ABSTRACT
Along with Taiwan Province of China, Korea ranked among the first of the newly industrializing economies (NIEs) in the 1970s, when it became a model of the rapid growth to be achieved through exports. Many have told the story of Korea's success with this industrialization strategy, particularly in the period from 1961, when Park Chung Hee came to power in a coup d'état, to the mid-1980s. 1 But as Korea's current crisis demonstrates, the future cannot be simply extrapolated from this past.
