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SEVEN DECADES OF KOREAN ECONOMIC SUCCESS


SEVEN DECADES OF KOREAN ECONOMIC SUCCESS

SEVEN DECADES OF KOREAN ECONOMIC SUCCESS

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2019-09-30
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Finding a New Engine to Drive a Grand Transition
into a First-Class Country

¡°The Republic of Korea is really a puzzling case. It seems to me that the country should have been wiped from the map a long time ago, but it wasn¡¯t. It is a miracle that Korea continued for 5,000 years while surrounded by such powers as China, Japan, and Russia and has even thrived.¡±
--- Paul Kennedy, the author of The Rise and Fall of the Great Powers

We've been doing a lot better than we give credit to ourselves. Ironic as it is, it seems that Koreans are the only people who are totally unimpressed by the feat of the brilliant economic growth we¡¯ve achieved. The world cannot give enough praise to the achievements Koreans have made with sweat and tears for the last 70 years since the country was leveled in the aftermath of the Korean War. Korea has transformed itself from a country whose survival was dependent on aid from overseas to the world¡¯s 12th largest economic power, and the people around the world dubbed the feat ¡°The Miracle of the Han River.¡±

Nevertheless, Koreans often ignore or underrate such achievements. Koreans belittle themselves, derogatorily nicknaming Korea as ¡°Hell Joseon.¡± We are living at a time when individual self-esteem matters more, but still, I cannot shake off the feeling that it is high time we should look after our nation's self-esteem as a priority. That is the reason I am publishing this book, ¡°The Republic of Korea That We Don¡¯t Know.¡± It is my quest to look at our reality from an objective viewpoint through the records of the past and the present and chart our path towards a brighter future.

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PART 1 The Korean Miracle That Surprised the World

Korea Emerges as the Beacon of Hope for the Economic Development of the Global Village
Strength and Peace Built on the Ruins of the Korean War
Koreans to the World, the World to Korea
¡°Made-in-Korea¡± Reigns in the Global Markets
The Power of Koreans Behind the Construction of the World¡¯s Landmark Buildings
Hallyu Fever Heating Up in Music, Drama, and Game Markets
From the Seoul 1988 Summer Olympics to the 2018 Winter Olympics

PART 2 Strength and Power Behind the Making of a Miracle

Passion for Education and Brainpower
Research and Development, the Foundation of Innovation
A Long History and Tradition Reflected in the World¡¯s Cultural Heritage
Solidly Laid Social Infrastructures
Dynamism of Koreans and the Global Network of Koreans

PART 3 Miracle-undermining Enemies Within

A Sharply Declining Birth Rate and Aging Population
Startup Data Shows Weakening Spirit of Challenge Among Young Adults
Underdeveloped Financial Industry, Increasing Household Debt, and Overheated Real Estate Investments
Resistance from the Groups with Vested Rights including Doctors, Pharmacists, Taxi Drivers and Labor Union
The Government and Political Circles are Losing the Public Trust
Shortage of Raw Materials and Insufficient Foreign Suppliers

PART 4 For Yet Another Miracle

Economic Freedom Should be Expanded to Maximize Creativity
Demographic Cliff, Search for a New Growth Engine for the Era of 100 Years of Life Expectancy
The Need for Taxation and Regulation Systems That Respect Entrepreneurship
Labor Market Reform is the Answer to the Polarization and Low Productivity Problems
Korea Has to Foster Hallyu Content, Tourism, Finance, and Service Industries
Social Infrastructure is Based on Competitiveness and Most be Constantly Reformed
Pursuing a Vision of Unified Korea Despite the G2 Competition