The phenomenal economic progress of the Republic of Korea during the past decade is one of the outstanding success stories in international development. Despite a lack of natural resources, Korea has made the transition from a largely agricultural society into a semi-industrialized country in a relatively short time. This book traces the impressive industrial growth and discusses the issues that Korea's five-year plan for 1977-81 must try to resolve. It focuses on the problem of mobilizing financial resources - both foreign capital and domestic savings - for future growth and on the problem of increasing industrial exports without undermining efforts toward import substitution. This study of Korea's plans for industrial expansion emphasizes the textile, electronics, and shipbuilding industries, as well as the contribution that small and medium-size firms can make. It also considers the social goals of more even distribution of the benefits of growth, increased employment, and greater parity bewteen urban and rural incomes.