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After-Development DynamicsSouth Korea's Contemporary Engagement with Asia$
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Anthony P. D'Costa

Print publication date: 2015

Print ISBN-13: 9780198729433

Published to Oxford Scholarship Online: November 2015

DOI: 10.1093/acprof:oso/9780198729433.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 16 May 2022

What’s next after development?

What’s next after development?

Some policy directions for Korea

(p.263) 14 What’s next after development?
After-Development Dynamics

Sang-Woo Nam

Anthony P. D’Costa

Oxford University Press

This concluding chapter first summarizes some of the key issues facing South Korea on the external front in its engagement with Asia. Second, it focuses on the domestic economy to underscore the importance of several outstanding and emergent internal challenges that external engagement alone is unlikely to resolve. The after-development phase is challenging but seriously needs engagement. It needs to ensure growth in a soft global economy, address inequality and share prosperity by regulating chaebols, support small and medium enterprises (SMEs) and irregular workers, and pursue better income distribution and social welfare, especially for women and the elderly to make it easier for them to enter and remain in the workforce. The chapter ends with an epilogue by briefly examining whether Korea is likely to experience a Japanese type long-term recession and what might be some of the implications of Korean unification on after-development dynamics.

Keywords:   emergent internal challenges, global growth, chaebols, SMEs, income distribution, social welfare, irregular workers, the elderly, Korean unification, women

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