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Korea's Economy 2014 Overview and Macroeconomic Issues Lessons from the Economic Development Experience of South Korea Danny Leipziger The Role of Aid in Korea's Development Lee Kye Woo Future Prospects for the Korean Economy Jung Kyu-Chul Building a Creative Economy The Creative Economy of the Park Geun-hye Administration Cha Doo-won The Real Korean Innovation Challenge: Services and Small Businesses KOREA Robert D. Atkinson Spurring the Development of Venture Capital in Korea Randall Jones ’S ECONOMY VOLUME 30 Economic Relations with Europe KOREA’S ECONOMY Korea’s Economic Relations with the EU and the Korea-EU FTA apublicationoftheKoreaEconomicInstituteof America Kang Yoo-duk VOLUME 30 and theKoreaInstituteforInternationalEconomicPolicy 130 years between Korea and Italy: Evaluation and Prospect Oh Tae Hyun 2014: 130 Years of Diplomatic Relations between Korea and Italy Angelo Gioe 130th Anniversary of Korea’s Economic Relations with Russia Jeong Yeo-cheon North Korea The Costs of Korean Unification: Realistic Lessons from the German Case Rudiger Frank President Park Geun-hye’s Unification Vision and Policy Jo Dongho Kor ea Economic Institute of America Korea Economic Institute of America 1800 K Street, NW Suite 1010 Washington, DC 20006 KEI EDITORIAL BOARD KEI Editor: Troy Stangarone Contract Editor: Gimga Group The Korea Economic Institute of America is registered under the Foreign Agents Registration Act as an agent of the Korea Institute for International Economic Policy, a public corporation established by the Government of the Republic of Korea. This material is filed with the Department of Justice, where the required registration statement is available for public inspection. Registration does not indicate U.S. Government approval of the contents of this document. KEI is not engaged in the practice of law, does not render legal services, and is not a lobbying organization. The views expressed in this publication are those of the authors. While this monograph is part of the overall program of the Korea Economic Institute of America endorsed by its Officers, Board of Directors, and Advisory Council, its contents do not necessarily reflect the views of individual members of the Board or of the Advisory Council. Copyright © 2015 by the Korea Economic Institute of America. Printed in the United States of America. All Rights Reserved. ISSN 0894-6302 CONTENTS KEI Board of Directors ................................................................................................................................. II KEI Advisory Council .................................................................................................................................. III Preface ........................................................................................................................................................V Overview and Macroeconomic Issues Lessons from the Economic Development Experience of South Korea ..............................................................1 Danny Leipziger The Role of Aid in Korea’s Development .......................................................................................................................7 Lee Kye Woo Future Prospects for the Korean Economy .................................................................................................................27 Jung Kyu-Chul Building a Creative Economy The Creative Economy of the Park Geun-hye Administration ..........................................................................35 Cha Doo-won The Real Korean Innovation Challenge: Services and Small Businesses .....................................................................47 Robert D. Atkinson Spurring the Development of Venture Capital in Korea ....................................................................................55 Randall Jones Economic Relations with Europe Korea’s Economic Relations with the EU and the Korea-EU FTA .....................................................................65 Kang Yoo-duk 130 years between Korea and Italy: Evaluation and Prospect ..........................................................................73 Oh Tae Hyun 2014: 130 Years of Diplomatic Relations between Korea and Italy ...................................................................81 Angelo Gioe 130th Anniversary of Korea’s Economic Relations with Russia ..................................................................................87 Jeong Yeo-cheon North Korea The Costs of Korean Unification: Realistic Lessons from the German Case .....................................................93 Rudiger Frank President Park Geun-hye’s Unification Vision and Policy ..............................................................................101 Jo Dongho KOREA’S ECONOMY 2014 - I KEI BOARD OF DIRECTORS Yoon-Shik Park George Washington University David Steinberg Georgetown University Tae Soo Kang, Ph.D. Former Bank of Korea Official Danny M. Leipziger George Washington University OFFICER The Honorable Donald Manzullo President & CEO iv - KOREA’S ECONOMY Vol. 30 KEI ADVISORY COUNCIL Mr. Bradley Babson His Excellency Tae-sik Lee U.S.-Korea Institute at SAIS Former ROK Ambassador to the U.S. Dr. Claude Barfield Dr. Young-Sun Lee American Enterprise Institute Yonsei University Dr. John Bennett Dr. Wonhyuk Lim Former KEI President Korea Development Institute Dr. Thomas Cargill Mr. Paul McGonagle University of Nevada, Reno Consultant His Excellency Yoon-je Cho The Honorable Mark C. Minton Former Ambassador of the ROK to the UK The Korea Society Dr. Nicholas Eberstadt Dr. G. Mustafa Mohatarem American Enterprise Institute General Motors Corporation Mr. Robert Fallon Dr. Chung-in Moon Phosplatin Therapeutics, LLC Yonsei University Mr. Gordon Flake Dr. Hugh T. Patrick Maureen and Mike Mansfiled Foundation Columbia University The Honorable Thomas Hubbard The Honorable Ernest Preeg McLarty Associates/The Korea Society Advisory Council member The Honorable James A. Kelly Dr. Mitchell Reiss EAP Associates, LLC Washington College Dr. Abraham Kim Mr. Alan Romberg The Maureen and Mike Mansfield Center Henry L. Stimson Center Mr. Andrew B. Kim Dr. Jeffrey R. Shafer Sit/Kim International JRSHAFER Insight Mr. Spencer Kim His Excellency Joun-yung Sun CBOL Corporation UN Association of the ROK Mr. Bruce Klingner Mr. Robert Warne The Heritage Foundation Former KEI President The Honorable James T. Laney Mr. Joseph Winder Emory University Former KEI President Dr. Kirk Larsen Brigham Young University KOREA’S ECONOMY Vol. 30 - v PREFACE December 2015 Dear Readers, We are honored to present to you the 30th edition of Korea’s Economy. Over the past 30 years, this landmark jour- nal has documented the remarkable transformation of the Korean economy and its rapid industrialization as one of Asia’s four “tigers” that began in the 1960s. The raw statistics from the World Bank1 showing a mammoth increase in Korea’s Gross Domestic Product (from $100 billion in 1984 to $1.41 trillion in 2014) and its Gross National Income (on a per capita basis from $2,360 in 1984 to $27,090 in 2014) during the lifetime of this journal do not scratch the surface of the implications of Korea’s rise from the ashes of a devastating war for both the United States and the rest of the world. We trust that this journal has been important in broadening the perspective of individuals interested in the growing role Korea has played in the world economy. For the American audience, the Korea Economic Institute of America (KEI) has also long been in the forefront in drawing back the curtain of the opaque North Korean society and documenting various opportunities and challenges that face possible unification of the Korean Peninsula. This year, the volume contains 12 noteworthy articles written by scholars from both inside and outside of Korea. In light of this milestone edition, the papers discuss Korea’s post-war economic history and implications for the future; key factors needed to foster an environment in Korea that encourages entrepreneurship and innovation to keep this “Miracle on the Han River” growing well into the future; Korea’s deeper economic relations with Europe; and the vi- sion for a united Korean Peninsula and the economic lessons learned from the German reunification experience. KEI, created in 1982, is a U.S.-based non-profit educational organization partnered with the Korea Institute for International Economic Policy (KIEP) dedicated to promoting dialogue and understanding between the Republic of Korea and the United States on economic, policy and security relations. KEI accomplishes its mission through a combination of 10 signature programs and academic journal publications, such as Korea’s Economy, special events, and our website (www.keia.org) and social media presence. For over 25 years, KEI has also sponsored papers at our yearly academic symposium, which are subsequently published in KEI’s annual Joint U.S.-Korea Academic Studies journal. In addition, KEI conducts a wide range of conferences, seminars, and roundtables. These include programs in Washington, D.C., which often feature distinguished thought-leaders from Korea, as well as programs throughout the United States that include scholars, diplomats, key U.S. and Korean government representatives, and occasion- ally the Ambassadors from the two respective countries. We hope that you enjoy this edition of Korea’s Economy. We look forward to continuing to produce objective and timely analysis of issues affecting Korea’s domestic economy and its economic
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