Korea's choices in emerging global competition and cooperation

국문 초록 (Abstract)

(없음)

다국어 초록 (Multilingual Abstract)

This volume examines seven major policy reform areas, and outlines Korea's choices in the rapidly changing global economic environment. The reforms proposed in this book, if properly implemented, will play a critical role in restructuring Korea's political economy for the move onto a higher growth path. Each chapters feature a paper written by a prominent korean scholar, followed by comments from leading foreign experts in the field. Chapter 4 is written by foreign scholar, and the exper commentator is korean.

다국어 초록 (Multilingual Abstract)

Introduction
1. Reorganization of Korea's Macroeconomic Management/Sung-Hee Jwa
Overview of Korea's Past Macroeconomic Management and Performance
Existing Patterns of Macroeconomic Management
Distortions in Microeconomic Management
Short Horizon in Macroeconomic Management
Political Democratization and Political Economy in Macroeconomic Policymaking
Changing Prospects in Macroeconomic Policy Environments
Globalization and Its Implications for Economic Management
Economic Liberalization and the Problems of Direct Regulation
Capital Flow Liberalization and Its Implications for Macroeconomic Management
Democratization and the Political Business Cycle
Reforms in Macroeconomic Policy Regime
Role of the Government in Economic Management
Indirect Macroeconomic Management System
Maintaining a Macroeconomic Policy Stance Free of Politics
Macroeconomic Policy Issues in a Small Open Economy Setting
Korea's Capital Flow: Overall Pattern, Determinants, and Prospects
Independence of Monetary Policy and Exhange-Rate Regime
Sterilization as an Independent Policy Instrument
Macroeconomic Policy Mix Under Capital Inflow Pressures
Summary

2. The Nature of the National Economy in the Borderless World and the Role of the Government/Jungho Yoo
Past and Future Changes in the World Economy
Past Changes
Future Changes
Changes in the Nature of the National Economy
Economic Characteristics
Emergence of Local Economies of Distinct Characteristics
Interindustry Relations
Concept of Nationality
Policy Implications for the Korean Economy
Market Opening and Industrial Policy
Principle of Nondiscrimination
Resource Attraction
Rules of the Game
Conclusion: Role of Government

3. Industrial Structural Changes and Enhancing Competitiveness/Kyoung-Hwie Mihn
Structural Changes in Industry and Trade
Structural Changes in the Manufacturing Sector
Changes in Comparative Advantage
International Comparison of Manufacturing Structures
A Vision for Newly Competitive Industries
Rationale for a Vision
Prospects for the Development of High-Technology Industries to the Year 2005
Policies for Enhancing Industrial Competitiveness
The Role of Government
Competition and Cooperation
Internationalization and Strategic Alliances
Industrial Finance
Technological Development
Concluding Remark

4. Korean Multinationals in the Pacific Basin: A Comparative Study of Foreign Investment and Trade Strategies/Dennis J. Encarnation
A Brief Sketch of Korean FDI Abroad
Shareholdings: Majority Subsidiaries Versus Minority Affiliates
Sales: Foreign Investment Versus International Trade
Value-Added: Offshore Production Versus Overseas Distribution
Markets: Local Versus Export
Trade: Intracompany Shipments versus Arm's-Length Trade
Conclusions: Korea Multinationals in Comparative Perspective
A Trans-Atlantic Model
A Trans-Pacific Model

5. Creating Extrafirm Infrastructure of Institutions for Small and Medium-Sized Businesses/Joon-Kyung Park
The Prospects of Technological Development
Structure and Characteristics of the SMB Sector
Recent Developments in the SMB Sector
Subcontracting System
Localized Networks of SMBs
Innovative Policies Toward SMBs
Research Cooperation and Innovation Consultancies for SMBs
Technology Transfer Centers
Regionalization of Science and Technology
Communal Support Structure
Concluding Remarks

6. Corporate Governance: The Structure and Issues in Korea/Young-Ki Lee
Corporate Governance: A Theoretical Review
Separation of Ownership and Management: Agency Problem
Stakeholder Concept in Corporate Governance
The Industrial Group and Organizational Control
Corporate Governance, Innovation, and Competitiveness
The Role of Debt in Corporate Governance
Comparative Analysis of Governance Structure
The American System of Market Discipline
Japanese Governance System: Organizational Control
German Dual Board System and the "Power of Banks"
Corporate Governance Structure in Korea
Corporate Structure in Korea
Ownership and Control of Korean Corporations
Government Policies on Corporate Ownership and Control
Role of the Government in Corporate Governance
Comparison of Korean Corporate Governance Structure with Foreign Systems
Search for a New Model of Corporate Governance in Korea
Why Is a New Governance System Required in Korea?
Contemporary Issues in Korean Corporate Governance
Proposing a New System of Corporate Governance in Korea
Financial Commitment Through Bank-Industry Alliances
Summary and Conclusion

7. Building Scientific and Technological Infrastructure/Won- Young Lee
The Korean Experience in Building Industrial Development and Technological Capabilities
Catching-up Product Cycle Model of Industrialization
Building Technological Capability in Korean Firms
Pattern of Specialization in Technological Trajectory
The Future Course of Industrial Development
Global Environments
Industrial Deepening
Strategic Industrial Policy
Diffusion-Oriented S&T Policy
Restructuring Government R&D Programs
Development of the National R&D Program
Priority Setting in the NRDP
The Total Size of NRDP
Coordination of R&D Programs
Promotion of Cooperation Among' Industry, Academia, and Research Institutes
Major Actors of R&D
Weak Links Among Industry, Academia, and GRIs
Vitalization of University Research Capabilities
Restructuring of GRIs
Manpower Training and Education
National Education System
Science and Technology Education
Supply and Demand of S& T Manpower
Recent Reform in Education
Education System. More Responsive to Markets
Strengthening the S&T Information Network
Main Carriers of the S&T Information Network
Barriers to Equal Access to S&T Information
Policy Options
Concluding Remarks

8. Conclusions and Challenges/Lee-Jay Cho;Yoon Hyung Kim
Industrial and Corporate Structure
Labor Relations
Technological Development
Macroeconomic Policy and Management
International Markets and Alliances
Challenges for the Korean Economy