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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).
Literature review
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.
Methodology
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.
Discussion
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.
Conclusion
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.
References
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 Sŏ, 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
Strengths
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).
Weaknesses
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.
Opportunity
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).
Threats
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).
References
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.
References
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.
Describe the political / financial background of your country, including relevant historical events.
Switzerland has a long Republican tradition and in fact, it modern constitution dates back to the year 1848. The Federal Constitution describes Switzerland as a federal state that is composed of 26 cantons with a far-reaching autonomy. The Switzerland’s government, parliament, and courts are often organized into three levels. The first level is the federal level, the second is cantonal, and it is based on the 26 cantonal constitutions and thirdly there is communal. The constitution reserves the areas of foreign relations, examination and tariffs, custom examinations, and legislation on currency to the confederation (Switzerland, 2015).
Switzerland has been neutral since after the Napoleonic wars of the early 19th century and informally for about 300 years before. It entered the United Nations in September 2002. The unique political system of Switzerland can be said to have contributed to it being one of the most stable democratic system offering what can be described as a maximum of participation to all its citizens. The country’s neutrality through wars as well as an established long political tradition has made the company politically stable. Switzerland is open to Foreign Direct investment and in fact, it is important to note that Switzerland is often an attractive destination for foreign direct investors, and this is because of its economic and political stability. Further, the country has a transparent ad fair legal system (Switzerland, 2015). The government of Switzerland has been able to offer numerous tax incentives aimed at attracting foreign direct investment. There are in fact some cantons that go-ahead to waive taxes for new firms for up to ten years. There is no screening when it comes to foreign investment, and there also exists no geographic preferences.
It is important to realize that over the past 15 years, the Swiss Franc has been able to increase in its value substantially against the Euro and the dollar. The Swiss government is extremely stable and so is its financial system (Switzerland, 2015). The country has a moderate rate of inflation, and the people have confidence in the Swiss National Bank, which is the Switzerland central bank. For example, during the financial turmoil of the year 2008, the Swiss Franc gained appreciably, and this was because most investors fled unsafe assets and placed their money in the Swiss France which they believed was safe (Switzerland, 2015).
Demographics of Switzerland
Switzerland sits at the intersections of several major European Cultures. Its populace includes a two-thirds majority of Alemannic German speakers and one-quarter Latin Minority. It is important to realize that 10% of the population natively speak an immigrant language. The four languages of Switzerland are German, French, Italian and Romansh. It is important to note that native speakers who comprise around 64% speak German, and around 20% speak French. 7% speak Italian and less than 0.5 percent speak Romansh. Women comprise 50.6% of the population while the males comprise of 49.4% (Switzerland, 2015).
Switzerland has a total population of 8.5 million people as of 2015. The population growth was steepest in the period after World War II. It stood at 1.4%. However, it slowed during the 1970’s and the 1980’s (Switzerland, 2015). However, it picked up again to around 1% during the 2000’s. It is significant to note that more than 75% of the people often live in the Central Plain. Foreigners that have permanent residency in the country make about 23% of the population (Switzerland, 2015).
The largest city in Switzerland is Zurich, and it has a population of around 390,474 people. Geneva is the second largest city with around 200,000 people (Switzerland, 2015). Basel-Stadt is the third largest city, and it has approximately 174,793 persons. Vaud and Bern have approximately 130,000 persons each (Switzerland, 2015).
Employment Figures in Switzerland
Swiss unemployment rate stands at 3.2 percent as of 2015. The rate in Switzerland has averaged 3.33 percent from 1995 to the year 2015. The main employment areas include industry and commerce. It is closely followed by the service industry. The Country has been able to keep unemployment law by ensuring a stable expansion of the economy. Education in Switzerland is very diverse, and this is because the Constitution of Switzerland delegates the authority of the school systems directly to the Cantons (Switzerland, 2015). About 99% of the people in Switzerland above the age of 15 years can be able to read and write. It is estimated that about 23% of the population have a degree or a higher diploma. Around 3.9 million people work in Switzerland (Switzerland, 2015).
State of the Economy in Switzerland
Switzerland economic freedom stands at 80.5, and this makes the economy the 5th freest in the 2015 index. The economy benefits from sound fundamentals that include monetary stability, low public debt, a vibrant employment market and being able to weather global economic uncertainty. The GDP of the country stands at $371.6 billion, and this presents a figure of $46, 430 per capita. Switzerland has a strong attitude of reliable security of property rights, and the legal system can be described as being transparent as well as being evenly applied (Switzerland, 2015). The Inflation rate in Switzerland has average at 2.52 percent from the year 1956 to the year 2015. The country as of 2015 had an inflation rate of -1.4%. The Swiss Franc equals to 1.01 to the U.S Dollar. To the Euro, the rate stands at 0.92 (Switzerland, 2015).
Major Industries, Exports and Imports and Trade restrictions
Switzerland economy can be described as being globally integrated, and it capitalized on the Swiss government’s open trade regime. Switzerland has a small domestic market as well as limited mineral resources which makes the nation be reliant on Imports. In the year 2014, the exports stood at 200.2 billion and this exceeded the imports by $23 Billion (Switzerland, 2015). Key Switzerland import commodities include machinery, metals, agricultural products and textiles. More than half of the exports include chemicals, electrical and mechanical engineering products. It is acknowledged globally that Switzerland is a principal exporter when it come to Watches and Chocolates. Swiss duties are specific as compared to being ‘ad valorem’. The duty, therefore, varies according to the item that is being imported. The Standard VAT rate in the country stands at 8.0% (Switzerland, 2015). The Swiss method of controlling unwanted imports is often through restrictions, quotas and other rules and regulations through legislation. There exist no quantitative restrictions when it comes to footwear, and this, therefore, means that indeed it is easy to open a shoe company in the Country. Further, investment restrictions are minimal, and the economy encourages foreign direct investment.
Footwear Industry in Switzerland and major competitors
The footwear sector can be described as diverse industry that covers a wide variety of materials such as leather, rubber, and plastics. The products range from different types of women shoes, men shoes and children footwear. This goes on for more specialized products such as snowboard boots as well as protective footwear. The biggest competitor in Switzerland will be Bata shoes. The company has strong presence in Switzerland; it controls a very large portion of the market. It is critical to note that another big competitor is the Bally Company. The company also has strong presence in Switzerland, and it has been able to permeate different segments of the market in the country. The third major competitor is Zara. The company has been able to capture the Men and Women high fashion design needs. The company is growing at a large pace in the country, and its market share is increasing exponentially (Hill, 2005). These three companies pose the big competition because they are well established, have proper distribution channels in the country and they have the benefit of being known to many Swiss nationals.
To compete against these three major competitors, there will be a need to conduct the extensive promotion and advertising. This will ensure that the Swiss understand that there is a new company in town that is dedicated to catering for all their footwear needs. The first issue will be to understand the consumers and know exactly what they want (Hill, 2005). This is extremely important, and it ensures that indeed, there is a difference in the way the company handles thing. Further, there is also the concept of differentiation, where the company will differentiate its products to ensure that it creates a market niche for itself. There will be a need to look after the existing customers.
This will be done by ensuring that there is a good after-sale service and that all the shoes that are sold are of high quality. Further, to ensure that the competition against the main competitors is beefed up, there will be a need to target new markets. This involves the production of the new line of shoes and going for example, in the winter shoes and climbing boots. This is important because, in Switzerland, hiking and mountain climbing is a big hobby for many persons (Hill, 2005). This, therefore, means that there exists a very large market that is dedicated towards the same.
Therefore, there is a need for the company to step up it's marketing when it comes to these specific groups of people and ensure that there is the expansion of the current offers. This will be important as it will ensure that the company increases its market share, and it can have a segmentation that is intended to ensure that the customers are satisfied. Using these methods, the company will be able to expand its market exponentially and deal with the current competitors in an effective manner.
There is also a need to examine the specific companies and understand their weak spots and effectively capitalize on these weak spots. This will ensure that the company grows at the expense of its competitors, and it can provide what the competitor has been unable to provide. This is extremely important especially when it comes to safety shoes and hiking boots.
Reference
Hill, C. (2005). International business: Competing in the global marketplace (5th ed.). Boston: McGraw-Hill/Irwin.
Switzerland. (2015). Washington: International Monetary Fund.
Peterson K, (1912) Shoe and leather trade in France and Switzerland,. (1912). Washington: Govt. Print. Off.
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