The New Korea
An Inside Look at South Korea's Economic Rise
By: Myung Oak Kim, Sam Jaffe
Published: April 1, 2010
Format: Hardcover, 288 pages
ISBN: 9780814414897
Publisher: AMACOM
"Forty years of spectacular growth and transformation catapulted Korea to the status of an industrial powerhouse and the fifteenth largest economy in the world, according 2008 World Bank data, despite its small landmass", write investigative journalists Myung Oak Kim and Sam Jaffe, in their important and insightful book The New Korea: An Inside Look at South Korea's Economic Rise. The authors describe how the history, politics, culture and society have shaped Korea into an economic and business powerhouse facing a future that is both bright and filled with challenges.
Myung Oak Kim (photo left) and Sam Jaffe provide a complete assessment of the Korean economy, from its incredible rise from the ruins of the Korean War, into an economy that ranks among the most successful in the world. The authors point out the historical factors that helped create the Korean economic growth, and how that history of a country divided into North and South Korea, still affects the country and its future.
The first major economic growth phase for Korea was through low cost labor, a strong work ethic, and a collective spirit. The new Korea has maintained that work ethic and national pride, but wages and salaries have risen to a level nearing those of the West. At the same time, the quality of Korea's products, from the state supported development of world class brands such as Hyundai, LG, and Samsung have built a reputation for excellence. The challenge facing Korea is to continue the growth of the economy, the further expansion of global trade, and to become more market than state supported in economic policy.
Sam Jaffe (photo left) and Myung Oak Kim recognize that the culture of Korea plays a critical role in how Korean society will evolve over the next decades. As a society both traditional and modern, Korea and her people must overcome many culturally related obstacles, as the country becomes ever more important in the globalized economy. The national obsession with golf has propelled Korean women golfers into the international spotlight, giving Korea exposure on a world wide scale. As the Korean economy, its companies, and its people grow in international importance, the eyes of the world will be turned ever more closely on the Asian nation.
With the isolated North Korean state casting a shadow over the future of the peninsula, the people of South Korea must consider many different futures, with not all of them peaceful in nature. At the same time, the South Korean corporations and government must determine whether to play safe like Japan, or continue the successful growth strategies that created the Korean economic growth.
For me, the power of the book is how authors Myung Oak Kim and Sam Jaffe provide a comprehensive overview of the many diverse factors that contributed to the past growth and future challenges for Korea. The book contains an important description of the history and politics of the once insular Hermit Nation, and how those same forces continue to influence Korea today and tomorrow. The authors present a complete discussion of how the major global business brands, including Hyundai, LG, and Samsung began their rise to international leadership.
Myung Oak Kim and Sam Jaffe also point out that Korea is at a crossroads economically and culturally, and critical decisions must be made in politics and in corporate boardrooms, to meet the winds of globalization and continue to sail forward successfully. The book also contains a valuable section on living and working in Korea, and how cultural aspects of the country affect business relationships for both Koreans and for international business people.
I highly recommend the landmark and must read book The New Korea: An Inside Look at South Korea's Economic Rise by Myung Oak Kim and Sam Jaffe, to anyone seeking a deeper and richer understanding of the Korean economy, society, and the challenges facing the country and its people in the twenty-first century. The book provides a glimpse into the coming years, and asks the crucial questions of what type of economy and society that will be chosen by Koreans. The many options for the economy include the low wage model of India and China, the no growth safe path taken by Japan, or take a new and uniquely Korean path to economic prosperity. At the same time, the authors provide some possible future scenarios involving neighboring North Korea and its relations with the South.
Read the fascinating and essential book The New Korea: An Inside Look at South Korea's Economic Rise by Myung Oak Kim and Sam Jaffe, and gain numerous insights into the impact of multiculturalism, Western business people, technology, domestic and international politics, and societal change will affect the New Korea.
