The Korean Economy: Perspectives for the 21st Century

In The Korean Economy, Hyung-Koo Lee, formerly South Korea's Minister of Labor, chronicles South Korea's economic development from 1945–1994 and the public policies that have shaped that development. In the past, the South Korean government supported protectionist policies. Mr. Lee, arguing that these policies no longer serve the long-term interest of South Korea's economy, supports the allowance of greater private-sector initiatives, a fundamental paradigm shift in South Korea's economic policy. He argues that if South Korea is to become a major economic power, the government should withdraw from the economic front line. He also provides a succinct analysis of the vast economic potential of a reunified Korea and discusses the pros and cons of two alternative scenarios for the South Korean economy.

Table of Contents:
Foreword by Patrick Yeoh Foreword by Charles S. Sanford, Jr. Introduction 1. Changing Society Changing Values and the Emergence of a New Ethics Technological Innovation and the Industrial Structure Changes in the Input-Output Structure 2. The Development Process The Dawn of Economic Development (1961) Full-Fledged Economic Development (1962-1971) Achieving Self-Reliance (1972-1979) Implementation of an Economic Stabilization Policy (1980-1987) Korean Economy in Transition (1988-1994) 3. Economic Policy in a Time of Transition The Engine of a Growth-Oriented Economic Policy Stimulation of the Economy and Investment Policy The Pursuit of Economic Stability Industrial Policies Amid Structural Changes The New Industrial Policy Trade Policies in the Global Age The Corporate Financial Situation and Financial Policy 4. Democratization of the Korean Economy and Implementation of Nord-Politik Policy Reform for Democratization The Korean Bubble Economy Northern Policy and North-South Korean Economic Cooperation 5. A Major Turnaround in Economic Policy The Korean Approach to Becoming an Industrialized Nation Attitudes in an Era of Unlimited Competition Revision of Policies for Economic Justice 6. A New Paradigm for the Changing Era Introduction of New Thought in Administration and Bureaucracy A Blueprint for Sharpening the Competitive Edge of Korean Businesses The Advancement of the Financial Sector Redefining the Roles of the Government and Finance 7. The Economic Policy of a Reunified Korea Lessons from the German Reunification Economic Cooperation Between the Two Koreas 8. A Vision for the Korean Economy and the Attitude of Koreans in the Twenty-First Century The Historical Meaning of the Twenty-First Century for Korea Possible Scenarios for the Korean Economy Middle- and Long-Term Prospects for the Korean Economy The Attitude of Key Economic Players Toward the Twenty-First Century Appendix 1. Principal Economic Indicators Appendix 2. Gross National Product by Industry Appendix 3. Expenditure on Gross Domestic Product Appendix 4. Population and Employment Appendix 5. Structure of Manufacturing Industry Appendix 6. Investment Resources Appendix 7. Scale of Financial Savings Appendix 8. Major Currency Index Appendix 9. Consolidated Central Government Financing Appendix 10. Tax Receipts Appendix 11. Balance of Payments Appendix 12. Structure of Commodity Exports Appendix 13. Imports by Type and Financial Resources Bibliography Index