This book explains how South Korea has uniquely transformed itself from a developing to a developed country by combining economic analysis with historical perspective, an approach badly needed but rarely taken by previous studies. The book shows that the country has done so through a tortuous process. It first explains how Korea failed earlier in history to emerge as a developing rather than a developed country after the Second World War but South Korea began to grow rapidly in the 1960s. It then explains that the country has sustained growth while undergoing recurring crises, examining three conditions for sustaining growth: macroeconomic management, structural transformation, and social conflict management. While doing so, the book interprets some important subjects differently from the previous studies; it also explains some other important subjects they have not covered sufficiently. The book finally discusses questions for the future briefly.

‘In six short decades, South Korea has been transformed from one of the poorest economies on the planet into a manufacturing and export powerhouse. In this important volume, Jaymin Lee places this experience in its historical and comparative context. Looking back and at international comparisons enables Professor Lee to gauge Korea's economic prospects going forward. Will the economic miracle continue? Readers anxious to know should consult this book for answers.’

Barry Eichengreen - George C. Pardee & Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science, University of California, Berkeley

‘South Korea has produced one of the most impressive development miracles of our time, yet remains mired today in stagnation and uncertainty. What makes South Korea’s experience unique, as this fascinating and informative book by Jaymin Lee shows, is that rapid growth was accompanied by successive political, economic, and financial crises. Lee’s historical account sheds light not only on the roots of the country’s success, but also on the accumulated challenges that hold the key to its future.’

Dani Rodrik - Ford Foundation Professor of International Political Economy, Harvard University

‘There have been numerous books written about South Korea’s rapid development in the latter half of the twentieth century. Jaymin Lee, in this important contribution to our understanding of the Korean experience brings the story up to the present and puts that experience in the much broader context of the country’s history, its politics, and its challenging international environment. It is a major work that should be read by both newcomers and specialists.’

Dwight H. Perkins - Harold Hitchings Burbank Research Professor of Political Economy, Harvard University