This course examines development of the Korean economy, which has so far shown a most successful catch up performance as a latecomer in the post-war period. Beginning with the explanation of how the economic ‘miracle’ began, it will proceed to the working of the ‘miracle’ economy. It will then proceed to the transition process whereby stabilization, liberalization and democratization occurred. Finally, 1997 foreign exchange crisis and the current trend of the economy will be examined. This is a course for college juniors and seniors majoring in economics. Students are also expected to have some basic knowledge of the modern history of East Asia. Students are advised to browse in advance the lecture notes, which will be uploaded in YSCEC.