ABSTRACT
Korea’s rapid economic growth and significant economic development achievements over the last 50 years have been widely acclaimed. From the devastation after the Korean War in the early 1950s to membership in the Organization for Economic Cooperation and Development (OECD) in the mid 1990s, the social and economic changes that have taken place are often described as miraculous. However, when Korea experienced the effects of the East Asian financial crisis in the late 1990s, the country was plunged into chaos and underwent an unprecedented economic crisis. Nevertheless, Korea has recovered and remains a strong model of economic and social development.
