"This third edition, thoroughly updated for the start of the new millennium, includes discussions of the effects of the East Asian economic crisis of 1997 and describes how Korea responded to the challenge by emerging even stronger than before. Written in simple and jargon-free language, this book is of particular value to students of Asian economics, as well as to professional people with an interest in understanding Korea's growth."--Jacket.

"Within one generation, and despite the after-effects of colonial rule and devastating war, the Republic of Korea has transformed itself from an agricultural society into a modern industrial power." "Many have sought to explain this 'economic miracle, ' but this volume is the first study on the topic by a Korean authority. Byung-Nak Song outlines the development of the Korean economy, analyses the factors and policies that have led to its success, as well as problems still to be resolved, and draws some surprising contrasts with its primary precedent and model, Japan."