Industrialisation needs to be nourished by means of industrial policy. This paper examines the Korean experience, reporting on the course of industrialisation, the choice of technology, the structure of industry, and the application of controls. The effectiveness of industrial actions in Korea is compared with that in other developing countries. The paper concludes by inferring the principles that have directed the Korean process of industrialisation: maximising the rate of growth of capacity in industry, maintaining a reasonably stable distribution of disposable income, domesticating industry, retaining control over the allocation of investment, regulating both the structure of each industry and the conduct of its constituent firms, and atomising extra-governmental power.