Korea has been characterized by many analysts as a newly-industrializing country whose spectacular success is attributable to its market-driven, increasingly liberal economic policies, and by many others as a mercantilistic state whose rapid industrialization and success in export markets have been primarily government-driven. This disparity of views reflects the fact that both elements are manifested in what may be characterized as a “lurch-and-hal’ approach to economic policy. The dirigiste government apparatus alternates between taking bold steps toward liberalization and backsliding into more protectionist policies. Although the overall direction is toward greater openness, the country’s course is not a steady one and the pace of change is fitful and uncertain.