Foreign Economic Policy

Research output: Chapter in Book/Report/Conference proceedingChapter (peer-reviewed)peer-review


Since 1987, South Korea’s foreign economic policies (FEPs) have undergone remarkable transformation with deregulation and liberalization trends. As a middle-power country that is highly susceptible to changes in its external trade relations, South Korea has also developed multi-layered economic ties. This chapter identifies FEP decision-making structures and examines the interactions between the dynamics of domestic and international economies in the context of South Korea. It demonstrates how the Korean institutions have evolved, since its democratization, to accommodate an increased level of influence by interest groups and the civil society. Nevertheless, traditional actors—including the government and, to a lesser degree, the Chaebols—continue to play pivotal roles in the contemporary FEP decision-making process. FEP goals and decision-making structures have been highly dependent on the government and are susceptible to changes in political leadership.
Original languageEnglish
Title of host publicationThe Oxford Handbook of South Korean Politics
PublisherOxford University Press
ISBN (Electronic)9780191915093
ISBN (Print)9780192894045
Publication statusPublished - 19 May 2022


  • South Korea
  • foreign economic policy
  • middle-power diplomacy
  • decision-making structure
  • chaebols
  • democratization
  • free trade agreement


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