This English translation is an abbreviated and edited version of Cheol-wun Jang et al., The Arms Race and the Establishment of Peace on the Korean Peninsula (Seoul: Korea Institute for National Unification, December 2021). The analysis, comments, and opinions presented in this paper are those of the authors and do not necessarily represent the views of the Korea Institute for National Unification.

1. Introduction
2. Analysis on Changes in the Arms Race on the Korean Peninsula
3. Prospect of an Arms Race on the Korean Peninsula
4. The Direction and Task of Peace-buiding on the Korean Peninsula
5. Conclusion