Lee Kye Sik, the president's man in charge of reforming the government and privatising state-owned firms, fears strong action may not be possible until South Koreans face the abyss.

ECONOMIST: South Korea

Last year, spooked by the idea of foreign sovereign-wealth funds and state-owned firms buying up vast tracts, the government resurrected a 1971 law limiting the amount of rural land foreigners can buy.

ECONOMIST: First they went for the currency, now for the land

The government hopes to raise half the money by privatising profitable state-owned firms, such as Pohang Iron and Steel and Korea Electric Power.

ECONOMIST: South Korea