Is South Korea Striving Less Economically?

Of the many stereotypes that are tossed around about South Korea and South Koreans, one of the most generous and true is that it’s a place and people striving and working hard.

My favorite such characterization came from an American diplomat at one of the sessions of the Six Party Talks several years ago. Waxing on to reporters in praise of South Korea’s delegation, this person said. “You know the South Koreans, always getting Monday’s homework done on Friday night.”

That image got a jolt recently from some news in a slightly obscure part of the financial world.

MSCI Inc., one of the two major compilers of stock and mutual fund indices for investors around the world, said on June 10 it decided to stop reviewing South Korea for elevation from its status as a “developing” market to “developed,” the highest level and home to the safest investments.