In small countries with few people, as long as a few industries are developed, human resources can be quickly exhausted, accelerating the urbanization process.

When the urbanization rate exceeds 80%, the influx of new human resources decreases, and this is when capital begins its competitive phase.

Capital competition means that capital starts to pick and choose, only engaging in high-profit ventures. As capital competes for limited human resources, wages also rise, so an urbanization rate of around 80% is approximately the threshold for developed countries.

Taking South Korea as an example, the urbanization rate increased from 27.7% to 70.4% in just 28 years. From 1988 to 2002, the urbanization rate rose from 70.4% to 80.3%, and by 2022, South Korea's urbanization rate was 81.4%.

Thus, the period from 1988 to reaching 70% is a pivotal point, marking the end of the rapid urbanization wave. It can be observed that after 1988, the growth rate of per capita GDP accelerated.

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