Catch up and crisis in Korea Whilst the process of catch up in Korea led by export oriented growth has been rapid and in a sense very successful it has also been subject to turbulence not least in a crisis of near bankruptcy that has dramatically revealed its Achilles heel. Informed by the 1997 crisis Wontack Hong writes a new history of the Korean economy; one that seeks to understand export oriented catch up in newly industrialized countries (NICs) whilst offering a realistic appraisal and forewarning of the pitfalls which could signal self destruction 1. Introduction : catch up 2. Export oriented growth : positive aspects 3. Institutionalizing an export oriented regime 4. Trade pattern in the early phase of catch up 5. The engine of catch up : big conglomerates 6. Growth and equity 7. Experiences of East Asian NICs 8. The legacy of Koreas credit rationing system 9. The political economy of the Korean model.