This informative book provides a comprehensive examination of the dynamics of institutional reform and the transition of the South Korean economy. The analysis, based on an institutional approach, stretches over three decades of remarkable economic success under a state-led system, through the 1997 financial crisis, to the current market-oriented system.
O. Yul Kwon presents in-depth impact analyses of institutional reforms (economic policy, regulations, culture and politics) on areas such as the transitions of the overall economy, external economic relations, the business, financial and public sectors, and labour relations and social welfare. For each of these topics, institutional reforms are assessed against reform objectives and in comparison with other countries, and operational efficiency of relevant organisations is also analysed.
The Korean Economy in Transition provides valuable information for the academic audience, policymakers, and others interested in the South Korean experience.
O. Yul Kwon, Beedie School of Business, Simon Fraser University, Canada
Contents: Preface Introduction Part I: Evolution of Institutions and the Economy 1. Korea's Economic Policy in Transition: Evolution, Assessment and Future Direction 2. Cultural Effects on the Korean Economy 3. The Korean Political System and its Effects on the Economy 4. The Korean Economy: Transition to a Knowledge-based Economy Part II: External Economic Relations 5. Korea's Trade Policy in Transition 6. Korea's Inward and Outward Foreign Direct Investment 7. North Korea's Economic Reform and Inter-Korean Economic Relations Part III: Transition of Individual Sectors 8. Recent Evolution of the Business Sector: Chaebols and SMEs 9. The Korean Financial Sector: Its Transition and Future Agenda 10. Public Sector and Regulatory Reforms: A Critical Evaluation Part IV: Labour and Social Welfare 11. Reforms of the Labour Market and Industrial Relations 12. Income Distribution and Social Welfare Policy: Issues and Strategy Index