In just one generation, South Korea has transformed from a recipient of foreign aid to a member of the G20. In this informative book, South Korea is used as a case by which to explore and illustrate specific issues arising from the complex relationships between the nation's economic development and society. O. Yul Kwon considers the task of achieving sustainable and equitable social and economic development in South Korea. Kwon presents an in-depth analysis from macro perspectives as well as examining micro-level relationships between economic development and social trust in the recent past. Grounded in empirical research of Korean society and economy, Kwon offers practical suggestions by which to achieve sustainable and equitable development in South Korea. This insightful and timely book provides valuable information for a scholarly audience interested in South Korean history, economics and society, and for researchers investigating the significance of the relationship between economic development and society as well as social trust.

This informative book provides a comprehensive examination of the dynamics of institutional reform and the transition of the South Korean economy. The analysis, based on an institutional approach, stretches over three decades of remarkable economic success under a state-led system, through the 1997 financial crisis, to the current market-oriented system.O. Yul Kwon presents in-depth impact analyses of institutional reforms (economic policy, regulations, culture and politics) on areas such as the transitions of the overall economy, external economic relations, the business, financial and public sectors, and labour relations and social welfare. For each of these topics, institutional reforms are assessed against reform objectives and in comparison with other countries, and operational efficiency of relevant organisations is also analysed. The Korean Economy in Transition provides valuable information for the academic audience, policymakers, and others interested in the South Korean experience.