South Korea’s president, Lee Myung Bak, has pledged to donate $26 million of his personal fortune to a scholarship fund benefiting the poor. The president has lived the “rags to riches” dream, starting as a poor rural boy, rising to the top of the conglomerate world with Hyundai, and to becoming president of South Korea. The $26 million, which comprises of the majority of his wealth accumulated while at Hyundai, will go towards scholarships for needy children.

South Korea’s economy was blessed as it rose from being a destitute country to becoming a major economic power as one of the Asian Tigers. One of the reasons why South Korea was able to grow so quickly was because of education. Large investments were made in education early on, and education is often considered a top priority for children. This proved to be a wise decision as an educated population lifted Korea from poverty through manufacturing and exports.

With the rapid economic growth, came a disparate society split between the rich and the poor. The president’s recent commitment to education is a reflection of his continuing faith in the power of education, particularly when made available to all. Education is absolutely necessary for international development to occur because it provides a way for the people to lift themselves out of their own situations. Who knows what the children attending our PoP schools will become in a few short years and decades?