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In 1953, South Korea was rated by the U.N. as the poorest country in the world. Five decades later, it is the fifteenth largest economy. Now, South Korea's decisions on how to manage its society and its role as a modern democracy while also establishing its policy regarding reunification with North Korea will determine where the country will go in the next fifty years. "The New Korea" examines the political, economic, industrial, and societal aspects of Korea today. Will it continue to enjoy an economic boom through new industries while competing against low-wage countries like China and India? Will it return to its role as a stomping ground for other powers? And what should Westerners pay attention to in terms of investment and business opportunities? As South Korea enters the most critical phase of its journey, it is crucial that we understand the factors involving its decisions and evolution. "The New Korea" is a fascinating account of what is and may become the state of this important region.

A fascinating look at South Korea’s miraculous path from postwar rubble to affluence and influence.

Once an impoverished nation destroyed by war, South Korea has emerged as a major technology innovator and manufacturing powerhouse, with the world’s 15th largest economy. Once an insular “Hermit Nation,” it has opened itself to capitalism, democracy, and an emergent multiculturalism—all forces that have driven its growth and prosperity.

Yet the nation maintains a distinctly Korean perspective, including unique work habits, cultural obsessions, and tangled relationships—with its oppressive northern half, its competitors China and Japan, and its former protector, the United States—that make it difficult to navigate for outsiders. The New Korea provides probing insights into the diverse historical, political, cultural, and industrial forces that have helped define Korea in the past half century, and looks at the challenges ahead, as Korea faces new competitors and obstacles to growth.

Can Korea compete with low-wage countries like China and India? Will it mimic Japan’s safe, zero-growth economy? Will its closed social structures and government involvement in every step of technological development prevent it from continuing on a path of dynamic growth? And what should Westerners pay attention to in terms of investments, markets, and partnerships? The New Korea answers these and many other questions, as it explores Korea’s remarkable evolution, its complex challenges, and its potential impact on international business.

"...this in-depth examination of Korean attitudes, religion, and culture makes for an interesting read that is pleasingly informative...highly recommended.” -- Midwest Book Review

Contents......Page 4 Acknowledgments......Page 8 Introduction......Page 10 PART ONE: HISTORY......Page 16 1 Still Living in the Past: Why History Matters......Page 17 2 North Korea: A Distorted Mirror......Page 32 PART TWO: ECONOMICS AND TRADE......Page 54 3 The IMF Crisis and Its Impact on South Korea......Page 55 4 The Middle Nation: How Korea Navigates Between Japan and China......Page 72 5 So Long, Uncle Sam: The Korean–U.S. Relationship......Page 88 PART THREE: INDUSTRIES......Page 108 6 Korea in the Driver’s Seat: A Short History of the Korean Car......Page 109 7 Samsung Eternal: From Rice Trading to $174 Billion in Sales......Page 127 8 LG’s Rebirth: Lak Hui Learns to Create Its Own Luck......Page 141 9 Technology Nirvana: Korea’s Wired and Wireless Leadership......Page 157 10 The Korean Wave: Ebbing or Flowing?......Page 172 PART FOUR: SOCIETY......Page 184 11 The Culture of Business: What It’s Like to Work and Play in Korea......Page 185 12 Teeing Off: Korea’s Obsession with Golf......Page 202 13 From Homogeneity to Multiculturalism: The World Comes to Korea......Page 218 14 A Changing Society: Shifting Roles in Modern Korea......Page 233 PART FIVE: THE FUTURE......Page 250 15 Whither the North? Four Scenarios for the Future of North Korea......Page 251 16 Toward Korea 3.0: Challenges and Opportunities for the Next Forty Years......Page 266 C......Page 282 E......Page 283 I......Page 284 K......Page 285 N......Page 286 R......Page 287 T......Page 288 Z......Page 289 Discusses the recent economic development of South Korea into the world's fifteenth largest economy, including how it opened itself to capitalism and multiculturalism while maintaining a distinct Korean perspective.