South Korea Case Study - 1294 Words

www.kewpid.com Globalisation Case Study: South Korea by Dan Nguyen 1 of 6 www.kewpid.com Globalisation, an important characteristic within the contemporary economic environment, has resulted in signiï ¬ cant changes to individual nations in terms of economic development strategies undertaken by national governments. The term globalisation refers to the integration of local and international economies into a globally uniï ¬ ed political, economic and cultural order. Globalisation is not a singular phenomenon however, but a term to describe the forces that transform an economy into one characterised by the embracement of the freer movement of capital, labour, technology, and ï ¬ nancial ï ¬â€šows. It is often difï ¬ cult to determine or†¦show more content†¦3 of 6 www.kewpid.com The Chaebol operate many different industries, and the increasing competition in the world export markets due to the removals of restrictions, and market restructuring, have produced incentive for these businesses to become global and establish foreign subsidiaries. These ï ¬ rms then attempt to reduce costs of production by, ironically, using cheap foreign labour from its Southeast Asian neighbours, and using the foreign raw materials of the host country. The global economy is, by deï ¬ nition, subject to the ups and downs of the business cycle, caused by changes in production within the major economies of the world, such as South Korea. For that reason, the Korean government attempts to limit the uncertainty of international business through an extensive policy mix. The pervasive inï ¬â€šuence of the government is one of the trademarks of the Korean economy. Since Korea is poor in natural resources, the government direction was inevitable for growth to occur. Prior to 1960, Korea was an impoverished nation, yet today, it is one of the most urbanised nations in the world, with rates of over 75%, compared with 35% urbanisation prior to 1960. More recently, in 1993, the government began to implement ï ¬ ve year FDI plans to promote economic improvements. Additionally, government deregulation has aided the global integration process through the reduction of protectiveShow MoreRelatedCase Studies For South Korea, Mexico And Turkey1845 Words   |  8 PagesCase studies for South Korea, Mexico and Turkey It seems that these literatures are quite inconclusive. Some researchers find a positive relationship; other studies identify no association, or even a pessimistic correlation. 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