Korea's Crisis

Edging perilously near to meltdown, Seoul needs to get serious about reform. So far, it's balking

In 1989, two years after I moved to South Korea to write about its booming economy, I had a revealing conversation with a senior executive at Hyundai Motor Co. His fledgling auto company, he reckoned, would one day overtake General Motors Corp. in size, just as his country's economy would grow to rival that of the U.S.

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