Abstract
The paper takes a closer look at Korea's central government policies concerned with the restructuring of urban space after the 1997 financial crisis. In addition to the government's short-term responses such as asset deflation prevention, unemployment measures, the shift in its foreign direct investment policy is examined with a focus on urban and regional dimensions. Although the usefulness of foreign direct investment in the regeneration of urban and regional economies is debated, the paper argues for the selective acceptance of foreign direct investment by local authorities. Three broad criteria are suggested to use foreign direct investment as a positive element in rebuilding regional economies. These criteria are related to regional wealth enlargement, regional comparative advantage, and global learning.
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