Analysis of Globalization in South Korea

Analysis of Globalization in South Korea

A strategic new direction of South Korean Industry

South Korea’s economy ranks as the 11^th largest economy around the globe based on its gross domestic product. In relation, the economy of the country is growing at a high rate overseeing a reduction of unemployment rates and improved well being of the citizens. Among the key factors promoting the tremendous improvement include the embracement of the globalization aspect within the country’s economy. In this regard, the country has developed a principle that encourages foreign investments within the country by lowering the tariffs imposed on imports. Upon the adoption, the country has overseen excessive foreign investment in the country, which has boosted economic development. However, the strategy adopted might develop long term effects more so on local investors due to competition designed by imports in the country. The results intended might trigger economic instability following a decline in domestic investment and increased unemployment among the country citizens. Based on the long-run effects of the country’s financial decision, the South Korean government has developed alternative strategies. In this regard, the country has developed a focus on improving the local economy (Lane, 2017). In return, the country has restructured its industrial policies to suit the growth of the local economy. Among the adopted policies include the development of subsidies on the imports and regulation of interest rates on business loans. The move will oversee the management of foreign investment and increased the local stake.

Effects of Globalization on Labor Relations and Labor Market

Concerning labor relations and the labor market in the South Korean government, the country adopted flexibility strategies that sought to lure companies to invest in the country. In this regard, the country advocated that employees would get employed on a contract basis with a maximum of two years of employment for regular workers. Also, irregular employees could not access company protection while working within the companies they worked in. Furthermore, companies got granted the power to hire and fire employees at any time based on their performance.   The policies oversaw the exploitation of irregular workers more so on wages development where companies developed poor wages for regular employees.

Similarly, most employees faced the risk of dismissal at any point in time since government policies did not protect them against and their affairs within the employment sector.

Regarding the impacts of the labor policies adopted, the country has overseen the accumulation of wealth by the rich at the expense of the poor. in relation the irregular workers that are vast wealth difference between the poor and the rich (GCAP Korea, 2016). Also, the adoption of foreign policies affected the local economy upon which most local citizens got dismissed from local companies based on poor market performance. In relation, globalization development within South Korea has facilitated the exploitation of irregular employees and the rise of unemployment rates within the country. Furthermore, globalization has increased the wealth rift between the rich and the poor, where the rich accumulate more wealth at the expense of the poor who serve as the irregular employees and earn meager salaries.

Effects of Globalization on Culture Industry and K-wave

The cultural impacts globalization in South Korea has overseen the development of South Korean to the outside world. Among the essential cultures that have overseen development in the outside world include Korean music, which is known as the Korean wave (Hallyu). Similarly, the country has overseen the development of its entertainment industry into the international markets. In this regard, Korea trading partners have embraced Korean pop culture, dramas which get developed through tv shows and movies (Martin Roll Company, 2018). Among the key countries that have adopted Korean culture include China and the US.

Similarly, the lifting of the ban that prohibited the exchange of popular culture between Japan and Korea has facilitated the development of Korean culture in Japan. The embracement of the Korean culture has seen its adoption throughout Asia. South Korean government has realized increased revenue following the value acquired upon the exchange of the culture in foreign countries. The estimated tax that Korea accumulates from k-wave is 11.6 billion $ from the entertainment industry. The revenue has facilitated the improvement of South Korean government GDP upon which the country ranks the 12^th largest economy in the world.

            Optional Bonus Section: Analysis of North Korea Weapon Conduct

North Korea has been launching missiles over the last few weeks as a way to avoid the intended military partnership between the US and South Korea (NBC Universal, 2019). The act develops against the international regulation on the production of weapons, and that prohibits countries from producing lethal weapons. The control extends since deadly weapons endanger human beings and may trigger conflicts that may promote mass killings; for example, the effects of the first and second world wars. The production of firearms by the Korean government oversees the development of conflict with other countries. The battle will further affect the economy of the country since it will develop a poor relationship within the international markets. Also, the international community will establish curfews against North Korean upon which their product will lack access to other countries. Among the key sectors that will get affected include the revenue accumulated following the development of Korean culture in foreign nations. In this regard, the international community might ban North Korean entertainment and cultural products from the global markets, which will lower the economy of the country in return. Concerning North Korea’s relationship with the US, the US might facilitate the development of conquest that will result in the destruction of od weapon companies based in North Korea.

Similarly, neighboring countries might lure the international community to develop a disarmament program upon which they will get assured of their safety. The move will oversee the destruction of the company by the international community in a bid to ensure peace and prevent the occurrence of a world war. Concerning South Korea, the behavior of North Korea might affect its economy since investors will withdraw from South Korean. In relation, investors will get afraid due to risks of instability within the country following attacks developed by North Korea. Furthermore, the move will affect the dominance of Korean culture in the international market, which will affect the economy and development of South Korea. Similarly, the partnership of the South Korea military with the US military might develop war against North Korea upon which mass killings will emerge.