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Between winning the election in December 2007 and taking office in February 2008, Lee Myungbak and his administration sketched out a massive reform program that would potentially affect every aspect of Korea’s economic and social life, from the organization of ministries, through macroeconomic policies, privatization, taxation, education reform, and the…
The year 2008 saw a reversal of a long-lasting policy constellation in the international community visà - vis the Democratic People’s Republic of Korea (North Korea). South Korea, for 10 years a fervent proponent of engagement policy—sometimes in outspoken opposition to the U.S. approach—became much more skeptical about the engagement policy…
The year 2008 will be recorded in world history as a year in which the global capitalist system was threatened as a consequence of the U.S.-originated financial turmoil that began with the bankruptcy of Lehman Brothers on 15 September 2008. The impending worldwide recession is now often compared with the…
Following several years of strong expansion, the Korean economy began losing momentum in the second half of 2008 in the wake of the stress engulfing the global financial system. Although the initial stages of the financial crisis directly affected mainly the United States and western Europe, the crisis became truly…
North Korea’s economy has been on the verge of collapse since the beginning of the second nuclear crisis in 2002 because of the international community’s growing sanctions and pressure. The future of North Korea, with its tightly controlled authoritarian regime, seems even bleaker owing to the breakdown of its central…
The tax burden in Korea—at 26 percent of gross domestic product (GDP) —was well below the average of the member countries of the Organization for Economic Cooperation and Development (OECD) in 2006, reflecting Korea’s low level of government spending for pensions, health care, and social welfare. In fact, public social…