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Raising the minimum wage by 40 percent would lower the UnitedStates' score in the Index of Economic Freedom.

Policymakers should not consider stricter investment controls inthe wake of Abu Dhabi's purchase of 4.9 percent of Citicorp.

Executive Summary: The economy of South Korea reflects astrengthening recovery, but inconsistent economic policies,lingering systemic deficiencies, and increasingly competitiverivals create significant long-term challenges. To avoid economicstagnation, South Korea should improve its investment environmentthrough legislative reforms and implement structural reforms toincrease the competitiveness and profitability of South Koreanfirms.

Congress has approved $1 billion for the Millennium ChallengeAccount for FY 2004. To accomplish President Bush's goal of"reward[ing] nations that have more open markets," the MillenniumChallenge Corporation should focus on each candidate country'sprogress toward greater economic freedom. The Heritage Foundation'sIndex of Economic Freedom tracks precisely such progress.

The Asian countries should use this 10-year anniversary to solidifytheir ongoing recovery by bolstering their commitment to greatereconomic freedom, and the U.S. should reinforce its vision ofeconomic freedom and prosperity in Asia by supporting thesecountries' efforts to increase their economic freedom and bycongressional action to renew the President's expired tradepromotion authority.