Gary Shilling, Columnist

Stick With South Korea in 2014

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Consider what would happen if the totalitarian regime in North Korea collapsed and that vastly underdeveloped country of 25 million was absorbed by South Korea, with its 50 million highly motivated and industrious citizens.

Despite the huge initial costs, South Koreans yearn for this opportunity; China’s leaders probably don’t. One reason China supports North Korea is probably the desire to keep a buffer between China and South Korea and to force the South to maintain an expensive military establishment to counter the belligerent North.