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Part I: Evolution of Institutions and the Economy -- 1. Korea's Economic Policy in Transition: Evolution, Assessment and Future Direction -- 2. Cultural Effects on the Korean Economy -- 3. The Korean Political System and its Effects on the Economy -- 4. The Korean Economy: Transition to a Knowledge-based Economy -- Part II: External Economic Relations -- 5. Korea's Trade Policy in Transition -- 6. Korea's Inward and Outward Foreign Direct Investment -- 7. North Korea's Economic Reform and Inter-Korean Economic Relations -- Part III: Transition of Individual Sectors -- 8. Recent Evolution of the Business Sector: Chaebols and SMEs -- 9. The Korean Financial Sector: Its Transition and Future Agenda -- 10. Public Sector and Regulatory Reforms: A Critical Evaluation -- Part IV: Labour and Social Welfare -- 11. Reforms of the Labour Market and Industrial Relations -- 12. Income Distribution and Social Welfare Policy: Issues and Strategy.