While much attention has been focused on Japan's meteoric rise as an economic power, South Korea has been quietly emerging as the next industrial giant to penetrate the world market. South Korea is one of a series of countries (ranging from Taiwan, India, Brazil, and Turkey, to Mexico, and including Japan) to have succeeded through borrowing foreign technology rather than by generating new products or processes. Describing such countries as 'late-industrializers,' Amsden demonstrates why South Korea has become the most successful of this group.