Korea's rapid economic transformation from being one of the poorest countries during the 1950s to becoming a member of the Organisation of Economic Co-operation and Development (OECD) in 1996 surprised the world, and is often considered the 'Miracle on the Han River'. Within a period of a few decades, Korea became an economic powerhouse and one of the largest producers and exporters of steel, ships, automobiles, cell phones, etc. In recent years Hallyu or the 'Korean Wave' has taken the world by surprise.