Desarrollo de la Economía Coreana
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Transcript of Desarrollo de la Economía Coreana
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Development of Korean Economy
Wongun Song
2012. 10. 17
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Colonial Period(1910~1945)
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http://www.koreascope.org/sub/2/index10.htm -
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Destroyed by Korean War(1950~1953)
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Industrialization after Korean War
Discard Import SubstitutionIndustrialization Policy
Adopt Export-led Industrialization Strategy Government support for exporting
companies in general
Only Companies that provedcompetitiveness in the world market weresubsidized by the government
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Changes in Industrial Structure
Starting from Labor-intensiveIndustry(1960s)
As Korean economy and exports grew,technology was developed.
Higher education
Basis for Capital-intensive industry(Heavyand Chemical Industry since 1970s)
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Leadership
I have longed for eliminating deeply -rooted poverty in Korea through my entire life.
-President Park Chung Hee-
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Blood and Sweat
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254320
6021,034
2,0763,321
5,418
11,432 10,841
7,355
16,413
20,045
Miracle of the HanRiver
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Stabilization and Liberalization (1980s)
Elimination of Price controls onnecessities(1982)
Reduction of government expenditure
Opening the market and liberalization
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Financial Market Liberalization(1990s)
Less Developed Financial Sector
East Asian Currency Crisis
IMF Bailout and Rescue Package
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Structural Reform
Corporate Sector Reform : 16 out of 30 biggestconglomerates disappeared
Financial Sector Reform : Restructuring of financial institutions including banks
Public Sector Reform : Privatization
Labor Market Reform : partially allowance of massive layoff
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Development of Korean Economy
1961
GDP : 2.3 bn$
Major Exporting ProductsIron ore, Tungsten,Raw-silk, Anthracite, Squid,Fresh fish, Graphite,Plywood, Rice, Swine
bristles
College Entrance Rate : 5%
2010GDP : 929.1 bn$
Major Exporting ProductsVessel, Semi-conductor, Display,Automobiles, Auto-parts,Synthetic Resins, Cellular Phones,Diesel, Parts of Wireless Device,Jet oil and Kerosene
College Entrance Rate : 82%
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Development of Korean Economy
1966
1 car per 100households
Total No. of Cars:50,000
Vs.363 timesincrease
2011. 3
1 car per 1 householdTotal No. of Cars:
18 million
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Korea in 2012 (Now)
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Korea in 2012 (Now)
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GDP Rankings in 2011 (billions of US$)
Rank Nation GDP Rank Nation GDP1 US 15,075.6 9 Russia 1,850.4
2 China 7,298.1 10 India 1,826.8
3 Japan 5,866.5 11 Canada 1,738.9
4 Germany 3,607.4 12 Austrailia 1,486.9
5 France 2,778.1 13 Spain 1,479.5
6 Brazil 2,492.9 14 Mexico 1,153.9
7 UK 2,431.3 15 Korea 1,116.2
8 Italy 2,198.7 World 69,899.2
Source: IMF
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Entrepreneurship
Lee Byungchul(founder of Samsung)
Food industry IT globalized
Chung Joo Young(founder of Hyundai)
Construction automobile globalized
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Competitiveness of Korean Companies(Fortune Global Top 500 Firms in 2011)
Korean Top 500 Firms Global Ranking
SAMSUNG Electronics 22
HYUNDAI Motor 55
SK 82
POSCO 161
LG Electronics 171HYUNDAI Heavy Ind. 220
GS 238
KEPCO 271
Hanwha 321
SAMSUNG Life Ins. 333LG Display 440
DOOSAN 489
SAMSUNG C&T 492
KOGAS 498
Rank Nation # of Firms
1 U.S.A 133
2 Japan 68
3 China 61
4 France 35
5 Germany 34
6 U.K 30
7 Swiss 15
8 Korea 14
9 Netherland 12
10 Canada 11
11 Italy 10
12 Spain 9
13 Australia 8
14 India 8
15 Taiwan 8
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Competitiveness of Korean Companies
Burj Khalifa(Dubai) Marina Bay Sands(Singapore)
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* Causes of Poverty in Korea- Insecure Property Rights- Corruptions, Official Robbers
Isabella Bird Bishop(1831-1904)
Korea and her Neighbours
http://upload.wikimedia.org/wikipedia/commons/3/36/Isabella_Bird.jpg -
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Importance of Market Economy
PropertyRights Ownership
MarketEconomy Competition
Export-ledGrowth
WorldMarket
Engine of KoreanEconomic
Development
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Importance of Market Economy
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Changes and Innovation
Doosan
1896
Park Seung- jik(founder) : sales of
traditional cosmetics
Past
Business on Food andBeverage
(OB Beer, Korean wine)
2012
Turbine engine,Construction equipments
InfrastructureSupport Business
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Changes and Innovation
SK
Sunkyung Fabrics
established
Wooven Fabric
Products
M&A Energy &
Wireless
Communication
Companies
Energy,
Petrochemical,
Service, and
Telecom
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Global Strategy of Korean Companies
India Islam
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Becoming a global company fromCrisis Hyundai Motors
Share of Hyundai Motors in US mid-sized car market
7.9%(08) 9.6%(09) 13.0%(10.9)
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New Engine of Growth
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New Engine of Growth
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New Engine of Growth
Ch ll i bl h
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Challenges to sustainable growth
(Reduction of Growth Potential) * GDP growth rate(%) : (81~90) 8.7 (91~95) 7.5 (96~00) 4.1 (01~07 ) 4.6
(Stagnation of Job Creation) Jobs increased(average) : (91~00) 31 (01~07) 33 (08) 14.4 (09) 1.6
(10) 32.2
(Low Fertility & Aging) * Fertility rate : (04) 1.15 (05) 1.08 (06) 1.12 (07) 1.25 (08) 1.19 (09) 1.16* turn into aging society very rapidly
(Global Economic Stagnation) Reduction of external demand negative effect on exports negative effect on
growth
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Policies for further Development
(Policies to encourage growth)
1. Improve business environments to increase investments and employments
2. Labor Market Reform, Regulatory Reform, Tax cuts
(Expand Domestic Demand & Trade Liberalization)
1. Regulatory and institutional reform for the service sector
2. East Asian Economic Integration , expand trade liberalization
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