This study aims to review and analyze the last 50 years of the Korean economy to suggest future directions the Korean economy should take.
The last 50 years in the course of the development of the Korean economy was remarkable in every respect. Korea has made great strides despite the aftermath of the Korean War, and is about to join the ranks of the economically advanced nations. However, Korea endeavor to take a great leap forward in the 21st century.
Above all, Korea should establish an advanced market economic order. The economic development of economically advanced nations was based on a clear capitalist mindset and well-organized capitalist order. Korea, however, has done virtually everything it could without establishing a firm capitalist foundation in order to overcome poverty. In order to achieve a genuinely advanced economy, Korea should establish a capitalist framework in terms of ethics and social order.
Also, Korea should enhance its national competitiveness and develop its growth potential. In order to do so, Korea should ease administrative regulations to consolidate the competitiveness of the government services as high-quality governmental services can prevent the outflow of productive elements. Also, Korea should establish a low-interest system and develop ways to utilize its female workforce.
In addition, Korea should establish a Korean welfare model. The expansion of social welfare is crucial for the stability of a capitalist system beyond humanitarian efforts. Korea will be able to create a successful welfare model without spending much if it utilizes Korea’s traditional value system and traditions.
Finally, Korea should prepare itself for the unification of the Korean peninsula. Social confusion will be pose a serious problem after unification if confidence in a healthy market economy prevails throughout Korean society, but Korea still suffers from ideological conflicts. For the creation of a stable society after unification, Korea should build a solid social consensus.