South Korea operated a mixed economic system. On one hand, the country adhered to the basic tenets of private enterprise and a market economy. On the other hand, it followed a highly visible policy of government intervention. The writer of this paper aims to analyze the South Korea Market…
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Through planning, direct or indirect ownership and control of enterprises and financial institutions, regulation of foreign exchange, and implementation of appropriate monetary and fiscal policies, the Government played a crucial role in making market adjustments and maximizing incentives. This was aimed at pursuing the fulfillment of its desired economic, social, political, and cultural objectives. However, economic success, the increase in complexity of the economy, the emergence of a more democratic and pluralistic society, and increasing international competitiveness were crucial factors in bringing about a decline in governments’ role in the South Korean economy. The reformist thrust of government economic policy, realized in the 1980s, was underlined by the renowned emphasis on the need for greater efficiency in the economy. In addition, it improved labor productivity and enhanced competitiveness in order to meet the demands of globalization. The admission of South Korea, in December 1996, to membership of the Organization for Economic Co-operation and Development (OECD) was another watershed, which heightened the importance of economic reform, which is a step away from negativity – the Asian financial crisis, which highlighted long-standing structural weaknesses in the South Korean economy (Paik 69). Demographic Information of South Korea South Korea is, in fact, regarded as one of the world’s most densely populated countries, with 440 people per square kilometer. However, most people are concentrated in the major cities (Lie 16). The principal cities in South Korea include Seoul, Busan, Daegu, Ulsan, and Incheon. In these four cities, the population density is about two-thirds of the whole population of South Korea (Caselli 129). The country’s capital city is Seoul. It covers about 12% of the total country’s area. Like the other cities, it is home to approximately 45% of the country’s population; as such, the 3rd largest and populated urban center in the world. Current statistics show that more than 50% of the immigrants are moving to the capital city. Indeed, it has been speculated that about 55% of the national population will be living in the capital city. South Korea is officially recognized as the Republic of Korea with an area of 99,268 km2. According to information published by the World Bank, the total population is 48.747 million by 2009. Figure I. Republic of South Korea (Source: U.S. Department par. 1) The official language in the region is Korean, and it is closely related to Mongolian and Japanese. Although there is a clear difference in grammar with the Chinese language, a large number of the Chinese cognates still exist in the Korean language. Modern Korean articulates to hangul—a phonetic writing system—in their writings. The country borders North Korea on its Northern part. The country is also surrounded by a mass of water encompassing the Sea of Japan and the Yellow Sea. It is separated from Japan by the Sea of Japan (Paik 77). Korea’s ethnical group has been regarded as the most linguistically homogenous in the whole world. The region is occupied by Koreans, however, about 20,000 people of Chinese descendants occupy some parts of the country. Indeed, all Koreans have a common linguistic and cultural heritage. The South Korean political system is based on the Republican form of governance. The President is the Head of State, and the Prime Minister acts as the Head of Government. The power is shared between the legislature, executive, and judiciary. Currently, the South Korean president is Lee Myung-bak, while the Prime Minister is Han Seung-soo.
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“South Korea Market Assignment Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/macro-microeconomics/1434113-south-korea-market.
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