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Within thirty years, and despite the aftereffects of colonial rule and devastating war, the Republic of Korea has transformed itself from an agricultural society to a modern industrial power free of debt. This transformation into a major trading nation has attracted worldwide attention. In this important book, a distinguished Korean economist provides an insider's view that traces the economy's development, analyzes the factors and policies that have led to success, draws some surprising contrasts with Japan, and identifies problems within the realms of labor, infrastructure, politics, and the role of conglomerates that will have a far-reaching impact on the country's future.

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CHOICE Review

This concise, well-written, and properly documented study by a well-known Korean economist explains the economic miracle in Korea since 1950. Song (Seoul National University) outlines the development of the economy through a careful analysis of various contributory economic and social factors and economic policies. The economic structure and growth of the economy are contrasted with Japan's in discussions related to Korea's future role in world trade and commerce. Written in simple and lucid style, the book is of particular value to upper-division and graduate students in economic development in general and Asian economics in particular. -J. S. Uppal, SUNY at Albany