Economic Growth in South Korea

Abstract

South Korea is set to become the “next giant of Asia”. A strong industrial base, driven workforce and widespread government subsidies have allowed major chaebols (conglomerates) to make significant gains in the global arena, but at some expense. Labour unrest is sporadic but serious, environmental abuses are generating consumer outrage, and smaller Korean businesses are concerned about concentrated wealth and power in companies such as Hyundai, Samsung and Lucky‐Gold Star. Discusses the evolution of the Korean economic miracle and offers insight as to potential hurdles in the years ahead if that momentum is to be sustained.