Monday, June 4, 2012

International Airline Traffic Surges 22.6%

courtesy of http://view.koreaherald.com/kh/view.php?ud=20120528000238&cpv=0

On Monday, May 28th, international flight traffic has increased gradually in sheer numbers. People from different countries traveled to South Korea because they want experience a different culture and because of tourist attractions. Many visitors traveled to South Korea from other countries such as Japan and China. The data stated that about 3.75 million people traveled to South Korea for vacation in April.Not only does South Korea benefited, China and Japan has increased in tourism as well. People have been coming and going from and to Japan due to the massive earthquake that shook the country. Therefore, the author mentioned that in the future, more and more visitors are willing to travel to different countries to experience different cultures.


Friday, June 1, 2012

Reflection



1) what did you learn in this class that you believe will be most directly applicable to understanding how the world works?
I thought that learning about allocation of resources helped me to understand why some countries are poor and rich. Depending on which resources a country have will determine their country's standard of living. GDP, scarcity and so forth...
2) what topics are you interested in learning more about, after this class ends?
I want to learn how to negotiate with different countries so I can understand the cultural differences in doing business internationally.
3) what advice would you give to a student considering taking this class?
I would advice a student to understand a specific country's differences and similarities of doing business in that country. For example like learning about the country's stereotypes, foreign exchange rates, and experiencing culture shock.

Wednesday, May 23, 2012

Beware of Greeks Bearing Bonds

courtesy of "Beware of Greeks Bearing Bonds" by Michael Lewis 
 1) choose one passage from the reading that you found particularly interesting. Why was it interesting?
 Before I read this article, I never heard Greece being in this situation. The passage that fascinated me was on paragraph 3 which the author, Michael Lewis, talked about his reasons for being in Greece at the time. It also talked about how "different societies were touched by the same event" but each response was different. Each society had their own say in the matter "financial-disaster tourism." The author did not go to Greece to church but because he had the "opportunity to travel" there.
2) Greece's economy is very small compared to other European Union economies, yet problems in Greece threaten the rest of Europe. Why?
I believe that Greece threatens the rest of European economies because they share the same currency. Because each economy is tied into one currency, it will affect all, making it depreciate or appreciate if the economy is not going well as expected.
3) As a part of a European bailout, Greece agreed to an austerity program of large cuts in government spending and increases in taxes. The Greek public has strongly opposed these measures. Use the short-run National Income model (discussed earlier in class) to explain this opposition.
There would be a decrease in government spending, the increase in taxes will lower consumption rates, which the GDP therefore goes down and cut services applicable to the country.

Tuesday, May 22, 2012

Seoul, Washington, Tokyo warn N.K. against further provocations

courtesy of http://view.koreaherald.com/kh/view.php?ud=20120521001242

On Monday, South Korea, US, and Japan warned North Korea to stop their nuclear transactions. The three countries expect that North Korea will make better decisions that would not harm others in the world, cease nuclear missile program, and benefit the people of North Korea.

South Korea, US, and Japan are worried for more nuclear testings by North Korea, knowing that they unsuccessfully launched a rocket in April.13. If North Korea launch their third nuclear test, the satellite photos are tracked down in the "northeastern village of Punggye." 

Tensions in the demilitarized zone aroused as North Korea tried to demolish the South Korean government when the South Korea president Lee Myung-bak criticized the failure of the rocket launch.   
 

The picture in the article as shown on the left showed the three representatives (Japanese Shinsuke Sugiyama director, South Korean chief nuclear envoy, Lim Sung-nam, and U.S. special representative Glyn Davies, respectively) shaking hands at the Ministry of Foreign Affairs in Seoul on Monday.
  
As the talk continues, South Korea, US, and Japan hopes that North Korea will change their mind about the nuclear testing and rocket launches.



Saturday, May 19, 2012

Response to “How Walmart is changing China” by Orville Schell

http://www.theatlantic.com/magazine/archive/2011/12/how-walmart-is-changing-china/8709/

1) Choose one passage from the reading that you found particularly interesting. Why was this interesting?

The passage that described the scenery of the orchards and the cropland was interesting. This was highly because the author mentioned about how Chinese people do business by telling a story about her family. Liu Mei stated that the business could be more profitable and efficient because in China, "such rags-to-riches stories are unusual."

2) Use examples from this reading to illustrate the interaction between multinational firms, economics, and culture. 
Walmart is a good example of interactions between firms and culture. The author explains the interactions between farmers in that the "retailer is better able to control the standards of food it advertises as green or organic." The buyer trusts Walmart that he or she will keep on buying products from there. This being said that people will go and buy products from places because it is convenient and cheap. 

3) Beyond the specifics of this article, what impact do multinational firms have on economics and culture? Have they had an impact on your country?

Different cultures can affect different standards of multinational firms. The culture can have an effect on pricing, products and distribution, meaning that "what goes up, must come down." Given the standards of reliability in markets, people are more willing to purchase goods from that place than other places. Yes,  multinational firms have benefited in my country as well because it is convenient to buy goods in high quality standards and also cheap too.

Monday, May 14, 2012

South Korean President Lee Myung-bak in Burma visit



On Monday May 14, the article stated that there was a North Korean bombing attack in 1983, 29 years ago. Because of this issue, South Korean president Lee Myung-bak visited Burma to discuss the security concerns. He traveled to Burma from Beijing to have trilateral talks with Chinese and Japanese leaders for two days. At the meeting, the Chinese stated that "Pyongyang may be planning a third nuclear test." This will cause major disturbances to South Korea, China, and possibly Japan as North Korea failed to launch their rocket. President Lee Myung-bak trip is for diplomatic purposes not for economic ties, as it may be in South Korea's interest. When looking at the military links, Burma and North Korea had diplomatic ties twice and may be working together to develop nuclear missiles. That in said, tensions have aroused, making police to search for clues especially "around the shrine where the attack took place in 1983."


courtesy of http://www.bbc.co.uk/news/world-asia-18055319

Saturday, May 12, 2012

EGT Consulting

Vehicle Market Executive Summary

EGT Consulting needs a concise summary and the most compelling parts of your analysis of your motor vehicle. 

South Korea has a population of 48,860,500 million people, who live mostly in Seoul,  and GDP per capita at $31,700. Despite the financial crisis in 1980's, South Korea managed to get out of it. South Korea is one of the Asian Tigers, who experienced the high industrialized growth rate in 1960 and 1990. Currently, South Korea is one of highly developed economies in Asia. I firmly believe that South Korea is a great place to do business and most people are affordable to buy motor scooters, sedan, but not as much towards limousines market.

The motor scooter highly appeals to people who have the affordable means of transportation to get around places with ease and comfort, especially in Changwon, the 8th populous city in South Korea. Changwon is a industrial city where it is mostly green and electric motor scooters are accessible for the middle class. 300,000 electric motor scooters were sold per year since 1962. It is also sold in places like Spain, France, Germany, England, and Italy.

The Sedan is also affordable for middle-upper class men because the price varies from time to time. People have the income to buy a Sedan. However, the limousine appeals to some middle-class but mostly upper class since only 1~2% of South Koreans like CEO's or ambassadors, or business owners who can afford to buy the vehicle themselves.

To conclude, I believe that motor electric scooters, and Sedan are the most viable option to sell in South Korea and not so much in limousines.

Friday, May 11, 2012

N.Korean GPS Jamming Threatens Passenger Planes

courtesy of http://english.chosun.com/site/data/html_dir/2012/05/10/2012051000917.html

The North Korean GPS threatened passengers to Incheon International Airport in South Korea, one of the major airports. "According to the government, 667 aircraft were affected by North Korean GPS jamming signals since April 28. They include 618 Korean passenger planes, 48 foreign passenger planes, including 17 U.S., 10 Japanese and six Chinese, and one U.S. military aircraft." The jamming caused serious issues such as almost leading them into the North Korean territory. Because of this issue, South Korean sent a letter to North Korea via the boarder of the truce line, Panmunjom, but they refused to take any action against it. South Korea is seeking for international connections to protest against the North Korean GPS issue.

Wednesday, May 9, 2012

Reinventing the Bazzar

1) Choose a passage from the reading that you found particularly interesting.  Why was it interesting?
One passage mentioned about that the internet made bargaining easier for the buyers and the sellers by "improving the efficiency of the market mechanization." This meant that because more people were willing to buy more products, the more advantageous it became.
2) What does the author mean by transactions costs?  Give examples.

When the author mean transactions costs, he means that there's friction in the market with the buyer and the seller. Also it is the extra costs beyond the exchange costs and also it is a way to determine information, decision-making, and transportation costs.
3) Simple economic models often assume perfect information (everyone knows everything, everywhere.)  What effects arise from imperfect information?  Who gains and who loses when information is unevenly distributed?

"Bazzar merchants sometimes actively try to increase search costs by hiding price information" (pg.42) which means that they set the price high then bargain with the seller to the reasonable price where it is not too low or not too high, just right. They might charge tourists higher prices just for the sake of them paying that much since they do not know the country as much as natives do. The information would not flow easily if the information is unevenly distributed. Such advertisements can cause a downturn and so the buyers need to take "advantage of an cause markets to function at a low level of activity."

Sunday, May 6, 2012

Samsung Galaxy S3

courtesy to http://www.bbc.com/news/technology-17935684#

A South Korean smartphone brand, Samsung, unveiled the Samsung Galaxy S3. The smartphone showed improvement in the device itself. The phone became critical to how people viewed the brand and the Android system. 

The improvement allowed Samsung to increase a larger screen, bigger than the iPhone 4S. The smartphone can now recognize peoples' faces and special camera features so the owners can naturally experience it themselves.

The importance of the smartphone should not be underestimated because of Samsung's reputation. But not only does the Galaxy have to stand out of other Android phones and also have to go head-to-head with the leading brand, the iPhone.

The Samsung Galaxy S3 improved the Android system with new features, making people more willing to buy the phone.

Thursday, May 3, 2012

Response and a Sneak Peak of Seoul

1) Choose one passage that you found the most interesting and explain why?

  • In page 5, the passage that described why Pomegranate was the most beautiful places in the 17th Century to visit. I really liked how the author mentioned why the place attracted many visitors and how the place looked like at the time. Moreover, it also made me want to visit the place myself.

2) Use examples to illustrate the interaction between economics and culture

  • There were many examples in the reading but out of those many, I would like to focus on two specific ones.  

    • The first was on page 4 where the author mentioned how tools benefited the working force such as a fax machine. He said that Pomegranate changed quickly because "working men were museum pieces" because they had experience using the tools.

    • The second was that there was some miscommunication of words represented on the main street. Because "English and German had rendered Turkish a minority language" the word was replaced as "handburgers" which is now known as hamburgers.

3) For your study abroad country, identify the leading destinations for tourists. What draws people to those places?  

Snap Shots of the Popular Attractions in Seoul
  • Location: Seoul, South Korea

    • The popular attraction places are as follows: Myeongdong, Hongdae, Namdaemun, Dongdaemun, Insadong, Sinchon, and Itaewon, respectively. 

      Myeongdong 



      It is one of Seoul's popular place for young people and tourists as a center for fashion and sight-seeing. There are many designer brands stores, department stores,  entertainment.

      Hongdae

      Hongdae centers on young art. The area is a home of hundreds of bars, restaurants, nightclubs. There is also an attraction of  coffee shops, and cafes which attracts young adult population. Therefore, most of the fun happens at night.

      Namdaemun

      Namdaemun is the "Great South Gate" that is one of the oldest, and largest retail markets in Seoul. There are many stores that line in the streets. A variety of products sold such as souvenirs, shoes, and clothing.

      Dongdaemun

      Dongdaemun is the "Great East Gate" a fashion center, where shopping districts, several underground shops, and markets open during the day and night. It is now grown to be the largest shopping center.

       Insadong

      Insadong is a "unique area of Seoul that truly represents the cultural history of the nation." There are nation's antique shops, art galleries, and traditional stationery shops. It is a focal point of Korean traditional crafts and culture. 

      Sinchon

      Sinchon is close to Yonsei University, Hyundai Department Store, and CGV Cinemas. It is a mecca of nightlife in Seoul with international restaurants, bars, and pubs that draws young adults, and a vicinity of bus stations that takes people out to the suburbs.

      Itaewon

      Itaewon is known for international cuisines (India, Thailand, and Mexico) foods that are not widely available in South Korea. There are dozens of street shops in the alleys that sell clothing, Korean traditional products and clubs.

Sunday, April 29, 2012

Part II Reflection

1) What does the history of the location of the textile industry illustrate about global economics?
  • Global economies prefers a place with the cheapest labor, lowest restrictions, and greatest production, like China, for example.
  • The textile industry informs about gender equalities between the sexes, where women were preferred to men because they had the skills to do so.
  • China has the greatest population where people are available and desperate to work.
2) Industrialization brings both positive and negative consequences. How do you view these trade-offs. Use specific examples from the text to support your view.
  • "Cotton textiles led the industrialization of a region" (pg.100) - Japanese female workers worked 12-hour days and two day off per month and lived in boarding houses. (crowded)
  • BMW manufacturing facility - they lost the race to the bottom but those countries became the most advanced economies in the world today.
3) Choose one passage from this section of book that you found particular informative. Explain why it was interesting.
  • The quote that I thought the most interesting the book was "women's labor was cheaper than men's, women more easily induced to undergo severe bodily fatigue"(pg.95, The Long Race to the Bottom) because it distinguishes gender differences of work that had to be completed within a period of time. This was due because women and children were less likely to cause trouble and were productive than that of men.
  • Gender equality at the time was very different because women were paid less than men because men worked more hours outside of the home. The men worked in the public sphere whilst the women worked in the private sphere where they were not allowed to work outside of the home. They were preferably worked inside the home, taking care of children and their family. This separated the lives of the women and the men, focusing on different aspects in job opportunities.

Thursday, April 26, 2012

The World is Spiky

Question #1 = How does the author see globalization?
  • Globalization is "spiky" not flat and becomes more spiky as it progresses
  • It is economically competitive on a global level.
  • Globalization is devastating for areas of low population density.
Question #2 = How does this late to central place theory?
  • Densely populated places have more variety and specialization of medical, food, entertainment and other services.
  • It also clusters the population in one area 
  • People are able to build connections with another area for business purposes such as trading and economic interactions.
Question #3 = For your foreign travel plans, locate your city within the hierarchy of central places. Provide examples of nearby places that would be lower or higher on the hierarchy.


Seoul, South Korea
  • The capital city and the largest metropolis of South Korea.
  • Seoul has a population of 10,464,051 people.
  • It is the largest city proper in the OECD developed world. courtesy of wikipedia.
  • It is well known for tourist attractions, museums, shopping centers, and major business hubs (LG, Samsung, Hyundai, SK, Kia)

Town: Goseong, South Gyeongsang 
         : It has a population of 60,374 people.
         : The town is known for fossil sites, church, and family market.
Small City: Uijeongbu, Gyeonggi-do
                : It has population of 420, 000 people.
                : It is a growing downtown district and is known for its Korean and American military bases. 

Regional Metropolis: Daegu, Yeongnam 
                               : Daegu has a population of  2,446,418 people.
                               : People can visit Buddhist temples, theaters, and hospitals.




Friday, April 20, 2012

Transportation Systems

Water Transportation
1,608km (most navigable only by small craft) as of 2010
Busan Port Authority
Mukho
Pusan Newport International Terminal
11 ports and harbors
Operates one of the largest merchant fleets serving China, Japan and the Middle East
Land Transportation
railways - 3,381km
              - KTX provides high speed service
              - Korail provides frequent train services to all major South Korean cities
              - subway system is the oldest system in the country  
roadways - 103,029km
                -  freeways and national roads
                - almost all freeways are toll highways and expressways are built

buses - "high speed" express bus or "suburban" intercity bus
Air Transportation 
116 airports as of 2010Incheon International Airport = largest airport
Gimpo Domestic Airport, Pohang Airport, Busan Airport, Ulsan Airport, Jeju Airport and Yeosu Airport

Thursday, April 19, 2012

Shipping Container Response

Interesting Section
  • I though that the high efficiency transportation system was interesting because it impacted consumers and producers importing and exporting the containers                                                               
  • I did not know that it would be an impact toward the economy as much as I thought it would            
Shipping Container -- Globalization

  • It made the shipping cheaper and could hold more containers 
  • It was interesting to understand how goods were transported without having to unpack
Impact on National Income


Short Term
  • I think that the investment of shipping will increase
  • The export will be cheaper since people are willing to ship it elsewhere
Long Term
  • It would be easier for people to take part sending goods to other folks across the world because it is now easier to store items and ship it without taking days after days
  • I think it will increase the national income because people will invent technological innovations to better facilitate moving containers from one place to another 

Friday, April 13, 2012

Answers to the Three Questions

1)  How do the markets Rivoli discusses differ from an idealized, pure market theory?

 Rivioli states that markets differ from a pure market theory in that markets are not based only on market supply and market demand. The buyer would set a price and the seller would agree because they did it for themselves and for their family. Also, the Farm Bill that was passed in 2002 "increased the farmer's income by 72.24 cents per round." Therefore, the government protected the farmers by subsidizing and sharecropping.

2) Choose one specific example of culture interacting with economics from these chapters.


 Wherever people live, different cultures will interact with different economies, which would play a significant role in the production of goods. Rivioli discusses the importance of interactions between cultures in that United States was better off in productivity and technology than that of West Africa. "On average, US cotton farms produce more than 400 times the cotton than the typical African farm." (pg. 62) 

3) What surprises you in this section of the book?

Chapters one to four was an interesting read. I never thought that United States was booming in the cotton industry. I also did not know where t-shirts came from and how the government prevents the cotton industry. Not only did it impact the cotton industry but other important industries as well. I was able to understand the 
economies of cotton very well.

Sunday, April 8, 2012

Korea's Virtual Shopping Guidelines

 Courtesy to http://www.guardian.co.uk/commentisfree/2012/apr/01/south-korea-recipe-for-unhappiness

Britain's deputy prime minister, Nick Clegg, with Samsung Tesco CEO Lee Seung-han, tries out a virtual store at a subway station in Seoul. Photograph: Bobby Yip/Reuters




http://sitchnews.com/610/worlds-first-virtual-store-opens-in-korea

According to the video clip posted stated that "Koreans are the second hard working people in the world. Shopping once a week is dreadful to them. In order to approach the busy, tired people," the virtual store opened in subways and grocery stores like Homeplus. People can download the Homeplus app, then scan the barcodes of "food, electronics, office supplies and toiletries." After people finished shopping, the bought goods are delivered to their house right after. "The store would come to the people" instead people walking into the stores to buy things. There are currently "seven pillars and six platform screen doors" at the subway station, creating an easier access for the people to shop. Almost all the foods at the grocery markets are available like milk, eggs, digital camera and more. The virtual store is efficient and effective because people can grocery shop as they are waiting for the subway to arrive.

The technological improvements of smartphones and androids allowed people to communicate among each other and to increase the production of goods. This way it provides an efficient way for people to shop online without having to line up for the first customer to finish. Homeplus workers can deliver the goods in a split of a second, though it takes some time to all the people. People can shop quicker than before where that was not an option. If virtual shopping popularize over the world, it would create a more effective, efficient way to use their time at subways or grocery stores.

The virtual store looks efficient for quick purchase but it is time consuming in the long run. People may take about 5 to 10 minutes to buy 5 goods but are they willing to wait that long in the middle of the subway station? It takes time and do not think that people will spend hours and hours shopping virtually because they have other activities they can do in their time, like the saying goes "time is money." In order to improve the situation, there must be at least 4 Homeplus workers who are willing to deliver the goods so it can be delivered to the people quicker and more effective.

Overall, Korea's expediting virtual store opening in August.31.2011, the amount of people willing to purchase goods increased extremely. It is a convenient despite the time it takes to deliver to people's homes. About 10,287 consumers visited the online shopping center, online sales increased 30% and Homeplus has currently been number 1 in online market. Because of the technology improvements, such change could be made: more and more people are interested to buy goods from their smartphones at subways and where there is a virtual store available.

Friday, April 6, 2012

The Importance in the Business World

Major Themes:
In the business world, it is important to note that responsibility of each country's are crucial to determine the country's success: social and business responsibilities as well as political factors, principles and consequence. Friedman divided the article into these sections where he specified the roles of what people do at their jobs. People should change their attitude based on where they are at the moment in time; whether at business or social locations to do the better of a community.

Cultural Values:
I believe that Friedman's most important cultural values are high individualism because people are responsible for making their own decisions on any situations and like to be independent. People like to solve their problems on their own rather than in a collectivist country where the focus is on the group. In the article, Friedman states that "he is spending his own money not the money of his employers." This clearly states that the boss highly values on himself more than others. Also hierarchy plays an important role when it comes for the authority to take charge of the underclassmen. Note that whatever job a person has determines their status in life because every one is competing against each other to attain the spot in place of another, their rival.

Conflict Between Business and Social Responsibility
I do not think there is a conflict, however, when the line is drawn, there is. Business responsibility defines as when the main goal is to conform to client's needs and provide the best quality goods and services for the citizens.Social responsibility means that people and organizations have a positive impact on development contribution, environment, and the business society. In different settings, its important to determine whether one lies within each other. I say it does not because business and social factors are practiced differently and are of different concepts.

Tuesday, April 3, 2012

The Importance of Culture in Today's History

During our Monday's class, a professor from University of Chicago, Richard A. Shweder, gave a lecture about "robust cultural pluralism," a term that he established the moral foundations of cultural societies of the first, second and the third world countries. In his lecture, he discussed about the three prophecies which he thought was the most important: ethical community and power, globalization of free trade, and modern nation states, respectively.
A)
The first on his list was ethical community and power which determined how a society act culturally and historically. David Miller, a leftest politician of the New Democratic Party mentioned that 'nations, cultural groups stretch backwards to the past to determine the robust pluralist culture. It is the community of obligation, where social membership is a free choice and is a living culture. Shweder wanted people to understand it is a sense of obligation where people had no choice in going about saying something about their own culture. Shweder attended two meetings which specified about culture and gender norms in a society. The first was "Culture Counts" which was held in Florence, Italy, in 1999. The conference allowed people to realize that culture plays an important role to find their identity, values, and well-being. Shweder described how some first world countries are better off than other countries, which was based on cultural inheritance of how people communicate, interact and learn from each other. The second was "Gender and Justice of Africa," a meeting held in Washington, DC. This conference was about the

The second on the list was globalization of free trade, where countries of different backgrounds, history, and culture. Free trade is when groups exchange their goods fairly amongst each other by trading modern technologies, economic institutions, and school system for the disabled people. "Boundaries determine culture," meaning that how people act, behave and build trust with each other. History repeats itself by going through the cultural and historical changes in life that brought the countries together. This created a homogeneous territories and diverse communities in the region. The income equality in Georgia and Slovenia was discussed by Shweder that 'linguistic diversity" has a equilibrium trade point to tolerate more inequality of ideological difference in different countries. 

The last prophecy that Shweder discussed was about modern nation states. He briefly touched the last bit that global empires will be better than the Ottoman Empire. Since there is local control, and has no standard family life, and the way of life is compared to cosmopolitan lifestyle that the "world will turn to a global empire in the end" because of these characteristics. The hazards appointed with these are that it is a federated structure and allow local groups to operate the culture historically, politically, and culturally.

In conclusion, Shweder explained that culture affects countries in different ways whether it is in first, second, or third world countries. The expansion of new ideas change the way countries view each other through ethical power, free trade and nations. 

B)

Some of the indicators for global change is due to technological and social changes. People invent new ideas and skills that would make their country better off than others. "Why makes some countries rich and others poor?," it depends on the country's standard of living, income, technology, and population.

C)
Culture is important in shaping economic outcomes because of certain factors in the society such as cultural and historical factors so yes, it is important. Cultural examples are based on network and trust among similar cultures. For example, in international business, I learned whether you are from a individualistic or a collectivist country, culture defines as who you are in the society.Culture impacts based on cultural preferences and expectations. People have their own styles of acting and behaving in certain situations such as negotiation or with friends. I am from a collectivist country, where we highly value relationships among each other and with foreigners. In negotiation, we like to get to know each other first then go right into business. Also I am from a culture where we respect people who are older than us. This can be understood by people in my country who experienced it before. Others might not be aware of the relationships but South Koreans highly believe in respect and building long lasting relationships. History speaks for itself, we as people of history understand how our country became what it became today through economic, political, historical, and social changes in life. Culture defines us as who we are in the society we are from.

Friday, March 30, 2012

South Korea's Resources, International Trade, and National Income Accounts

1. Resources
Natural Resources 
  • coal
  • tungsten
  • graphite
  • Molybdenum
  • hydropower potential 
Labor
  • The working conditions are 40 ~ 44 hours a week. 
  • The minimum wage was set at 4,320 won per hour, and 34,560 won per day (8 hours day).
  • Labor force is 25.1 million (2011 est.)
  • Agriculture: 6.4% 
  • Industry: 24.2% 
  • Services: 69.4% (2011 est.)
  • South Korea is a market-based economy
  • High technological industrialized economy
Capital
  • Arable land: 16.58% 
  • Permanent crops: 2.01% 
  • Other: 81.41% (2005)

2. International Trade
Exports
  • Export Amount: $556.5 billion (2011 est.)  
  • To Whom: U.S.A, Japan, and China. 
  • What Korea Exports: wireless telecommunications, equipment, motor vehicles, semiconductors, computers, steel, ships, petrochemicals.  
Imports
  • Import Amount: $524.4 billion (2011 est.)
  • To Whom: U.S.A, China, Japan, Saudi Arabia, and Australia (2011 est.)
  • What Korea Imports: machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics
Exchange Rate
  • South Korean won (KRW) per US dollar -1,107.3 (2011 est.)
3. National Income Accounts
Consumption
  • Electricity consumption = 455.1 billion kWh2011 est.)
  • Oil consumption = 2.195 million bbl/day (2011 est.) 
  • Natural gas = 43 billion cu m (2010)
  • Nuclear = 14% (2008 est)
Investment
  • Current Account balance = $29.79 billion (2011 est.)
  • Gross fixed = 25.9% of GDP (2011 est.)
Government  
  • Lee Myung Bak is the current South Korean president
  • There are three different branches: executive, judicial, and legislative branches
  • The current structure is semi-presidential system
  •  The South Korean civil service is large, and remains a largely closed system, although efforts at openness and reform are ongoing.
courtesy of Wikipedia and the CIA World Factbook

Wednesday, March 28, 2012

Recent Stats of South Korea

1. GDP = 3.6% (2011)
2. GDP/capita = $31,700 (2011 est)
3. Life expectancy at birth
  • total population - 79.3 years
  • male - 78.12 years
  • female - 82.7 years (2011 est)
4. Population below poverty line = 15% (2006)
5. Literacy rate
  • total population - 97.9%
  • male - 99.2%
  • female - 96.6% (2002)
6. Unemployment rate = 3.4% (2011 est)
7. Inflation rate = 4% (2011 est)

courtesy of the CIA World Factbook

Tuesday, March 27, 2012

Global Economical Success of a Country

In the article, six different sections are presents about civilized countries through a global perspective. The main themes and concepts are depicted as follows: racial tensions and the country’s standard of living. In today’s society, racial tensions are high because people are different due to class status and education. The article mentioned about why people are uneasy about racial tensions and how that affects people’s history. Everybody has their own individual history that strike attention to each other of the similarities and differences of one’s country. A country’s standard of living determined how well the economy functions within the country, like GDP and the ability to produce goods and services for a population. The amount of resources one's country determined the how well the society is. 
The determinants of a society’s success are based on technology, income, country’s history, resources, economical, political, and legal frameworks, and population. Each of these assets determines the success level to determine why some countries are rich or poor. Also, by the amount of available goods and services the country can provide its members.
These ideas can be applied to today’s global economy because each country has its own uniqueness that is portrayed in country’s history, culture, and background. In order for the countries to achieve needs to have abundant amount of goods, technology, and resources for the society to be considered better off.