Introduction: Problem Statement: The Migration Industry Ecosystem: Korea as a Case Study Universities as Competitive Market Actors: Private Recruitment Agents: Risks and Failures of the Migration Industry Case Study: Bangladeshi Students in Korea Drivers: Risks and Challenges: Comparisons: Recruitment Agencies, Migration Industry, and the Risk of Exploitation: Evidence from OECD and Korean Sources: Ethical Considerations and Governance Principles: Conclusion References: