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.