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Following World War II, a republic was set up in the southern half of the Korean Peninsula while a communist government was installed in the north. Between 1950 and 1953, US and other UN forces intervened to defend South Korea from North Korean attacks supported by the Chinese; an armistice was signed in 1953. Thereafter, South Korea achieved amazing economic growth, with per capita income rising to 13 times the level of North Korea. In 1997, the nation suffered a severe financial crisis from which it continues to make a solid recovery. South Korea has also maintained its commitment to democratize its political processes. In June 2000, a historic first south-north summit took place between the south's President KIM Dae-jung and the north's leader KIM Chong-il. In December 2000, President KIM Dae-jung won the Noble Peace Prize for his lifeling committment to democracy and human rights in Asia. He is the first Korean to win a Nobel Prize.
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