The economic success of Korea in the past twenty-five years has been phenomenal—almost without parallel in modern economic history. Korea has moved from among one of the most backward of the developing countries in the early 1960s to one of the most advanced of the newly industrializing countries in the early 1990s. Per capita income first doubled from 1960 to 1965, then doubled a second time, and then a third. This sustained rapid increase for more than twenty-five years has no effective parallel in other countries.