South Korea's foreign economic policy: New parameters and pressures examined

This paper considers the various challenges and pressures that confront Korea in developing its future foreign economic policy (FEP). It is set against the context of the country's recent financial problems but also examines previous economic developments in the Korean economy, how the parameters of FEP can be defined, the impact of globalisation and systemic change in the world economy, the tension between domestic and international forces in the crucible of FEP-making and offers a theoretical perspective to this latter discussion. Finally, the future direction of Korea's FEP is considered with particular reference to issues of economic diplomacy, diversification and the 'advocacy' principle.