Free Republic

South Korea: Drifting Economy, Boiling Society Andy Xie (Hong Kong) at Morgan Stanley Korean society appears to be focusing on democratization and empowering people, demystifying government power, as well as decreasing the scope and social tolerance of corruption. Because of this, economic liberalization may take a backseat. Indeed, Korean society appears to be focusing on reducing the income inequality that economic liberalization may exacerbate. Korea’s economic establishment is deeply bearish about the present state of affairs, fearing that the lack of direction will depress the economy in the short term and may damage Korea’s longer-term economic competitiveness. The economic establishment...