ABSTRACT
During the past four decades, the Korean economy has seen a remarkable record of high and sustained economic growth. Since 1965, the Korean economy has grown faster than any other country in the world. In fact, from 1971 to 2011 the Korean economy grew at an average annual rate of nearly 6.8 percent in real terms. In the span of roughly one generation, Korea has achieved the kind of economic development that other countries can do nothing but envy. Korea currently is the eighth largest trading nation in the world. Korea’s per capita income in 2012 surpassed the US$20,000 mark, which is a big leap from the meager US$87 mark back in 1962.
