ABSTRACT
This chapter takes an in-depth, amalgamated look into the evolution of Korea’s economic success from being an impoverished nation following the Korean War (1950–1953) to being of first-world status. It traces the development of Korea through three key phases. The first phase focused on state-led international trade development through export-oriented industrialization between the 1960s and 1990s. Starting from the late 1990s, the second phase of neo-liberal, market-oriented development capitalized on inflows of foreign direct investment and regional integration to boost international trade through FTAs. The third phase describes the present period Korea, a rich developed nation that portrays a high-tech national brand image. In presenting the evolution of Korea, this analysis also serves as an important prelude to later chapters of this volume, which offer detailed examinations of Korea’s political and business environment.
