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[QUOTE]Originally posted by Amun-Ra The Ultimate: [QB] [QUOTE]Originally posted by zarahan- aka Enrique Cardova: [qb] No one ever said foreign investment was more important than domestic, [/qb][/QUOTE]Great, I agree with you on this. ;) Maybe it was just a miscommunication between you and me. Domestic investments is always much more important than foreign. I know *you* want to talk about aid but *I* want to talk about the South Korean initiatives (what Park Chung Hee and his people did) to promote the development of his country (self-sufficiency ideology, education, research (R&D), support to South Korean enterprises and conglomerates, FDI restrictions, South Korean capital development, diversification of trading partners, etc). Other developed countries did similar things. This is what African countries need to do to promote economic growth and development. Words like 'important-overplayed-minimizing-overemphasizing-significant' are subjective words. That's why I prefer to use statistics. According to the book "South Korea in the Fast Lane - Economic Development and Capital Formation". Foreign aid (grants and loans) in 1966 was 2.3% of GDP while domestic investments was 20.9% of GDP (fdi is negligible at 0.2%). Clearly the domestic investments is much more important than foreign aid (ratio is 14%). In 1971, foreign aid was only 0.5% of GDP while domestic investments was 24.8% (ratio is 0.02%). So, domestic investments was much more important than foreign aid. The ratio is 99.8% in favor of domestic investments. So about 10 years after Park Chung Hee took power, foreign aid had become negligible in term of investments in the country. 1966 is the last year of Park Chung Hee first 5-Year Plan for Economic Development. 1971 is the last year of his second 5-Year Plan for Economic Development. From what I recall, Park Chung Hee didn't talk much about foreign aid in his books because he didn't like it. The dependency toward foreign aid is a problem to be solved (as it's the case for many African countries today). His goal was always to reverse the dependency towards foreign aid urging South Koreans to "wake up". He successfully did it. He implemented a ideology of "self-sufficiency" as stated above to cut down the dependency toward foreign aid by previous puppets and incompetent governments. South Korea didn't grow economically mainly because of aid, but mainly because of South Korean initiatives as initiated by Park Chung Hee. [/QB][/QUOTE]
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