Fostering Pathways to Innovation in the Asia-Pacific
In 'Drivers of Innovation,' scholars from the US and Asia explore education and finance policies conducive to accelerating entrepreneurship and developing human capital for innovation in Asian nations.
The Center produces books featuring policy-relevant research and analysis of developing issues by our scholars and affiliates. Titles in this series are distributed by the Rowman & Littlefield Publishing Group.
Export-oriented industrialization has transformed the Korean economy so profoundly that it has become known as the "Miracle on the Han." Yet, this industrial model has become fragile, as Korea’s chaebols are being challenged by Chinese competitors. Attempts to seek out new engines of economic growth have failed, or remain underdeveloped, while a looming demographic crisis threatens to exacerbate Korea’s problems.
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, Byongwon Bahk, Taeho Bark, Thomas F. Cargill, Joon Nak Choi, Eun Mee Kim, Ji Hyun Kim
Shorenstein Asia-Pacific Research Center,
2012December 31, 2012
These working papers on the South Korean economy are the product of an annual conference series on Korean affairs hosted by Stanford University's Korean Studies Program (KSP), and made possible by the generous support of the Koret Foundation. KSP's 2009–2010 Koret Fellow, Byongwon Bahk, a former vice finance minister and chief economic adviser to Korean president Lee Myung-bak, played a leading role in organizing the 2010 conference, authored a major paper, and co-edited this volume.
From Byongwon Bahk's preface:
The editors believe that the study of the South Korean economy holds, or should hold, interest not only for Koreans but also for Americans and the international community as a whole. Korea has become a major player in the global economy, ranking thirteenth in GDP and seventh in exports among the world's nearly 200 countries. This should no longer come as much of a surprise to consumers across the globe who use Korean cell phones, drive Korean cars, and, increasingly, enjoy Korean pop music and movies.
The Korean economy is also important as a leading model of development. In only two generations and despite national division and the devastation of civil war, South Korea has transformed itself from a largely agricultural economy to a world leader in manufacturing, which in turn facilitated its emergence as a dynamic democracy. The Korean experience holds many lessons for countries throughout the world as they also struggle to modernize in a highly competitive, globalized economy.
Korea's success in navigating the turmoil caused by the global financial crisis and recession of 2008–2009 is yet another reason for studying its economy. Despite its economy being an astounding 85 percent dependent on international trade, Korea has been among the world's leaders in recovering from the crisis. Korea owes that success in part to the very hard lessons it learned from the Asian financial crisis of 1997–1998.
The five chapters selected for this compendium focus on some of the timeliest and most important issues involving the Korean economy.
Papers included in this volume:
"The Changing Global and Korean Economies" by Taeho Bark
"An Odyssey of the Korean Financial System and the September 2008 Financial Shock" by Thomas F. Cargill
"South Korea’s Official Development Assistance Policy Under Lee Myung-bak: Humanitarian or National Interest?" by Eun Mee Kim and Ji Hyun Kim
"Policy Recommendations for the Korean Economy" by Byongwon Bahk
"Economic Globalization and Expatriate Labor in Korea" by Gi-Wook Shin and Joon Nak Choi