South Korea’s contemporary engagements with Asia
South Korea’s development experience is well known. This chapter shifts the focus away from not how Korea did it but what does it need to do after achieving economic and industrial prosperity, democracy, and social modernity. This chapter argues that new challenges come with prosperity, and while Korea can learn from the experience of other OECD countries, there are also problems that must be understood on Korea’s terms. Given the limits of the home market and demographic crisis, this chapter underscores the importance of engaging with Asia, the new global center for economic dynamism. The chapter identifies three propositions, which Korea must tackle: regional involvement, trade and FDI for market and resource access in Asia, and accommodating foreigners.
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