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Comprehending the East Asian Miracle has been a subject of heated major debate topic in development economics. And Korea was recognized as having one of the most pro-active state interventions in industrial policy and the debate on the performance of industrial policy has not been settled yet. This book discusses the political economy of industrial policy over decades and the changes in conventional thinking in the World Bank on industrial policy. By reviewing the recent industrial policy debate on comparative advantage strategy in Korea by Justin Yifu Lin and Ha-Joon Chang this book assesses the economic theory of comparative advantage and its work in Korean industrial policy.This book is for those who are interested in economic development from a historical perspective and different economic theories that have shaped our world economy for a long time.