Since the 1980s, the economic performance of the East Asian region has opened up an agenda of social science research into the directive capacity of the state. 'Institutionalist' analysis in political science has emphasized the role of power relationships in underpinning the superior directive capacities of the East Asian state. Based on the case of South Korea (hereinafter Korea), this study will extend the political institutionalist analysis in light of the last decade of global transition towards economic liberalization and democratization ('dual transition'). Set in the context of parallel changes in other former developmental states (notably those of Latin America), this volume will investigate key issues of Korea's recent experience of transition including: * Korea's 'gradualist' or 'continuous' pattern of economic and political reform * the variations in the rhythm and priorities of reform within the gradualist pattern of transition * the developmentalist alliance of state and business as a source of both economic dynamism and vulnerability, and the endurance of that alliance despite persistent reform efforts * the external shock and regime change of 1997 as the catalyst for decisively transforming the institutional foundations of Korean development. This comprehensive and authoritative account of the development of the Korean economy combines an historical approach with a substantial treatment of the new economy. Its fresh analysis of the recent transition and systematic treatment of labour issues represent a significant contribution to the scholarship on the politics of development. It is an essential resource for students of comparative political economy and East Asian development.