In little more than a generation, Korea has metamorphosed from an agrarian nation into the world’s tenth largest economy and Asia’s fourth largest, famous for making stylish electronic goods and high-tech ships. Its economic transformation has long been touted as a “miracle” and as a model of development for many of the newly emerging market economies to emulate. Korea’s political achievement is no less impressive. Since the late 1980’s, democracy has progressively taken root with the first-ever peaceful transfer of power taking place in 1998.
Such rapid political and economic transformation produced unevenness between the economy and society, which translates into a series of difficulties and new challenges. Since the 1997 financial crisis brought the country to the brink of bankruptcy, the Korean economy has slowed down and recently has been dragging its feet in great part due to incomplete economic reforms and restructuring. Economic reforms are indeed a formidable task awaiting proper political solutions, particularly given the domestic resistance not only from conservative sectors, but also from other parts of society such as organized labor and the agrarian sector. Further consolidation and institutionalization of the still infantile democracy is yet another formidable challenge. At this critical juncture Korea must now find a new model for development and build up a societal consensus on it.
On the regional level, Korea is expected to redefine its role in East Asia. The potential security threat from North Korea is no longer a local issue as it has great repercussions on regional security, and thus is of grave concern to regional and international powers. The issue has become particularly acute as the region’s conventional alliance system is currently undergoing reshuffling. In this context, forging a breakthrough in inter-Korean relations is of vital importance to regional security. Given the increasing rivalry between China and Japan in the region, Korea’s mediating role is no less critical to carving out a new formula of regional economic cooperation. Korea’s soft power, particularly its cultural wave, Hallyu, which is currently sweeping the region, could be a facilitating factor in this regard.
This seminar aims to go beyond existing stereotypical views of Korea to explore the dynamism of Korea’s past and current transformation and to examine the nature of Korea’s place in the evolving geopolitical and geoeconomic landscape of Asia.
This ten-day seminar begins and ends in Seoul.
