The Korean Economy in Transition-Strategies for the Twenty-first Century The Korean economy has achieved unprecedented growth over the last three decades. But the state-led development strategy that generated this impressive economic performance has also created major problems that include an undue concentration of economic power, inadequate social services, and strained industrial relations. If Korea is to achieve its goals of an advanced economy and a unified nation, a new vision for the Korean economy is imperative.
An Agenda for Economic Reform in Korea looks at Korea's economic problems from the perspective of the American experience with economic reforms-and in doing so sheds new light on the problems of economic reform facing nations all over the world. From a truly international outlook, Korean and American contributors examine such issues as business organization and competition policy, corporate governance, social welfare, distribution of income, labor relations, property rights, and other pressing challenges--and suggest a new vision for the Korean economy in the twenty-first century.
The authors compare the similarities and differences of the American and Korean economies to generate a new context for reform ideas. They detail, for instance, the drawbacks of and recent reforms to the U.S. social welfare system, illuminating the problems that lie ahead for Korea in creating an effective welfare system that addresses policy goals. They contrast the many transactions that occur among closely related firms in Korea with the more competitive nature of the U.S. economy, illustrating how this makes the American legal system important in resolving disputes-and warning how a reform of the Korean system could put a new burden on their legal system. And they look at problems peculiar to Korea, such as the chaebols--the huge conglomerates that dominate Korean business--and suggest specific strategies for change.
The economies of Korea and the United States, although different, have faced similar problems. As the world becomes a global marketplace, the differences between these economies will shrink, and each will be better able learn from the experience of the other. An Agenda for Economic Reform in Korea makes a major contribution to that learning process. CONTRIBUTORS: Cha Dong-Se, Robert E. Hall, Sung Hee Jwa, Dae Il Kim, Edward P. Lazear, Hyehoon Lee, Joung-Woo Lee, Ju-Ho Lee, Kye-sik Lee, Young Ko Lee, Phillip Wonhyuik Lim, Youngjae Lim, Thomas MaCurdy, Thomas Gale Moore, John V.C. Nye, Sherwin Rosen, Henry Rowen, Nam Sang-Woo, Kenneth Scott, Dong Se-Cha, Seong-Hyeon Whang, Susan E. Woodward, Seong Min Yoo
