This volume results from an annual conference of South Korean and American government officials, former officials, private-sector leaders, and academics under the auspices of the Institute for International Economics in Washington and the Institute for Global Economics in Seoul. It contains essays on the security relationship between the United States and South Korea, the bilateral economic relationship, and broader multilateral cooperation. Two prominent Americans, Daniel K. Tarullo, assistant secretary of state for economic and business affairs, and Rep. Doug Bereuter (R-Nebr.), chairman of the House Subcommittee on Asia and the Pacific, used the conference to highlight the importance of greater South Korean economic liberalization for the future of the bilateral relationship. Tarullo argues that the most important determinant of the economic relationship would be whether South Korea resolves its "ambivalence" toward economic liberalization and more thorough integration into the world economy.