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South Korea is among the wealthiest nations on earth. It is operates on a market economy which is ranked 13th according to the nominal GDP and purchasing power parity. It is member of the next eleven countries (Shim, 2010). Being a developed country, this trend is un-witnessed. It is the only member in the list since it indicates a lot of potential of growth and development. This means that the county has a potential of moving away from the plateau stage of the growth curve. The paper will investigate the main causes of the economic development of the country. It will seek to prove that the sound economic policies used by the government were the main sources of the performance level of the economy (Song, 1990).
The development of the economy can be traced back to the 1960s whereby the country registered the fasted economic growth (Chung and Eichengreen, 2004). This trend persisted to the late 1990s when the economic growth of the country gradually decelerated. The development of the economy has been persisting in the 2000s even though the rate of development has gradually decelerated. This development is what the Koreans refer to the miracle of the Han River.
The economic development in the country can be attributed to the favorable polices that the leadership of the country envisioned and implemented. The strategic alliance with the United States during the Korean War whereby the country was offering the logistic support to the American troops and the rigor of the education system has led to the development of the economy (Song, 1990).
The highly motivated and well-educated population of the country has also been in the forefront in the influence of the economic policies that the country has been pursuing over the years. The majority of the industries in the country can be traced back to the high education levels and the focus of the country on the development of the information technology and other more conventional technologically oriented industries (Chung and Eichengreen, 2004).
The country is affected by the smaller territory and the present case of over population. This is the main reason that the government of Korea has adopted an export-oriented economy that is poised on the provision of the products that the rest of the world needs. The country is also affected by the case whereby is has virtually no resources to work with in as far as the creation of the products that it exports. Therefore, it has adopted an importation strategy whereby it imports the raw materials and export the finished products (Kwon, 2010). This business arrangement has led to the situation whereby the country is the largest importer and exporter of the finished products (Tcha and Sŏ, 2003).
The development of the economy has also been affected by some of the macroeconomic occurrences such as the Asian financial crisis of 1997 (Chung and Eichengreen, 2004). During this time, the country was affected in that it faced a large liquidity crisis. The country had to rely on bailout from the IMF for bailout. The success of the economy after the crisis can be directly traced back to the policies of the president Kim Dae Jung who came up with the so-called DJ economics. The president focused the development of the country on the ICT sector.
The paper utilized the secondary research method to collect the data. The research design used for the data collection and the entire research was an exploratory design. The paper sought out identifiers of the economic performance of the country (Chung and Eichengreen, 2004). It also sought to discover the unique aspects about the economy that have led to the exceptions performance over the years. The data collected was analyzed using the correlation analysis. The information regarding economic performance of Korea before the war and post war period was used in the identification of the main development impetus of the economy. The validity of the research was based on the ability to find the right information that correlated with the previous research.
The development of the country and the promise that it holds in the future is adversely affected by the continued dame of the credit rating. Neighboring a hostile nation such as North Korea is a challenge to the country. The belligerence of her neighbor more so in times of crisis is a major concern for the investors that would like to promote the investments in the country. However, some of the most influential world bodies such as the international monetary fund have realized that there is an important aspect of resilience that has enabled the country to develop despite the insurmountable odds that have been plaguing it (Kwon, 2010).
The economic growth of the country has been based on the exports. The industrialization levels that are witnessed in the modern day has been a result of the rapid exportation strategy that saw the country rely almost entirely on the exports (Chung and Eichengreen, 2004). The small size of the country has hindered the development of the domestic economy since the population growth that can be accommodated is low and less likely to support the entire development agenda (Shim, 2010).
The country has also been able to develop owing to the focus on the technological boom whereby most of the industries in the country are directly or indirectly linked to the technology. The focus of the country’s policy maker is as also a major source of the success witnessed in the country (Shim, 2010). The policy makers focused on the things that matter such as the development of the economy from within and use of the external market as the main source of the demand for the products that the company would be stocking (Chung and Eichengreen, 2004).
As a result of the economic development, the country witnessed a sharp rise in the economic performance and standards of living. The rate of urbanization also witnessed a sharp rise whereby the design of the living was mostly centered along the cities as opposed to the rural living that was witnessed in the post war period (Chung and Eichengreen, 2004). These developments were also supported by the shift of the political policies whereby the nation focused on the development of the democratic administration as opposed to the controlled economy.
The change in mode of operation and the success led to the entrusting of the country with some of the largest sporting events in the world such as the 1988 Olympics and the co-hosting of FIFA world cup of 2012 (Kwon, 2010). The change in Korea has been so significant that the nation has been able to shift from the simple economy to a force to reckon with as far as the economic might is concerned. The country has also been able to produce some of the leading brands in the world such as LG, Hyundai, Kia and Samsung (Chung and Eichengreen, 2004).
The miracle of the Han River is an allegory statement that seeks to place the country’s economic development nest to that of the more notable economies such as Germany. It borrows a lot from the miracle of Rhine River that refers to the development of the West Germany economy (Kwon, 2010). The phrase refers to the development of the capital Seoul (Kwon, 2010). However, it has also been used to refer to the development of the entire nation and the strategic focus that the country adopted.
The development of the country can be traced from 1961 when the country was heavily reliant on the foreign aid from America to the policies of the president Kim Dae Jung (Chung and Eichengreen, 2004). The use of the cheap labor that the economy could provide was the basis of the development. Therefore, the prevailing economic conditions served to increase the development rate of the country. Increased economic performance of the country was also directly influenced by partnerships and polices.
The development of the South Korean economy has been affected by numerous factors such as the sound economic policies that the leadership has adopted. The leaders of the country have been responsible for the provision of the direction for the country in terms of the economic policies (Chung and Eichengreen, 2004). The ability of the country to attain political stability was one of the main reasons behind the development of the nation.
The ability of the nation to recover from some of the serious economic crises such as the Asian currency crisis of 1997 led to the development of strategies that enabled the country to avoid the recurrence of the same in the 2008 financial crisis. Therefore, the leadership and policies such as democratization have been major contributors to the economic development of the nation.
Chung, D. and Eichengreen, B. (2004). The Korean economy beyond the crisis. Cheltenham, UK: Edward Elgar.
Kwon, O. (2010). The Korean economy in transition. Cheltenham, Glos, UK: Edward Elgar.
Shim, T. (2010). Korean entrepreneurship. New York: Palgrave Macmillan.
Song, B. (1990). The rise of the Korean economy. Hong Kong: Oxford University Press.
Tcha, M. and SoÌ†, C. (2003). The Korean economy at the crossroads. London: RoutledgeCurzon.
The nation has freedom score of 55% and ranks as 120th most free economies. In Asia, India ranks 6th out of ten most improved economies during the period 2013-2014. India’s government actively participates in controlling the economy by controlling the state-owned enterprises. The economy is attractive for foreign investment since the government poses non-tariff barriers on investors (Srinivasan, 2002).
Similarly, as with other nations, there are judicial laws that control the economy. Corruption deeds prevail in India through the central government. However, over the previous years, through judiciary (which acts independently from the executive), an anti-corruption legislation is spurring aiming at controlling both domestic and international business pressure. Apparently, due to extensive piracy of some copyrighted products, the anti-corruption agency aims at protecting copyright law (Srinivasan, 2002).
India has an efficient business regulatory process that requires enterprises an average of 25days for launching a business. More so, business licensing is easier and cheaper while compared to other nations. Nevertheless, its labor market is not flexible. it results from regulations aimed at controlling job opportunities and thus hindering job growth in India. Lastly, it is important noting that India has a wide scope of open markets. Therefore it makes it attracts investors to be key role players in the economy (Swan, 2002).
Taobao SWOT analysis
The company grants its users an experience tailored at its user’s tastes. It gives instant-communication to its users and acts as an online supermarket to the users.
In comparison with other online shopping, it has the largest market share and high number of online users (Ireland, 2008).
The company faces a increasing dispute over fraud activities between its buyers and sellers. This is shifting the online relationship from customer to customer relationships to business to customer relationships. Apparently, its users are having a bad experience.
Recent booms in some products is leading to large amounts of cash flow within the platform and giving the company an opportunity of giving loans to its users (Ireland, 2008).
The company experiences stiff competition from other e-commerce companies globally.
Lastly, the company experiences political influence that hinder introduction of new products and services (Ireland, 2008).
Ireland, R. D., Hoskisson, R. E., & Hitt, M. A. (2008). Understanding business strategy: Concepts and cases. Mason, OH: South-Western Cengage Learning.
IFIP International Conference on e-Business, e-Services, and e-Society, & Wang, W. (2007). Integration and innovation orient to e-society: Seventh IFIP International Conference on e-Business, e-Services, and e-Society (I3E2007), October 10-12, Wuhan, China. New York: Springer.
Swan, E. P. (2002). India. New York: Children's Press.
Srinivasan, R., & Jermyn, L. (2002). India. New York: Marshall Cavendish.
South Africa is officially referred the Republic of South Africa (RSA), and is located in the southern region of Africa. The nation is neighbored by Botswana, Namibia and Zimbabwe to the North, Swaziland and Mozambique to the east. Lesotho is a nation found within the South African territory though it has its freedom. South Africa has a population of about fifty-three million people, making it the twenty-fifth nation in the world in the list of nations with the highest population. The nation is also the twenty-fifth largest nation in the world, and it comprises of a multi-ethnic community with a variety of religions, languages and cultures (Kesselman, 242). South Africa as a nation has been through a lot especially during the colonial era. However, the nation has picked itself up in the past two decades and is among st the fastest growing economies in Africa. In this essay, the discussion revolves around issues of health care, human capital, and the impact of lending institutions in the nation.
The International Monetary Fund (IMF) and the World Bank are two international lending organizations aimed at lending developing nations with money to facilitate development programs. The IMF encourages monetary cooperation on an international level and gives technical aid and policy advice to help nations grow and maintain strong economies. The World Bank, on the other hand, provides long-term solutions to economic development and poverty reduction. The World Bank provides financial support in cooperation with technical support to help nations implement specific projects meant to be significant to the society and the nation as a whole. South Africa is one the developing nations that the IMF and the World Bank are involved. The World Bank and IMF have been on the bad books, especially when it comes to African nations. The two organizations have forced African nations to adopt structural adjustment programs and other measures meant to cut on the money the government spends on basic services (McGowan, 76).
Some African nations have been forced to reduce trade barriers and open their markets. The result of this is that the economies of such African nations end up offering cheap labor and raw materials for multinational corporations. Therefore, this helps in exploiting of the resources that the African nations have to the benefit of multinational corporations. The negative impact of IMF in South Africa had started even before the country received its independence. The IMF claimed that South African workers were getting paid too much, and, therefore the government was recommended to implement a Value Added Tax. The implementation of the Value Added Tax shifted the burden of taxes to the individuals who received lower incomes (Kesselman, 260). In December 1993, the IMF gave South Africa a loan of 750 million US dollars, supposed to be used for drought relief. However, data shows that the drought had ended eighteen months before the money was offered. The loan was accompanied by a number of conditions that included a lower budget deficit.
The low budget deficit was supposed to reduce the money that governments spent on social programs and wages for civil servants. The IMF and the World Bank have been at the forefront of the campaign for use of new biotechnology in African nations. The use of Genetically Modified technology, to be precise genetically modified crops is being encouraged. The use of genetically modified crops is supposed to increase the prosperity of the farmer and increase food security in the continent as a whole. However, Genetically Modified technology forces a nation into chemical-dependent and high-input agriculture (Appiah, 301). The repercussions are an impact on biodiversity and the creation of a debt burden for the small scale farmers. Therefore, such policies tend to harm the economy of a nation, compared to the benefits received. The use of genetically modified crops also requires an increase in resources, therefore requiring the budget to be adjusted to cater for the technology. The money probably allocated to the technology can be used to carry out other social responsibilities.
South Africa has a very high population of about fifty-three million individuals. Therefore, the high population offers adequate labor when it comes to the workforce needed to push the country to a better economy. Therefore, the industry and the economy is assured of sufficient supply of labor anytime. Health plays a vital role when it comes to the growth of the economy. A nation that has a suffering population will obviously have a slower growth rate than one with a healthy population. A healthy population also reduces the budgetary allocation that is spent on health care and medical provision of the residents. Therefore, the money that is saved can hence be used on other economic projects. A healthy population also helps the economy of the nation to fight poverty (Zweigenthal, 81). This is because the individuals have the strength to work, and, therefore, their activities can help the nation fight poverty.
A healthy population is also able to go through the educational system and become literate. Therefore, when the population is literate, then it provides a higher chance for economic growth. The South African health care system has its private and public systems existing in parallel. The health care system in South Africa is designed in a way that it can offer support to both rich and poor. The government, for example, due to it’s the abundant cases of HIV/AIDs in the nation has tried to create a program where antiretroviral treatment is distributed all over the nation (Kabwe-Segatti, 132). The government is also trying to use the available resources to create a National Health Insurance system. The National Health Insurance system can help solve the problems of health care nationally like unequal access to health care among the different social and economic groups. The government has also used international funds received to improve the water and sanitation system in the nation.
Appiah, Anthony. Africana: The Encyclopedia of the African and African American Experience. Oxford [u.a.: Oxford Univ. Press, n.d.. Print.
Kabwe-Segatti, Aurelia W, and Loren B. Landau. Contemporary Migration to South Africa: A Regional Development Issue. Washington, DC: World Bank, 2011. Print.
Kesselman, Mark, Joel Krieger, William A. Joseph, and Ervand Abrahamian. Introduction to Politics of the Developing World. Boston, MA: Wadsworth, Cengage Learning, 2013. Print.
McGowan, Patrick J. Power, Wealth and Global Equity: An International Relations Textbook for Africa. Lansdowne: UCT-Press, 2009. Print.
Zweigenthal, Virginia, Thandi Puoane, Louis Reynolds, Leslie London, David Coetzee, Melanie Alperstein, Madeleine Duncan, Marian Loveday, Salla Atkins, and Catherine Hutchings. Primary Health Care. Cape Town: Pearson-Prentice Hall, 2009. Print.
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