ABSTRACT
The Korean economy has seen drastic changes since 1962, which signified the first year of government-led industrialization and is considered as the starting point of the Korean industrial revolution. For a period of less than half a century after 1962, there have been significant turning points in the Korean economy. Moreover, there were profound structural transformations in terms of a development model. The 1997 financial crisis was the most significant turning point because the existing development model collapsed and thus facilitated structural transformation.
