Until the 1960s schooling in Korea was looked upon quite favorably as a means of achieving equal social and economic opportunities. In the 1970s, however, many began to raise the question of whether the expansion of educational opportunities really did reduce social inequalities. This report discusses research that analyzes available evidence about the link between educational attainment and social stratification. The research is conducted around two competing paradigms: the functional paradigm which looks upon education favorably as a way to achieve a meritocratic society; and the conflict paradigm which sees schooling not as a great equalizer, but as a reproducer of the social division of labor. The relationships of family background, schooling, and personal traits to social achievement are analyzed. Analysis is made according to age groups. The report generally finds education to be highly correlated to social achievement. Numerous tables are included, as is a lengthy list of references. (DB)