South Korea faces a profound demographic crisis, marked by the world's lowest birth rates for six consecutive years, leading to the closure of schools and pediatric clinics. This study employs a historical analysis to examine the unique economic factors from South Korea's past that discourage childbirth, including rapid economic development, labor market dualism, financial burdens from high living costs and materialistic culture, a severe housing crisis, substantial educational expenses, and entrenched traditional gender roles. The methodology includes an integration of data from government reports, cultural studies, and an exploration of various theoretical frameworks on fertility and economic development. The findings reveal a complex relationship and influence from South Korea's economic history, suggesting that addressing this issue would require not only comprehensive policy interventions but also significant social change to create a supportive environment for young individuals to form families and thereby reverse the declining birth rates.