Do I believe Korea has aspirations of world domination? Yes. But do I  believe that they will be able to do much about that anytime soon? No.
Unlike Japan, I think they HAVE the chutzpah to pull it off. But there are several things standing in their way:
1.) They are, and for some time to come, will likely continue to be preoccupied  with the North. Until that is somehow resolved, I don't think they can seriously entertain ideas of world dominance.
 2.) Corollary to the above. Largely because of the geopolitical  threat from the North, they are dependent on America for their security.  In some sense, you could even say they are an occupied country. 
True domination is always accompanied by military might. Witness the  enormous build-up of the PLA in China, and its growing percentage of  their budget.
 And lastly-
3.) Even more so than their brother, Japan, Korea's undying adherence to Juche  will keep them on their peninsula for the foreseeable future. Yes, they  have the technology, but without the willingness to engage with and be  sullied by foreigners and their ways Koreans will forever remain in  their small corner of the world. 
BUT the whole world is in a transition period like few times before.
Down the road - say a decade or so - Korea could emerge as a leading  power, in spite of its shortcomings. But their prowess will be in  business, not war.
If ---and this gets into another whole discussion--- what many  military experts are saying is true, if defensive weapons are now in the  assent and we are also are passing from the ballistic age to the age  of smart weapons, 
then this all strengthens the case for smaller countries becoming  more dominant as the 21st century progresses.
City-states and small  compact countries like Korea could have a strategic advantage. 
It's a simple idea really: As offensive weapons loose their  superiority, small is more easily defended. Welcome the re-emergence of  the city-state. Small, agile, integrated and focused on business.  Examples? Think Singapore and Hong Kong.
Just as Switzerland had its niche of diplomacy during the cold war,  and still has its niche in banking and finely crafted luxury goods,
I see Korea developing its own set of strategic business niches in  the future. And that will guarantee it a place at the world table of  important countries.
But I don't see it dominating the world in the way that Japan tried (either during the 1930s or 1980s) and failed.
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