Columnist David Pilling has recently written an interesting and thought provoking opinion piece in the Financial Times (Click here for link to article. Links to other hyperlinked articles below, too.) where he noted that Korea's status as an underdog is "wearing thin" and that the country has even had a "good crisis." Moreover and besides noting that Korea in the 1960s had an economy with a per capita income on a par with sub-Saharan Africa and is now "snapping at the heels of Britain and France." Pilling pointed out that:

• Korea's economy is almost as big as India's even though the population is less than one-twentieth in terms of size plus Korea's per capita income in purchasing-power terms is US$28,000 – just US$5,000 behind that of Japan. And as much of the rest of the world plunged into a deep recession that it has only now emerged from, Korea is already back to robust economic growth that is expected to expand by 4.7% this year with a budget deficit of only 2% of output while the country has also managed to avoid both a banking and a currency crisis. In addition, the Financial Times reported last year that Korea is eager to officially cement its status as a developed economy when Seoul hosts the G20 summit this coming November.
  
• Samsung has surpassed Hewlett-Packard to become the world's biggest technology company by sales. In fact, the Financial Times reported back in February that Samsung had surprised many when its market capitalization had overtaken Sony's back in 2002 while analysts this year are forecasting that Samsung's net profit would surpass that of the 15 leading Japanese technology companies combined in the fiscal year to March 2011.
  
• Korean carmaker Hyundai is profiting from both Detroit and Toyota's problems. In fact, the Financial Times reported back in February that Hyundai is one of the main beneficiaries of the Toyota fiasco since nearly all of the cars recalled compete directly with its product lines. Perhaps more importantly though, Korean automakers now have time to strengthen quality controls to avoid a similar fate in the future.
  
• Despite the recession, several Korean companies have upgraded their technological prowess. In fact, the Wall Street Journal recently had an interesting article about how the world's largest shipbuilder, Hyundai Heavy Industries Inc., has spent nearly US$50 million on factory-planning software for a shipyard that covers over 11 square kilometers (4.2 square miles).
  
• As reported in Korean Consulting and Translation Service, Inc.'s recent Korea Business Success eZine, at the end of 2009, a Korean-led consortium that includes Doosan Heavy Industries, Hyundai Engineering and Construction, Korea Electric Power Corporation (Kepco), Samsung and US-based Westinghouse won a US$20.4 billion contract to develop civilian nuclear power plants for the United Arab Emirates – beating out French, Japanese and US rivals despite the fact that Korea has little political clout in the region. Pilling also noted that Korea is predicting US$400 billion in nuclear reactor sales over the next 20 years.
  
• Korea also produces Asia's most popular soap operas, has some of its most popular singers and as we noted earlier, is poised to become a major fashion center for the region. Not to mention, Korean ice skating sensation Kim Yu-Na has won the gold medal at the recent winter Olympics and is ranked number 1 in the world by the International Skating Union (ISU).

Pilling ended his piece by still saying that although Korea has achieved enormous successes, it still faces a number of challenges which he also outlined. Nevertheless, his column does make an interesting case as to why Korea is no longer an underdog nor just a shadow of its neighbors, China and Japan.

What thoughts do other members have regarding these insights? Do you agree? What other examples would you point to to support your opinion?