This paper reviews education policies in South Korea, including a high inefficiency of educational spending, a considerable unbalance between private and public spending on education, and human resources planning compared to those in OECD countries during the last two decades. In addition, this study summarizes several characteristics of education reform in Nordic countries and documents key lessons from experiences of these countries. Finally, this paper suggests deep consideration regarding the provision of an equal education opportunity to students from the marginal group, potential problems of an increase in individual choice and competition for education, and the quality of public education. Further, this paper argues that it Is time to consider education as social investment to increase policy coherence between education and social welfare.