Korea has developed its economy from one of the world’s poorest in the 1950s to the one of the richest in over half a century. What were the roles of the state, civil society, capital, and international structure in achieving such a rapid economic development? What are political consequences of the rapid economic development? What were the challenges that faced Korea in 1997-98 during the financial crisis? How did it respond to it? How is Korea coping with the globalization in recent years? As we address these questions, we will engage theories of economic development and compare the Korean case with other cases from different regions.