It wasn't because of natural resources or oil.
It wasn't any modern industry that just had to recover after the war such as Germany or Japan did. South Korea had NO modern industry of any kind, higher education institution, a modern workforce, effective government agencies, etc. S. Korea was literally a hell hole of a nation in 1953.
After the WTF period Koreans went through from 1910 to 1953 (after having had a 500 years long kingdom, the Chosun dynasty), South Korea just had to do what was necessary to survive.
And only way they saw how was producing a workforce to be productive. And no, Montessori method was not a viable option.
You don't have to be a highly educated non-Korean to see the education system is not quite right or wrong. Many highly educated and even not so highly educated people IN S. Korea know the question is valid to ask. Some want a change. Many who immigrated out of S. Korea to US and other nations list 2 reasons for leaving the nation, 1) conscription army and 2) the college entrance exam, the Suneung. But it was a system created at a time when there was no time to debate, but to act quickly to produce a workforce, just to survive as a nation. And it has delivered so far.
Yes the suicides are tragic. But consider this. Far more S. Koreans have died (including newborn, young, old) from lack of basic medical care in South Korea when only select few had access to modern medical care up until 1970's, 80's. The nation and citizens couldn't pay for it, for lack of wealth, from due to lack of skills needed by a modern workforce. But now that they can afford it, a nation wide medical care system is in place. Without educating the workforce (and yes the Suneung), they wouldn't have that luxury.
Easy for you to say they should be ashamed of that. I quite disagree.
After all, without Park Chung Hee's military dictatorship, without essentially enslaving 1/2 of the population as a glorified slave with the threat of violence, without handing over the destiny of millions of Koreans to the hands of the dozen family run corporate dynasties (aka chaebols), without the massacre and denial of reparations and the censure, capture, torture and killing of dissidents,
South Korea would not be as successful as it is.
Life in South Korea during the military dictatorship which lasted 2.5 generations, was just as hard if not oppressive like the North. If you read about the Gwangju Massacre (Korea's Tianmen Square), it's pretty clear that South Korea was virtually no different than North Korea in terms of political freedom.
This is the miracle of the Asian tigers - when you don't have natural commodity, the people become that commodity, expendable, something to be taken advantage of by people with capital.
Around where I am, I see plenty of western corporations doing above, even with plenty of natural commodity to extract from.
And no, you simply cannot compare Park Chung Hee with Kim of North Korea to be equally dictatorial/brutal/etc. You simply lose all credibility when you make that assertion, while discussing Korean affairs.
Education was the single most important factor for S. Korea. And successful introduction of market based economy too, how ever troublesome it was. But without educated, competent workforce, nothing will work.
Also, you stated that S. Korea's wealth improved due to enslaving half of the population, and chaebols being given control over affairs in S. Korea.
What about N. Korea? N. Korea enslaved the entire population, with complete control that the chaebols of S. Korea can only dream about. And look where N. Korea is now. Practically a beggar state.
As a highly educated person myself, I can't deny that studying, learning and improving yourselves are fundamental parts of the process of growing up and becoming a useful member of society, but it can't be done at the expense of someone's sanity, because it totally nullifies its value. Stuffing a kid of knowledge like a pâté goose stops him or her from really enjoying probably it's most critical years to the fullest, and I just can't really see this as a positive thing.