History of science and technology in Korea such as the division of Korea and the Korean War that occurred right after its independence. It wasn't until the 1960s under the dictatorship of Park Chung-hee where South Korea's economy rapidly grew from industrialisation and the Chaebol corporations such as Samsung and LG. As of 2008 South Korea ranked 5th highest in terms of R&D. Park Kye-jung, CEO of Ace Electronics, won the Gold and Silver prizes for his invention of motor and motor-equipped gear at the 23rd Invention and New Product Exposition, he took the gold medal with his invention of a special device that converts vibrations from
Chaebol the Korean word "jaebeol" (, from "jae" "wealth or property" + "beol" "faction or clan" – also written with the same Chinese characters 財閥 as Zaibatsu in Japan). The word entered English use in the 1980s. South Korea's economy was small and predominantly agricultural well into the mid-20th century. However, the policies of President Park Chung Hee spurred rapid industrialization by promoting large businesses, following his seizure of power in 1961. The First Five Year Economic Plan by the government set industrial policy toward new investment, and the chaebol were to be guaranteed loans from the banking sector. The chaebol