Korea Policy
From the Issue
Korea Policy Vol. 1, Issue 3About Korea Policy
Korea Policy is the premier journal for analysis and commentary on developments affecting the U.S.-South Korea alliance. Bridging scholarly insight and policy relevance, Korea Policy features original research and expert perspectives on strategic, political, economic, and other issues shaping Korea’s role in the world. In this way, KEI aims to inform academic debate, guide policy discussions, and foster a deeper understanding of the important partnership between the United States and South Korea. Contributions come from leading scholars, practitioners, and emerging voices across various fields.
Korea Policy is an open-source academic journal commissioned, edited, and published by the Korea Economic Institute of America in Washington, D.C
This paper explores how South Korea defines “economic security.” Amidst geopolitical turbulence, the framing of this concept by governments and policy circles around the globe is reflective of the changes in the global economy post-pandemic and the ongoing war in Ukraine, two critical junctures that have revealed the geo-economic impact of weaponized interdependence. While the Biden administration has laid out U.S. policy intent to combine national security with economic security, specifically on future industries of dual-use nature ranging from chips to EVs, batteries, and generative AI, countries that are on the receiving end of policy implementation are formulating their response to the shifting geoeconomics. This paper unravels South Korea’s framing of economic security and policy response by analyzing legislation on future industries that is critical to the country’s economic growth and standing and the concerted efforts by the state bureaucracy and industry in shaping the concept. The paper draws specifically upon semiconductors in addition to other future industries that are central to the South Korean economy and related legislation in the South Korean National Assembly. It argues that South Korea’s policy response and framing of its economic security has more to do with the protection of industries for the future amid geopolitical turbulence and the reshuffling of global supply chains than traditional security issues related to the U.S.-ROK alliance. Moreover, public anxiety on the pressures toward U.S.-driven trilateral cooperation reveals concerns on a possible backlash from China and the lagging potential of Japan in future industries.