Human Capital as an Engine of Economic Development: An Analytical Study of Koreas Experience and Its Application to Yemen

Abstract

This paper explores the possibilities of applying the Korean model in accumulating human capital during the period of (1945-1990) to the case of Yemen. The Korean model is based on the idea that the expansion of education and training (the main component of human capital development) was taking place in sequence with the Korean industrial and development stages. This model was successful due to the effective educational and training policies, which were developed to match each development stage, besides some economic policies adopted by the government during this period that stimulated producing high levels of human capital. In addition to the role of the Korean government, the role of ordinary people was very important determinant in developing human capital in Korea during this period through their intensive investment in education and training. The Korean zeal for education was largely influenced by some social and cultural values, which emanated from Confucianism. The special identity of the Korean society along with social, economic, and political challenges facing education and training expansion in Yemen make direct application to this model not possible to Yemen. However, the Korean model could be of relevance to Yemen in formulating and modifying some educational and economic policies, especially those related to mobilizing ordinary people and the private sector to increase their involvement in developing human capital through education and training and through benefiting from some opportunities that are available in Yemen, which makes replicating this model very promising.