This paper examines the evolution of industrial policies andeconomic growth in Korea by focusing on the effects of twoeconomic crises in 1997 and 2008. Korea successfully surpassed thetwo big economic crises with the support of the industrialrestructuring policies and the appropriate responses of privateand public actors. Past Korean economic growth resulted from thedevelopment of manufacturing for export, which were driven by thehigh growth of Korean conglomerates, chaebols. Activeinfrastructure investment, such as social overhead capitals andindustrial complexes played pivotal roles at the beginning of theeconomic development. Although input-driven growth strategy ledduring the initial stage of economic development, innovation-driven industrial policies were magnified later in the focus onR&D and technological progress. In addition, the implementation ofregion-based industrial innovation policies, such as industrialcluster policies, obtained relatively successful results.