Four decades ago, South Korea was identified as one of the star performers of the global economy. Its stellar performance was a consequence of the Korean government’s drive to promote export-led growth. It escaped the ‘middle-income trap’, which has ensnared so many, close to a decade ago. It provided perhaps the most successful model of all time for emerging markets to follow. But, now the process of rapid industrialisation has run its course, the economy has begun to slow. And...