This chapter sets the stage for examining Korea’s economic growth from the Chosŏn Dynasty to the present, shaped by major institutional transitions. Korea evolved from a traditional society through the opening of ports, colonial rule, and wartime control, followed by post-liberation divergence into North Korea’s socialist economy and South Korea’s capitalist system, leading to vastly different economic trajectories. These transitions highlight the pivotal role of institutions in shaping economic outcomes. Moreover, Korea’s growth demonstrates the advantages of late industrialization, wherein countries can leverage the technology, knowledge, and capital of advanced economies to accelerate development. However, not all latecomers succeed in capitalizing on these opportunities, leading to an exploration of the conditions that enable rapid catch-up. The chapter reviews key debates on institutions, economic growth, and latecomer development, situating Korea’s experience within the broader framework of global economic development. Using long-term per capita GDP data, it offers a comparative overview of global and East Asian trends, providing a foundation for understanding Korea’s distinctive growth trajectory.