The Korean Economy: the Challenges of FDI-led Globalization

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Author: Judith Cherry
Date: Fall 2008
From: Pacific Affairs(Vol. 81, Issue 3)
Publisher: The University of British Columbia - Pacific Affairs
Document Type: Book review
Length: 735 words
Lexile Measure: 1640L

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THE KOREAN ECONOMY: The Challenges of FDI-led Globalization. By Wan-Soon Kim and You-il Lee. Cheltenham (UK) and Northampton (USA): Edward Elgar, 2007. xi, 187 pp. (Figures, tables.) US$100.00, cloth. ISBN 978-1-84542-942-3.

In the wake of the 1997 financial crisis, the government of the Republic of Korea made the attraction of foreign capital in the form of inward foreign direct investment (IFDI) a top priority in its economic policy. The changes to the government's IFDI policy appeared to signal both a shift away from the approach of regulation and control that had been dominant since the 1960s and a willingness to embrace globalization fully and further integrate Korea into the global economy. However, despite the Segyehwa (globalization) policies implemented by President Kim Young-sam in the early 1990s, globalization in Korea remained essentially a "one-way street," focusing on exports and outward foreign direct investment rather than the liberalization of the domestic market and the promotion of inward investment. Over the past decade, successive governments have taken action to reform the "hardware" of inward investment promotion (reforming its institutions, systems and regulations), but far less attention...

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Gale Document Number: GALE|A189952608