Chapter 222
Chapter 222
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Translator: crow
Chapter Title: World #1
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Western societies trembled at the existence of the Red Army, which could potentially surge all the way to the French coast, and jacked up their military spending for a while.
While graphs of military expenditures soared upward across nations, Korea showed signs of dialing back its own spending, which had peaked at 3% of GNP.
‘With ICBMs, SLBMs, and even hydrogen bombs in our arsenal, there’s no need to pour in more cash.’
I decided to gradually reduce military spending to 2% in the long term.
It would’ve been mind-boggling to the US, which dumped nearly 10% of its GNP into defense, or the Soviets, who shoveled in close to 20%.
With such minimal military outlays, we accelerated our economic growth.
As 1959 drew to a close, the Korea Institute for Industrial Economics & Trade reported a preliminary growth rate of 11% for the year.
I’d heard rough estimates before, but seeing it stamped officially in a report hit different.
The world’s third-ranked superpower growing at 11% in a single year.
It was a miracle on the Daedong River, no less.
At this rate, overtaking the Soviets by 1962 wasn’t a pipe dream.
“How do our overall EA metrics look?”
“If we’re talking the entire EA bloc, we’ve solidly surpassed the Soviets. Compared to the US, we’re estimated at 48% of their economic size.”
“Just shy of half.”
That was still an enormous achievement.
But strip away the EA, and our true weight class fell short of even 40% of America’s.
I figured we still had a long way to go.
Up to now, we’d been in a sweet spot where infrastructure investments alone boosted per capita income with relative ease.
The real challenge started from here.
Having hit the world’s highest per capita income of $2,820 (the US sat at $2,700), jacking it up the old way wouldn’t cut it anymore.
I pegged Korea’s growth ceiling at 50% of America’s level.
Considering our population was just a third of theirs, even that wouldn’t be a cakewalk.
Still, we couldn’t just gloss over this landmark No. 1 per capita ranking.
I held a rare public Q&A with the citizens.
In the old days, it was just mail-in questions, but now with phones around, the host could relay live call-ins too.
Ahead of the event, we’d blasted the news via media that Korea had clinched the world’s top per capita income, so public enthusiasm was off the charts.
“Korea’s become the richest nation on earth with the No. 1 income—when can every household expect a car and a fridge?”
“No later than 1970.”
That timeline was benchmarked against the original histories of America and Japan.
“As the world’s richest country, can’t Korea provide free healthcare and free schooling?”
Free welfare.
If I could, I’d love to.
But only small oil-rich states could pull that off.
‘Normal countries’ without resources to squander had to fund everything via taxes.
Shift that burden to taxpayers, and the whole society loses its spark.
Britain in the ’70s, struck by British disease, was the poster child.
“The national budget is finite. Overdo benefits in one area, and resources dry up elsewhere. From where I sit steering the ship of state, I can’t give you a rosy yes.”
“If Korea’s the world’s top rich nation, can’t you provide proper beds for our troops?”
Hmm.
No words for that one.
Truth be told, I’d dropped the ball on it.
“I’ll take responsibility and fix that.”
Cost be damned, it’d get done.
I’d stake my name, Yi Seong-jun’s, on it.
“Could you pay more attention to welfare blind spots? Plenty of folks in Korea aren’t reaping the perks of being the world’s richest.”
Fair point.
Poverty was an issue I’d knowingly sidestepped.
“I’ll make it a priority going forward.”
For the sake of lifting national income, we needed jobs for the poor too.
That said, no grand solutions on the immediate horizon.
‘I’ll stick to ramping up education support.’
Anything more, and budgets got tight for real.
“When will overseas travel be liberalized?”
With money in pockets, that question was inevitable.
“Measures for full liberalization are slated for next year.”
I didn’t buy the line from original history that the IMF crisis got kicked off by mass overseas trips and splurging.
If anything, I saw international travel as a net positive.
‘To think big and broad, you gotta see a lot.’
Like the youth of modern Western Europe broadening horizons in neighboring lands, I wanted Korea’s young people doing the same.
Some questions came in sharp, leaving me sweating through answers.
Still, I didn’t dodge like a coward.
Pride of the man at Korea’s helm.
Domestically, I milked the No. 1 GNP perch for propaganda gold, but abroad, I downplayed it.
“Korea’s a lightweight nation. Even if our incomes doubled America’s, we’d never outmatch the United States.”
Grinning through interviews with Western reporters, I nipped Korea threat theories in the bud.
“What goals does Korea aim for next?”
“Goals, huh.”
I had them.
Catching and surpassing the US in EA’s weight class.
That was the bullseye in my mind.
But mouthing off about it? Better left unsaid.
“A nation tops in culture. Where the world clamors to learn Korean, craves Korean songs, devours Korean films and dramas. That’s my vision of the endgame.”
K-Culture victory.
Sure, I personally favored hard power wins—economic might, military muscle—over squishy cultural triumphs.
“Your Excellency seems to think differently from the smiling leaders out there.”
“All we in Korea care about is putting food on the table over ideology.”
For Korea, ‘profit’ trumped all.
If it served the national interest, I’d greenlight commies too.
“Speaking of livelihoods, do you intend to aid self-reliance in developing nations, Prime Minister?”
Of course.
But aid came with strings.
It had to loop back to Korea’s national interest somehow.
Otherwise, international backlash be damned—no dime from us.
“We have plans.”
“Care to share the vision?”
“Certainly.”
I was scheming an Asian Infrastructure Bank, AIB, for Asia’s developing countries.
Not out of pure goodwill.
Low-interest loans and development aid as bait to snag their raw materials and infrastructure.
Not China-style Belt and Road predation, though—no swallowing economies whole without a feather ruffled.
‘That’s straight-up robbery anyone could spot.’
Xi Jinping drew global ire for many reasons, but playing loan shark in plain sight topped the list.
I wasn’t about dumping unpayable debt on investees like that failed shark Xi.
‘Why shoot myself in the foot on cash recovery and image?’
“From what Your Excellency outlines, it’s clear a lot of thought’s gone into it.”
Naturally, my brand of investment was saintly next to this era’s imperialists—prime lending rates, basically.
“Korea’s success will inspire many to follow Pyongyang’s lead—do you think those challengers can pull it off?”
Plenty had aped us before.
But a second Korea? Zero.
Simple reason.
We’d started as a powerhouse.
Even dubbed Asia’s second-rater, our baseline was worlds apart.
Educated talent, tech base, capital, mono-ethnic mythos, centralized tradition.
Name one follower with even half our edges.
None.
So their Korean Dream? Doomed to fantasy—no second Korea.
Couldn’t say that here, though.
“Someday, a success story’ll emerge. Europe didn’t see Germany or Italy exploding into great powers—same with developing nations; who knows what giant rises next?”
The riser? I knew.
India.
Their climb was obvious from the weight class alone.
“Can the EA bloc as a whole, under Korean leadership, grow as fast as Korea now?”
Tricky one—tread light.
Affirm it, and with EA’s pop outweighing America’s, it implied eclipsing the US.
Deny it, and EA folks might sulk.
“Given industrial structures, the whole EA matching Korea’s pace seems unlikely.”
Best play: no firm yes or no.
“Thank you for your time.”
I wrapped the interview, wiping sweat.
Chatting up Western press served a purpose.
Project a friendly, moderate Korea to dilute shock from our No. 1 per capita GNP.
Hu Jintao’s playbook, ripped straight from China.
But the effort flopped hard.
Mainstream Western media hyped our per capita No. 1 like we’d lapped America in total GNP.
Sure, the chatter didn’t shake Korea much.
Just more folks viewing us as a threat.
Inevitable growing pains as Korea rose.
‘Take the stick now or later?’
I chalked up the Western freakout to hazing for our No. 1 coronation.