of South Korea’s economy had been set up during 1970s. The legacy of South Korea’s economic development model was created during the last half of 1970s. The export-oriented economy became the major characteristics of South Korea’s economy. Politically, the legacy of Park Chung-hee as a godfather figure developed the model led by a strong Presidential leadership. Economic initiatives introduced and carried out by a person not by the system. Socially, the sufficient distribution system of wealth was forced to be sacrificed for the economic development. The reports of Los Angeles Times and New York Times confirmed the facts. South Korea achieved its economic miracle. The legacy was established in the 1970s especially the late half of the decade. Through the reports of those two major American newspapers a new image of South Korea was created while they provided vivid American views on South Korea’s economic development of the period.

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