Korea was among the first countries reviewed in the OECD Reviews of Regulatory Reform Series. Since the first review in 2000, Korea has made bold efforts to enhance conditions for long term growth: promoting regulatory reform, cutting red tape, strengthening competition policy and market openness. The Korean government has also modernised  its regulatory framework for information technologies, an area where Korea plays a leading role among OECD countries. This publication assesses progress since 2000 and analyses many of the lessons of implementation of regulatory reform. It highlights possible responses to current challenges. These include the pressures of an ageing society, future welfare needs and human capital development. The study includes a new special chapter on tertiary education, where improvements in the regulatory framework can yield significant benefits for future innovation and productivity.