South Korea is another great example. After the Korean War, it was a very poor nation. However, the government emphasized education and invested in high - tech industries. Companies like Samsung and Hyundai emerged. Their focus on innovation and quality made South Korea one of the leading economies in the world with a high standard of living.
China's economic development over the past few decades is remarkable. Through economic reforms starting in the late 1970s, it opened up to foreign investment and promoted domestic entrepreneurship. It has now become the world's second - largest economy. Massive infrastructure projects like the high - speed rail network have been built, and millions of people have been lifted out of poverty.