The Korean Economy

by Kim, Wan-soon; Lee, You-Il

• ISBN13: 9781845429423
• ISBN10: 1845429427
• Format: Hardcover
• Copyright: 2007-12-07
• Publisher: Edward Elgar Pub

Summary

'Written by two leading experts on the internationalization of the Korean economy, this book is a "must read" for any business person contemplating establishing a business presence in Korea. The book contains a solid treatment of foreign direct investment theory, the history of foreign direct investment in Korea and its benefits. However, perhaps the most interesting and controversial aspect of this book is its underlying theme that if Korea is to truly benefit from its economic interaction with the wider global community, there needs to be a fundamental change of mindset by policy makers, business and the general public towards a more open, accepting and receptive attitude to foreign ideas, culture, businesses and products.' - Bernard Bishop, Griffith University, Australia The Korean Economy examines how Korea's inward FDI-led globalization, particularly since the financial crisis of 1997, has been experienced, understood, managed and often strongly resisted in various economic, social and cultural domains. It is an in-depth analysis combining perspectives from politics and economics, examining a number of grievances as seen through the eyes of actual foreign investors operating in Korea. The authors argue that it is precisely these obstacles that need to be addressed if Korea is to live up to its full potential in terms of becoming a truly attractive magnet for FDI and comprehensively integrating into the global economy. The authors make a convincing case that the challenges Korea currently faces are by no means limited to institutional and policy reforms, but rather are entrenched in an anti-globalization mindset shared by all sectors of society. This critical examination of the Korean government's inward FDI policies includes the experiences of around 50 CEOs of operating MNCs in Korea including various chambers of commerce and law firms. It also examines both perceptions and realities of the Korean market from in-depth interviews with over 50 foreign CEOs of MNCs operating in Korea, as well as a critical examination of Korea's current efforts to become a Northeast Asian business centre. This book will appeal to academics and postgraduate students of Asian studies and international business, the foreign business community (including existing and potential foreign investors to the Korean market) as well as government and policy makers.

Table of Contents

Figures
Tables
Case Studies
Abbreviations
Acknowledgements
Introduction	p. 1
Foreign Direct Investment in Korea: Theoretical Considerations	p. 20
The End of Korean Capitalism?	p. 34
Korea's Liberalization and Globalization	p. 54
The Paradox of Korea's Globalization	p. 93
Conclusion	p. 146
Bibliography	p. 157
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