Sprawling beneath the new two-story observation tower atop North Mountain, the South Korean capital of Seoul throbs in the midst of a boom that can be seen as well as heard. Skeletons of new office buildings and hotels crosshatch the horizons, schools are going up, black factory smoke fouls the air and a new four-lane expressway slashes through the heart of the city. Restaurants and bars are jammed with cheerful, garlic-reeking patrons. Mini-skirts and bell-bottoms are part of the scene at O.B.'s Cabin, where Seoul's students listen to guitar-plucking folk singers.
The...