There is evidence of economic writing that dates all the way back to the Mesopotamian era. The development of modern economics is largely due to two groups which were known as the physiocrats and the mercantilists. These groups help develop capitalism in Europe in the 16th century.

The institutions of higher education included regular four-year colleges and universities. Education is taken very seriously in South Korea, and the country is home to several world class universities, many of which have exchange agreements with various foreign universities, and are a good way for foreigners to experience life in the country.

A bachelor's degree is given to students who fulfill the necessary requirements given by the college or university they are attending. The requirements include three to seven years of focus on a subject, typically referred to as a major or concentration.