ABSTRACT
The growth of the Korean economy since independence and after the vast destruction caused by the Korean War is the most remarkable instance of national economic developmental success in the contemporary world. Even Japan's reemergence as an economic superpower is of a different magnitude, and less surprising, for Japanese economic progress and modernization predates the contemporary period. Korea had to rely on US foods and funds, weapons and training, and economic and diplomatic advice, not all of which were necessarily sound or suited to Korean requirements or potential, for few Americans knew much about Korea. The economic transformation of Korea has been so spectacular that much of this distressful past is forgotten or ignored. The economic development of the Republic of Korea following the Korean War may be somewhat arbitrarily classified by political eras, as critical economic policies received different emphases under each regime.
