Economic Affairs
Paragraphs

The fifteenth session of the Korea-U.S. West Coast Strategic Forum, held in Korea on November 17, 2015, convened senior South Korean and American policymakers, scholars and regional experts to discuss North Korea policy and recent developments on the Korean Peninsula. Hosted by the Korea Program at the Walter H. Shorenstein Asia-Pacific Research Center at Stanford University, the Forum is also supported by the Sejong Institute.

All Publications button
1
Publication Type
Policy Briefs
Publication Date
News Type
News
Date
Paragraphs

The Korea Program at Stanford’s Walter H. Shorenstein Asia-Pacific Research Center is soliciting papers for the Koret Workshop on Globalization, Innovation and Culture in Korea at Stanford University.

South Korea has become an economic powerhouse, but faces multiple challenges. To maintain its dynamism and growth in the increasingly innovation-driven global knowledge economy, Korea needs to turn its attention to the more social, cultural and educational aspects of development.

Of paramount importance is the ability to welcome and embrace difference and creativity, upgrade pertinent social values of cultural diversity and social tolerance, promote innovation and effectively reflect and transmit such values through institutions. The conference will be interdisciplinary, problem-oriented and policy-relevant. A broad range of questions and approaches are welcomed, particularly those that address main challenges Korea will face going forward.

Possible research topics include:

• Higher education, cultural diversity and development.

• Social cohesion beyond nationalism and multiculturalism.

• Entrepreneurial culture and innovation.

• Causes and consequences of rising inequality.

• Demographic changes, skilled foreign labor and education/work culture.

The conference will be held on April 22, 2016 at Stanford University. Beyond research presentations, the conference also aims to foster connections among scholars with common interests. Travel (domestic or international economy class) and hotel costs as well as a modest honorarium will be covered for the presenters.

Papers may be submitted for consideration in a PDF file (6,000-8,000 words) to Yong Suk Lee by email at yongslee@stanford.edu. The submission deadline is Jan. 31, 2016.

The Koret Workshop is organized by the Korea Program to bring together an international panel of experts in Korean affairs. The Korea Program established the Koret Fellowship in 2008 with generous funding from the Koret Foundation

Hero Image
11513472733 8a94c8048b o
Seoul city at night.
Flickr/wwian
All News button
1
-

Image
hwy chang moon
Today, Korea is renowned for its remarkable economic growth and its globally-recognized companies that include Samsung, Hyundai and POSCO. Given that Korea was one of the world’s poorest countries a mere 50 years ago, many people call Korea’s rapid economic development “a miracle.” However, when Korea’s road to economic prosperity is analyzed, several key factors that led to this growth can be identified. Professor Moon will explain these fundamental factors and provide perspective on how Korea can sustain this growth going forward.

Hwy-Chang Moon is a visiting professor in the Korea Program for the 2015 academic year and is currently teaching a course on Korean economy and business through the Center for East Asian Studies at Stanford University. Moon is a professor at Seoul National University, where he also served as the Dean of Graduate School of International Studies. He has delivered special lectures at various institutions, and has consulted several multinational companies and governments (e.g., Malaysia, Dubai, Azerbaijan and the Guangdong Province of China).

Moon is the editor-in-chief of the Journal of International Business and Economy, and has published numerous articles and books on topics covering international business strategy, cross-cultural management and Economic Development in East Asia with a focus on South Korea.

Moon received a PhD from the University of Washington, and has previously taught at the University of Washington, University of the Pacific, State University of New York at Stony Brook, Helsinki School of Economics, Keio University, and Hitotsubashi University.

 
The Strategy for Korea's Economic Success
Download pdf
Encina Hall E301616 Serra StreetStanford, CA 94305-6055
(650) 723-6530
0
hwychangmoon_2.jpg PhD

Hwy-Chang Moon has joined the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) for the 2015-2016 academic year. During his time at Shorenstein APARC, he will be working on a research project entitled, “The Global Strategy of Korean Firms in Silicon Valley," and will also teach a course on Korean economy and business in the fall quarter.

Moon is a professor of international business strategy at the Graduate School of International Studies (GSIS), Seoul National University, where he also served as the dean of GSIS.

Professor Moon is the editor-in-chief of the Journal of International Business and Economy, and has published numerous articles and books on topics covering international business strategy, cross-cultural management and economic development in East Asia with a focus on South Korea. He frequently provides his perspectives on global economy and business through interviews and televised debates, and his writings appear regularly in South Korean newspapers. The New York Times and NHK World TV have also asked for his perspectives on these topics.

Professor Moon received a PhD from the University of Washington, and has previously taught at the University of Washington, University of the Pacific, State University of New York at Stony Brook, Helsinki School of Economics, Keio University, and Hitotsubashi University. He has also consulted several multinational companies, international organizations, and governments (e.g., Malaysia, Dubai, Azerbaijan, and the Guangdong Province of China).

Visiting Professor
<i>Professor, Seoul National University</i>
Seminars
Paragraphs

The fourteenth session of the Korea-U.S. West Coast Strategic Forum, held Stanford University on June 25, 2015, convened senior South Korean and American policymakers, scholars and regional experts to discuss North Korea policy and recent developments on the Korean Peninsula. Hosted by the Korea Program at the Walter H. Shorenstein Asia-Pacific Research Center at Stanford University, the Forum is also supported by the Korea National Diplomatic Academy.

All Publications button
1
Publication Type
Policy Briefs
Publication Date
News Type
News
Date
Paragraphs

Joon Nak Choi will be the 2015-16 Koret Fellow in the Korea Program at Stanford University’s Walter H. Shorenstein Asia-Pacific Research Center (APARC), effective Jan. 1, 2016.

A sociologist by training, Choi is an assistant professor at Hong Kong University of Science and Technology. His research and teaching areas include economic development, social networks, organizational theory, and global and transnational sociology, within the Korean context.

Choi, a Stanford graduate, has worked jointly with Stanford professor Gi-Wook Shin to analyze the transnational bridges linking Asia and the United States. The research project explores how economic development links to foreign skilled workers and diaspora communities.

Most recently, Choi coauthored Global Talent: Skilled Labor as Social Capital in Korea with Shin, who is also the director of the Korea Program. From 2010-11, Choi developed the manuscript while he was a postdoctoral fellow at Shorenstein APARC.

Mark Granovetter, a professor and chair of Stanford’s sociology department, praised Choi for his work in academia.

“Joon Nak’s dissertation on social influences on hedge fund managers’ success broke important ground in our understanding of financial markets. His recent book Global Talent sheds critical new light on the challenges of Korea and other economies facing high-level labor shortages, and the potential of foreign workers to meet them. As the 2015-16 Koret Fellow, he will bring his considerable talents to bear on the study of Korean society,” Granovetter said.

During his fellowship, Choi will study the challenges of diversity in South Korea and teach a class for Stanford students. Choi’s research will buttress efforts to understand the shifting social and economic patterns in Korea, a now democratic nation seeking to join the ranks of the world’s most advanced countries.

Supported by the Koret Foundation, the fellowship brings leading professionals to Stanford to conduct research on contemporary Korean affairs with the broad aim of strengthening ties between the United States and Korea. The fellowship has expanded its focus to include social, cultural and educational issues in Korea, and aims to identify young promising scholars working on these areas.

“It will be my pleasure and honor to spend the next year at Shorenstein APARC, and have the opportunity to engage in the vibrant research community there," Choi said.

Choi holds a bachelor’s degree in economics, international relations and urban studies from Brown University, and a master’s degree and doctorate in sociology from Stanford University.

Hero Image
joon nak choi Rod Searcey
All News button
1
Authors
News Type
Q&As
Date
Paragraphs

This week the World Education Forum convenes in Incheon, South Korea. Drawing leaders from UNESCO member states and heads of international organizations and NGOs, the 4-day gathering will examine global education priorities and discuss a framework for action and implementation of shared goals and targets.

The Forum, which last met in Dakar in 2000, will explore five major themes: equity, inclusion, quality education and lifelong learning, and also set out an agenda on global citizenship education—how to cultivate in youth the attitudes, values and skills needed in today’s world.

As the Forum approaches, the Walter H. Shorenstein Asia-Pacific Research Center asked Stanford professor Gi-Wook Shin to offer his perspectives on global education and his vision for South Korea. He is Korean and an expert on South Korea’s higher-education system, politics and society. He also advises some universities in Asia such as the Center for Asia-Pacific Future Studies at Kyushu University in Japan.

Shin leads two multi-year research projects—one focused on diversity and tolerance in Asia, and another on global social capital, delving into the linkages between innovation, economic globalization and diaspora communities. He recently published key findings in Global Talent with coauthor Joon Nak Choi, a Stanford graduate now professor at Hong Kong University of Science and Technology.

Education has played an important role in the social and economic development of South Korea. Can you explain?

Over the past fifty years, South Korea has gone from being one of the least developed countries to one of the most developed—an “economic miracle,” as it is often referred. The country rose from periods of wartime, poverty and social unrest to become a stable high-income developed country, all in an incredibly short time span. Education has played a substantial role in South Korea’s emergence. Nearly 70 percent of Koreans between the ages of 25 and 34 years of age hold an equivalent of a bachelors degree. This is the highest ranking in all Organization for Economic Co-operation and Development (OECD) countries. Investment in its own people, as well as areas of technology and the sciences, catapulted South Korea toward such success. Its education system is lauded globally. President Obama has referred to its system on multiple occasions, saying the respect and level of support given to teachers there helps to empower student learning. Teaching is a very highly respected profession in South Korea.

In pursuit of the “creative economy,” South Korea has sought to capitalize on the knowledge value of its population. How does diversity fit into this context?

South Korea, like many advanced nations, is driving toward a “creative economy,” a policy objective that President Park Geun-hye set out in Feb. 2013. It’s a strategy to move South Korea away from its manufacturing past toward a future of a service-oriented economy. The latter requires greater creative thinking, and human and social capital are necessary ingredients in that process. Many people look to Silicon Valley as a model of success, a place that continues to harness ideas and investment in those ideas. As I say, there is one known “secret” that has contributed to Silicon Valley’s success, and that’s cultural diversity. In fact Japanese Prime Minister Shinzo Abe visited Stanford recently on his state visit to the United States in a bid to underscore his commitment to building a creative economy in Japan. He convened with leaders of major technology firms like Apple and Twitter, and one of the main messages shared with Abe was the scale to which immigrants contributed to the workforce here. So, South Korea, like many Asian nations, would benefit from recognizing the connection between diversity and the economy, and take it one step further and actively encourage a society who accepts foreigners—this, of course, comes with inherent hurdles in any ethnically homogeneous country like South Korea.

How can a society cultivate globally responsible citizens?

Shifting a society to truly respect and value diversity can be an especially difficult task for countries steeped in nationalism and traditional values. In the case of South Korea, policies supporting values of diversity are just starting to appear, but full social integration of minorities remains a distant future. If the government acts to support diversity over the long-term, though, hopefully change is in the closer future. The challenge is for South Korea to strike the right balance between embracing the nation’s historical legacy, while also recognizing what it means to be a “global citizen” in today’s world. I’ve been working with Rennie Moon, a professor at Yonsei University, on this research question. Teachers play a definitive role in the development of students. Providing curriculum that is balanced is an important factor. This means teaching materials—from textbooks to videos—must provide a neutral stance, or even better, show information in a comparative perspective. Teachers themselves must also commit to being facilitators. Encouraging pride in one’s own country, while also showing respect and value toward others’ is a key message that teachers can help reinforce.

Why do foreign students in Korea matter? And, what role can Korean students have when abroad?

Foreign students in Korea represent a positive-sum game. For one, foreign students diversify Korea, and also help fill the national labor shortfall. In my study with Choi, we found that three groups of students prove to be more beneficial to Korean society. “Focused instrumentalists,” students who are pursuing advanced degrees in technical subjects, “focused Koreaphiles,” students who view Korea as special but focus mainly on their studies, and “youthful Koreaphiles,” students who view Korea as special but focus mainly on exploring their social environments. Instrumentalists grow an affinity to Korea by likely working for a firm in Korea upon graduation. Someone who is a Koreaphile will show affinity for Korea because of an admiration for pop culture and other aspects of Korean society—K-pop, hallyu, Korean dramas and so forth.

Increasingly, Korean students are choosing to study abroad. Just over 123,000 Korean students pursued an undergraduate degree abroad in year 2011; 29% of whom studied in the United States. We see chogi yuhak, a trend of Koreans sending their children overseas to avoid the secondary education system, which is often cited for its rigor and stressful entrance exams. Yet, even if Korean students do not return home, they still have an opportunity to contribute back to South Korea. They form a global network and serve as “transnational bridges” between South Korea and their host countries. As a result, information, innovation and other opportunities bounce between and among people on both sides. This same lesson could be applied to any country really.

What policy implications will transnational bridges have in South Korea?

The affects on policy are largely two-fold. First, South Korean universities, companies and the government must seek to promote values of diversity. The Korean government has taken steps to recognize the strategic value of recruiting foreigners. But, the push isn’t big enough yet. For example, we hosted former Seoul National University President Yeon-Cheon Oh as a visiting fellow this year. He voiced that while Korean universities are orienting some of their policies toward ‘internationalization,’ they still aren’t totally committed to the idea. Better support systems should be developed for foreign students, and tenure should be more accessible to foreign faculty members. Second, for Koreans overseas, diaspora networks could be strengthened. About 10 percent of all ethnic Koreans live outside the Korean Peninsula. Creating codified social and cultural forums for diasporans will help instill a sense of the homeland, so that they want to stay engaged.

Are aspects of South Korea’s model translatable in neighboring countries in Asia and elsewhere?

The Korean model is relevant in other developed, nonimmigrant societies. Different from settler societies like the United States or Canada, for instance, who have heterogeneous populations. Germany and Japan provide the closest comparison study; both their national identities are based on shared ethnicity. Japan has in many ways successfully leveraged its diaspora. Ethnic Japanese who left have been recruited back, and foreign unskilled workers, particularly from Asia, infuse the labor market. A large number of foreign students study in Japan. Germany also sees an substantial amount of foreign students each year. Japan now allows students to stay up to one year to search for a job after graduation, and in Germany, the same for six months. But both countries have trouble retaining graduates. Applying the case of South Korea, seeking benefits from transnational bridges could also benefit both societies. Assimilation of diasporans—like ethnic Koreans in Japan and Turkish people in Germany—should be a long-term goal.

Gi-Wook Shin wrote in Nikkei Asian Review about aspects of Silicon Valley that Asian countries should consider adopting to emulate its success, and how foreign skilled workers can provide social capital. He also contributed a post to Stanford University Press blog about steps South Korea could take to counter the "brain drain" phenomenon. Later, Shin and Rennie Moon wrote a piece for The Conversation, expanding upon the challenges that foreign faculty and students face in South Korea and other Asian nations.

All News button
1
-

"South Korea's 'Creative Economy' Initiative"

Speaker: Kyeongsik Cho, 2014-15 Visiting Scholar from Ministry of Science, ICT and Future Planning

In recent years South Korea, home of the economic "miracle on the Han River," has been suffering from low growth. A rapidly aging population means that the potential growth rate is falling, and the country has encountered difficulties adapting to new globally integrated markets. Concerned that low growth and jobless growth might become a permanent fixture, the Korean government has come up with a new vision to develop a "Creative Economy." Visiting scholar Kyeongsik Cho, a senior official in Korea's Ministry of Science, ICT and Future Planning, will explain the origin, content, and implementation of this critically important initiative.

 

"Is South Korea Ready for Internet of Things?"

Speaker: Seunghoon Lee, 2014-15 Visiting Scholar from Maeil Business Newspaper

Visiting scholar Seunghoon Lee will examine the current Internet of Things (IoT) trends and discuss how South Korea can benefit from emerging opportunities of the next technology wave of IoT.

Mr. Lee is a staff reporter at the Maeil Business Newspaper in Korea.

 

Philippines Conference Room

Encina Hall, 3rd floor

Shorenstein APARCStanford UniversityEncina Hall E301Stanford,  CA  94305-6055
(650) 723-6530
0
Visiting Scholar
kyeongsik_cho.jpg MS

Kyeongsik Cho joins the Shorenstein APARC during the 2014-2015 academic year from the Ministry of Science, ICT and Future Planning (MSIP) in Korea where he serves as a director general. His research interests encompass how the US is currently solving national issues that involve slow growth, unemployment and how scientific technologies and ICT are used in solving those problems. Kyeongsik Cho holds an MS in finance from the Michigan State University, and a BA in Business Administration from the Korea University.

Shorenstein APARC616 Serra StreetEncina Hall, E301Stanford, CA 94305-6055
(650) 723-6530
0
Visiting Scholar
seung-hoon_lee.jpg
Seung-Hoon Lee joins the Walter H. Shorenstein Asia-Pacific Research Center during the 2014-15 academic year from Maeil Business Newspaper (leading economic daily in South Korea) where he serves as an economics and industry reporter.  His research interests encompass IoT (Internet of Things) impact on the future of Korea. Since 2007, more 'things or objects' have been connected to the internet than people have. In 2015, world population would be 7.2 billion, and connected devices four times larger than that. In the era of IoT, he will analyze the collision of big data and machine-to-machine connected information.  He was awarded two major media related prizes in Korea: the Grand Prize by CITIGROUP for articles on Korea's economic reform and another Grand Prize by Korea Financial Investment Association for articles on capital market crisis.  He co-authored Great Decision (2012) and Mobile Economy (2010). Lee holds an MBA from KDI School of Public Policy and Management, and a BA in business from Korea University.  He also took a special course from Columbia University's Graduate School of Journalism.
Encina Hall E301616 Serra StreetStanford, CA 94305-6055
(650) 723-6530
0
hwychangmoon_2.jpg PhD

Hwy-Chang Moon has joined the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) for the 2015-2016 academic year. During his time at Shorenstein APARC, he will be working on a research project entitled, “The Global Strategy of Korean Firms in Silicon Valley," and will also teach a course on Korean economy and business in the fall quarter.

Moon is a professor of international business strategy at the Graduate School of International Studies (GSIS), Seoul National University, where he also served as the dean of GSIS.

Professor Moon is the editor-in-chief of the Journal of International Business and Economy, and has published numerous articles and books on topics covering international business strategy, cross-cultural management and economic development in East Asia with a focus on South Korea. He frequently provides his perspectives on global economy and business through interviews and televised debates, and his writings appear regularly in South Korean newspapers. The New York Times and NHK World TV have also asked for his perspectives on these topics.

Professor Moon received a PhD from the University of Washington, and has previously taught at the University of Washington, University of the Pacific, State University of New York at Stony Brook, Helsinki School of Economics, Keio University, and Hitotsubashi University. He has also consulted several multinational companies, international organizations, and governments (e.g., Malaysia, Dubai, Azerbaijan, and the Guangdong Province of China).

Visiting Professor
Paragraphs

Global Talent seeks to examine the utility of skilled foreigners beyond their human capital value by focusing on their social capital potential, especially their role as transnational bridges between host and home countries. Gi-Wook Shin (Stanford University) and Joon Nak Choi (Hong Kong University of Science and Technology) build on an emerging stream of research that conceptualizes global labor mobility as a positive-sum game in which countries and businesses benefit from building ties across geographic space, rather than the zero-sum game implied by the "global war for talent" and "brain drain" metaphors.

"Advanced economies like Korea face a growing mismatch between low birth rates and increasing demand for skilled labor. Shin and Choi use original, comprehensive data and a global outlook to provide careful, accessible and persuasive analysis. Their prescriptions for Korea and other economies challenged by high-level labor shortages will amply reward readers of this landmark study."  —Mark Granovetter, Professor of Sociology, Stanford University

The book empirically demonstrates its thesis by examination of the case of Korea: a state archetypical of those that have been embracing economic globalization while facing a demographic crisis—and one where the dominant narrative on the recruitment of skilled foreigners is largely negative. It reveals the unique benefits that foreign students and professionals can provide to Korea, by enhancing Korean firms' competitiveness in the global marketplace and by generating new jobs for Korean citizens rather than taking them away. As this research and its key findings are relevant to other advanced societies that seek to utilize skilled foreigners for economic development, the arguments made in this book offer insights that extend well beyond the Korean experience.

Media coverage related to the research project:  

Dong-A Ilbo, January 27, 2016

Interiew with Arirang TV, March 10, 2016 (Upfront Ep101 - "Significance of attacting global talent," interview with Arirang)

All Publications button
1
Publication Type
Books
Publication Date
Journal Publisher
Stanford University Press
Authors
Gi-Wook Shin
-

Koret Distinguished Lecture Series: Lecture V

Image
photo kyung wook hur
During the past five decades, the South Korean economy has achieved stellar success. The country has been transformed from an impoverished, war-stricken, agrarian society into an industrial powerhouse. Today Korea has the world’s 14th-largest economy and per capita GDP of $28,000. Yet the economy is now at a crossroads. Korea is losing its dynamism and facing serious challenges, including a rapidly aging society, declining working age population, reduced potential growth rate, increasing demand for welfare expenditures, worsening inequality, and fewer decent jobs. Moreover, the prospect of unification poses not only opportunities but also challenges. Kyung Wook Hur will discuss Korea’s urgent need to find new engines of growth and take other steps to meet these challenges to the future of the Korean economy.

From May 2010 to May 2013, Kyung Wook Hur was Ambassador of the Permanent Delegation of Korea to the Organization for Economic Co-operation and Development (OECD), where he also served as chair of the OECD Pension Budget and Reserve Fund Management Board, co-chair of the Working Group on OECD Development Strategy, and chair of the Informal Reflection Group on China. He was Korea’s Vice Minister of Strategy and Finance from January 2009 to May 2010 and Secretary to the President for National Agenda from March 2008 to January 2009. During a career in the Korean government that began in 1979, he focused on macroeconomic policies, international financial policy, economic policy coordination, and budget planning. Outside of the Korean government, he also worked for various international financial organizations, including the World Bank (as a Young Professional), the International Finance Corporation, and the International Monetary Fund.

Currently Ambassador Hur is a visiting professor at both the Korea Development Institute’s School of Public Policy and Management and Seoul National University’s Graduate School of International Studies, and an advisor to the ASEAN +3 Macroeconomic Research Office (AMRO). He is also a Chartered Financial Analyst. He received a BA in business administration from Seoul National University and an MBA from Stanford University. 

 

The Koret Distinguished Lecture Series is made possible through the generous support of the Koret Foundation.

 

   

Philippines Conference RoomEncina Hall, 3rd floor616 Serra StreetStanford University
Kyung Wook Hur, <i>former ROK Ambassador to OECD </i> Former ROK Ambassador to OECD
Seminars
Subscribe to Economic Affairs