This course examines policy challenges and possible national strategies for South Korea ( Korea hereafter) if it were to join the ranks of the most advanced economies in the world. Korea has achieved a remarkable economic success during the past half a century. Dubbed the Miracle on the Han River, Korea is the first country in the world to successfully transition from an aid recipient to a donor country, thanks to condensed growth strategy. While its success has far surpassed the average growth performances of most developing economies during the past decades, Korea is still categorized as an emerging economy. An advanced economy arguably has various defining characteristics such as (1) flexible institutions in line with global norms; (2) policies less prone to crisis; (3) resilient economic system capable of overcoming and dealing with crisis; (4) contributions to global prosperity through active participation in development assistance and global economic cooperation; and (5) respect for universal value by economic agents. From this perspective, we will consider major challenges for Korea, including (1) increasing potential output; (2) institutional reform in compliance with global norms; (3) active contribution to global economic cooperation; and (4) preparation for reunification.
Section 401 - LEC
TR 1030AM-1200PM