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This ninth title in the series Studies in the Modernization of the Republic of Korea offers new insights into the role of finance in a rapidly developing country. Combining history and theory, it provides a rigorous test of previous theoretical propositions. The study illustrates the complexity of the Korean financial system and the danger of easy generalization from partial evidence. The two major components of the financial system are brought into focus--one regulated and statistically recorded, the other unregulated, unrecorded. The burden of financial intermediation shifts from one to the other largely in response to government policy measures. By looking only at the regulated sector, previous studies have often misperceived the role of the financial system and the effects of government policies. The financial scandal in Seoul in May 1982 vividly demonstrated that the unregulated part of the system is still important and that overregulation of the "modern" part generates strong pressures for perpetuating the illegal, unregulated, "traditional" financial institutions.
The Women's Army Corps makes a significant contribution to women's history and the history of the Army. Bettie J. Morden weaves the ideas and moral attitudes that existed in the middle decades of the twentieth century to chronicle thirty-three years of WAC history from V-J Day 1945 to 20 October 1978, when the Women's Army Corps was abolished by Public Law 95-584 and discontinued by Department of the Army General Order 20, with the WAC officers assimilated into the other branches of the Army (except the combat arms). For the most part taking a chronological approach, Morden focuses on the interaction of plans, decisions, and personalities that affected the WAC directors as they pushed and prodded the Army, the Department of Defense, and Congress to achieve Regular Army and Reserve status, military credit for Women's Army Auxiliary Corps service, and promotion above the grade of lieutenant colonel. The early WAC directors, according to Morden, had the task of fighting for progress and equity, whereas their successors fought a losing battle to keep entry standards high and to retain the corps' separate status. She provides readers with a comprehensive picture of WAC growth and development and the transformation in the status of Army women brought by the advent of the all-volunteer Army and the women's rights movement of the seventies.

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