This volume analyzes the role of trade and aid in Korea’s modernization and development from 1945 to 1975. After regarding the four major sub-periods of Korean development—1945-50; 1953-60; 1961-64; and 1965 to the present—the author discusses the efficiency of Korean economic policies, arguing that the inefficiencies of the 1950s at both the micro and the macro levels stand in the sharp contrast to the apparently efficient economic policies of the late 1960s and early 1970s.