The Korean economy has experienced one of the most sustained and exemplary growths after the mid-20th century. After liberation in 1945 and the Korean War in 1950, the devastated economy began to grow at a fast pace from the mid-50s. During this period, the per capita GDP of Korea increased from $290 in 1960 to $28,384 in 2010, which is an astonishing achievement considering that the economy had to grow at an average rate of 9.5% every year for 50 years. This book describes the development of the modern Korean economy, the economic challenges faced by Korea, the efforts to solve these problems, and the achievements of these efforts, in a more detailed manner based on the changes in economic policy from the post-liberation economy to the current economic situation.