The Korean Economy At A Crossroad

For many years up until 1997, Korea was widely seen in economic and financial circles as something of a miracle. The financial crisis that Korea experienced then did much to set its economy back, but by 2001 it was still the 13th largest economy in terms of GDP in the world. This enticing collection, with contributions from experts with an impressive knowledge of Korea and its economy, charts not only the well documented causes of the crisis, but more importantly, its response and recovery from it. With an admirable scholarly rigour, the book covers such topics as: *the origin and evolution of the Korean economic system and its special factors including chaebols *Korean industries since the crisis *What happened to the money after the capital flight of the crisis and did the USA benefit? "The Korean Economy at the" "Crossroads" is intended and recommended not only for students and academics involved in international finance, economics and Asian studies, but also for the business leaders and policy makers who can draw lessons from the books important analyses.

The ROK economy has experienced rapid growth in the last 30 years. Analyzing the important issues which have been raised by this growth is of interest to other developing areas of the world. The contributors to this work are well placed specialists in Korean studies in Korea and the United States. The ROK economy is located in the midst of the Pacific Basin, the most promising part of the developing world. Recently, the economy has moved into more highly sophisticated markets, as well as into the global financial markets. However, an increasing number of concerns have been raised, charging that the progress has been too rapid, too materialistic, and too inequitable. These criticisms have been compounded by the problems of political dissent and instability in the region.

Preface -- About the author -- South Korea's economy at a crossroads -- Chaebol's role in South Korea's economic development -- South Korea-United States free trade agreement -- South Korea's free trade agreement with China -- South Korea's income inequality -- South Korea's ageing demography and its challenges -- Conclusion

Against the backdrop of China’s mounting influence and North Korea’s growing nuclear capability and expanding missile arsenal, South Korea faces a set of strategic choices that will shape its economic prospects and national security. In South Korea at the Crossroads, Scott A. Snyder examines the trajectory of fifty years of South Korean foreign policy and offers predictions—and a prescription—for the future. Pairing a historical perspective with a shrewd understanding of today’s political landscape, Snyder contends that South Korea’s best strategy remains investing in a robust alliance with the United States. Snyder begins with South Korea’s effort in the 1960s to offset the risk of abandonment by the United States during the Vietnam War and the subsequent crisis in the alliance during the 1970s. A series of shifts in South Korean foreign relations followed: the “Nordpolitik” engagement with the Soviet Union and China at the end of the Cold War; Kim Dae Jung’s “Sunshine Policy,” designed to bring North Korea into the international community; “trustpolitik,” which sought to foster diplomacy with North Korea and Japan; and changes in South Korea’s relationship with the United States. Despite its rise as a leader in international financial, development, and climate-change forums, South Korea will likely still require the commitment of the United States to guarantee its security. Although China is a tempting option, Snyder argues that only the United States is both credible and capable in this role. South Korea remains vulnerable relative to other regional powers in northeast Asia despite its rising profile as a middle power, and it must balance the contradiction of desirable autonomy and necessary alliance.

Some fifty years after war, the Korean peninsula remains divided at the 38th parallel. The end of the Cold War in 1989 brought changes to many communist states, but North Korea remains embroiled in international crises. Looking forward, North Korea seemingly faces four choices: collapse, further war, peaceful reunification with the south, or status quo. This historical and political analysis covers the period from the division of the peninsula in 1948 to the future of North Korea beyond 2003. Topics include the Korean War, Kim Il Sung, famine, the economic collapse of the 1990s, Kim Jong Il, South Korea's sunshine policy, nuclear ambitions, "rogue state" status, George W. Bush's "axis of evil" remark made during his 2002 State of the Union address, and the current state of diplomatic relations. The final chapter considers the case for reconciliation. Appendix A is a chronology of the Korean Peninsula from 2333 BCE to 2003 CE. Appendix B is a directory of Korean Studies institutes and think tanks. Tables and statistics are integrated throughout the text. Reader aids accompany each chapter, including lists of further reading, key terms and questions.