Tuesday 26 February 2019

Transforming of South Korean Economy and the “Chaebols”’ Riddle

Nadezhda S belska ID 10210680317 EMA- Chinese Economy School of Economics Fudan University Transforming of south Korean Economy and the Chaebols riddle Political Economy of East Asia enclosure Paper Professor Dingping Guo October, 2012 Shanghai, chinaw be set back of contents 1. Introduction 3 2. The beginning of Korea 4 2. 1. Collective pull up stakes for success of confederation Korea 6 3. sec Korea and modern frugality 7 3. 1 Reasons hindquarters Economic harvest-home 8 4. The Birth of Chaebols 9 4. 1 Factors of Development of Chaebols 10 4. 2 Chaebol and 1977 Asiatic Crisis 14 5. incase Study of Samsung stem 15 6. expiration and Recomm fireation 19 . refereeerence disposition 21 1. Introduction South Koreas s signifi faecal mattert transformation an evolution from impoverished to spirited-income stinting corpse during triple decades activateing from 1960s to 1990s is whizz of Asiatic phenomena famous as - tetrad Asian Tigers- a term spendd to describe the rattling(a) performance of four Asian economies Hong Kong, Singapore, Taiwan and South Korea. Between the earliest 1960s and 1997s, the four Tigers rapidly industrialized and maintained sustained advanced result rates (Ref*1).Today, Korea is an manakin for a market prudence, one super substantial rural which ranks 15th in the world by nominative phrase GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies(Ref*2). In 2010, Koreas trade volume hailed to US$892 cardinal, ranking the earth the 7th largest exporter in the world(Ref*2). Koreas ship building empyrean currently accounts for about 34% of the worlds total shipbuilding secerns. As a major auto manufacturer, Korea produces over 4. 2 one cardinal million vehicles annually.The success of South Korea is a good deal called The Miracle on the Han River and it has been identified by sal managementsal(prenominal) factors where the presidency of Park Chung-Hee (1961-1979) played a vital cordial occasion. Under the president Park Chung-Hees era, the regime played a dominating aim in a countrys frugality. His policies of faulting a agency the digest from import substitution strategies towards export- orientated industrialization and technical progress, favored the study of South Korean economy and establishment of a strong tune organization environment appeared with a result of large conglomerates called Chaebols.To be defined as a Chaebol, an organization should satisfy two conditions it should be owned by family /relatives members and it should develop a diversified rail line operations ( REF*3). The Chaebols assimi youthful created such a diversification that, as Anna Fifield said in her article, You great deal be natural in a Samsung hospital and end up in a Samsung mortuary (Ref*4). The giants of yesterday are one of forthwiths best brands in technology field as Samsung, Hyundai and LG. They and the new(prenominal) Chaebols was the core of Korean spectacular exploitation and still their success can be accepted as South Koreas success.How and why Koreans economy was shaped by historical events and what are the reasons behind Chaebol establishment? What was the impact they have created over South Korean economy and could we say Chaebolsare the reason for the Miracle on the Han River. ? Case study of Samsung will be performed in order to give us better accord of one of the largest and famous Chaebol ever and its entrance over South Korean economy. 2. The Beginning of Korea The degrade of the morning calmthis is the meaning of Koreas pilot light get to Choson.The time of establishment of this country and its exact geographic covering fireical anestheticisation is still a matter of scientific research even it often believed that human activity in Korea can be traced far into the chum eolithic period, about 500,000 historic period ago (Ref*5). In Asia, Koreans memorial is cognise to be second longes t following that scarcely of chinaware. (Ref*6) But there is a belief, according to the Korean legend, that the God-King Tangun a known figure born of the son of Heaven, (which existence is still disputable among scholars) and a woman from a bear-totem tribe founded the Korean nation in BC 2333(Ref* 7).Not more(prenominal)(prenominal) present- day nations can be praised with so long and privileged history even this countrys time has been shaped by difficult and patronize invasions ( as many as 900 by some accounts)( Ref*6), wars and influence from its neighbors. The beginning was often said to be the time of The Three Kingdoms Silla Goguryeo and Baekche where Goguryeo was known to occupy the Northern part of the peninsula from the Chinese border to the Han River, while Silla and Baekche have dominated the Southern regions (Ref. 11).But in 668 AD Silla (668-935) unified the Korean peninsula and start developing a country with an economy, a culture and Buddhist philosophy. Koryo dynasty from which the slope name Korea originates succeeded Silla in 935 and the countrys boundaries reached level which is really interchangeable to its current size today. The Choson dynasty displaced Koryo dynasty in 1392 and moved the capital to Hanyang-gun (todays capital of South Korea) in 1394. currently after Confucianism replaced Buddhist philosophy and was adopted as the countrys official organized religion and Hangul -the Korean alphabet was invented.Koreas history was filled with prosperity, simply in like manner a lot of suffering coming from external forces like japan, Mongolia and China and this provoked Korean closed-door polity, famous as Hermit acres. In the beginning in 1876, the Japanese labored a serial of Western-style trade agreements on Korea, leading to Japans annexation of the country in 1910. due to growing anti-Japanese sentiment, in 1897 King Kojong declared himself to be emperor of the Taehan Empire, an autonomous Korea (Ref*9). Even tually this move helped Korea to preserve its own language, culture, traditions and sense of identity (Ref*6).However, during the Russo-Japanese war (1904-1905), Japanese forces moved onto the peninsula despite Korean declarations of neutrality and Japan-Korea Protection conformity in 1905 gave Japan virtual catch over Korea. Korea was colonized by Japan in 1910 year, barely exactly at that time many modern aspects of Korean society emerged included rapid urban growth and infra building, the expansion of commerce, and forms of mass culture such as radio and cinema, which became general for the commencement time. Later had to endure the Korean War (1950-53), but it has achieved abominable sparing growth in a short period, dubbed the Miracle on the Han River. (Ref* 2) 2. 1 Collective will for success of South Korea During Japanese influence kickoff 1920 and later (1937-45) harsh pulsed reintroduced by Japanese, Korea had to go through a lot of confusion coming from changes i n values and social order after Japanese colonial rules was introduced (Ref* 6&10). During its occupation, Japan built up Koreas infrastructure, especially the street and railroad systems. However, the Japanese ruled with an iron clenched fist and attempted to root out all elements of Korean culture from society.People were forced to adopt Japanese names, convert to the Shinto (native Japanese) religion, and were forbidden to use Korean language in schools and business. Also the temp of development was rapid and the countrys population was inexperienced and unprepared in sparing aspects and knowledge because was coming for monarchy of over 1000years compared to Europe and Japan. Ideological confrontation was visible in Korean society and soon after status of families with long traditions history and wealth were no more subjects of respect and power, society followed the money political orientation which was a way of survival.Soon after the democracy was introduced by USA in Augu st 15, 1945, with the end of World War II, The Soviets and Americans failed to reach an agreement on one unified country and authorities, so in 1948 two cleave governings were ceremonious the Republic of Korea in Seoul called -The American partition, and the class slight Peoples Republic of Korea in Pyongyang, North Korea called -The Soviet zone (Ref* 10).This is how the challenge for South Korea and The American zone has started with era of knowledge, where an investment of kind and solid education and hard work were again respectable, thus offered an enough chance to success to e genuinelybody despite their origin and status. The whole society sought after a better life and this is how they have adopted the concept that stinting development is a cultural product representing the collective will of the mess (Ref*6). 3. South Koreas modern economyIn July 1953, after three years of bally(a) fighting in which well-nigh three million Koreans, one million Chinese, 54 000 Ame ricans and some(prenominal) other nations including Turkish were killed, the Korean War finish in a truce with Korea still divided into two inversely antagonistic states American influenced zone in South and Soviet influenced in North, which were separated by a line called De-Militarized Zone (DMZ). Korea has remained divided ever since(Ref*10). After the official division of Korean peninsula, a modern economy study was introduced by USA in South Korea which was differentiated from Marxism mood popular in Japan.However, after 1965 when Japan and South Korea improved their diplomatical relationships, Marxism prevailed into their economy simply because was more community oriented, instead individualistic something which was and it is a basic concept of Confucianism which was influenced South Korea in their earlier stages of history. The ideas of individualistic devourr with no intervention of government for business were in addition far away of Japans model of successful rapid grow which later in years South Korea adopted and adapted into their economical line card 1 Comparison between USA and East Asian capitalist economy 3. 1 Reasons behind Economic growthMutual desire for better standard of life sentence and a chance for success were deeply rooted into societys mind, after the country was left in poverty in the end of Korean War in 1953. The significant growth of South Koreas economy which became independent in 1945 began in May of 1960 when Park Chung Hee and a pigeonholing of other military officers of the South Korean army took over the control of the government or coup detat(Ref* 11). Soon after that in 1961 Mr. Park Chung leeward became president of South Korea and the strategic planning for economic development started focusing on lifting up the South Korean economy out of poverty.The strategy Park Chung Lee developed was householdd on that of South Koreas nearest rivals Japan rather than Western policy advisers. (Ref*12) export orient ed policies were implementing as a tool trying to focus the shift into inter interior(a) business. South Korea simply had to survive and find a way to expand economically, but looking outside of its peninsula because with its small and limited land and natural resources caused from its mountainous terrain and climate, as well the small size of the home(prenominal) market shaped the Paradigm shift in their economy. (Ref*13) The fierceness was added on communal productivity, education and timber as Japan did with examples of so called Keiretsu. some other measure was the military-dominated government which installed itself after the coup in 1961 right away announced an end to the corruption of the First Republic and its intention to use economic growth and development through industrialization to legitimize its situation (Ref* 14) and implementing state policies providing the basis for successful late industrialization( Ref*15).Twenty four of the leading businessmen were arrest ed. The founder of Samsung, Lee Byung Chull, escaped this treatment only because he was out of the country at the time. When Lee Byung Chull returned to Korea he met with Park and concord to cooperate with Parks economic development program. Later Lee and other braggart(a) business leaders offered to donate all or a literal portion of their fortunes to the government. They ended up paying fines but not crowing up their businesses (Ref* 15). 4. The Birth of ChaebolsIn the process of export-led market economy the government ruled by President Park Chung Lee for 18 years reign (1961-1979) tryd to work with five- years plans, scratch line the front one in 1962 which was focused on developing the industrial base and setting the stage for South Koreas economic prosperity. (Ref* 16) After this step, the government encouraged their local, domestic business enterprises to work and expand by choosing which markets must(prenominal) be developed and allow entry only to several of those local companies.To be accepted as Chaebol a accompany need to be family-owned and usually this type of organization is influenced by growth-oriented family-centered business, where family male has the dominant character reference in a hierarchy and almost unlimited power to which his subordinates are loyal (Ref*17). This idea of Pyramid frame of working had an origin of Confucianism which teached several concepts as social hierarchy, harmony and the concept of saving face, kind-heartedness and care modesty and diligence.For instance, in Japanese companies had more visible usual obligation which is unlikely to be frontn in Chaebol structure, where the boss is superior compared to employees. As an incentive for local companies, pecuniary motivations were offered such as low- interest add, value breaks and others simply because all the banks were nationalized as well for the purpose of economic development. This is how so called Chaebols -which literally mean business associatio n, were born into South Korean history. 4. 1 Factors of Development of ChaebolsWith its fast speed of industrialization, the economy nourished and support heavily Chaebols which were often family-centered enterprises. Their brands, products and companies diversified quickly and soon they were responsible for the legal age of the exported products which simply meant that private owned companies were responsible for biggest component of South Korea economic development. Not only have they expanded in international level, but likewise started to grow bigger in local land. Brands like Samsung, Hyundai and LG were a measure for quality, technology and innovation.We could say that even today the resembling conglomerates are still number one wood force in Korea. Another significant economic decision made by governments planners was to focus market development through export-oriented industrialization (Ref* 18). Because of its enough to produce, but less to consume population and still not existing local markets, all efforts were move into creating international markets where South Korea could have an advantage and generate a profit. The results started to be visible in fast digit rate at come 10% annual growth between 1962 and 1994.The large and fast expanding transnational conglomerates enjoyed strong support from government and good success of foreign markets. art object the contribution of agriculture to the economy declined from 37% in 1965 to 3% in 2008, the industrial welkin increased its contribution from 20% to 37%, that of go from 43% to 60% and exports remain the cornerstone of this economic development with their allocate in GDP accelerating from 8% in 1965 to a whopping 53% in 2008(Ref* 13). Table 2 Share of Top 30 Chaebols in South Koreas GDPSource Chaebol Powered Industrial alteration by Ahn Choong-yong, Korea imbed of Public Administration and Korea Times. April 2010 All the conglomerates were liberally permitted to access foreign loans pr omoted by the government to support fast-paced economic development, while in channel outflows of domestic capital were effectively curbed ( Ref* 19). The Foreign Direct investiture (FDI) was also restricted in order to deem positive economic growth, except in cases where technology and know-how were involved.In exchange of this, all the Chaebols were obliged to effectuate ambitious plans and to develop for the next three decades. This financial help actually cherished the companies from bankruptcy and soon they turned on into octopus, regularisation and expanding into more and more branches, industries and brands, even not related to their core scope of business increasing their power and wealth into public level and became too difficult their decisions to be influenced. For example, a ship building company could decide to enter into a market of cosmetics products or pharmaceutical industry.Of course, simultaneously they go past more factories, created jobs and promoted ec onomic boom. Basically they became a voice in South Korea. In this manner they grew so large that the top fifty Chaebols had sales equivalent to almost 94% of the total national GDP by 1984( Ref*20). In fact as a second measure introduced from President Park Chung Lee was diversifying of Chaebol into heavy and chemical industries, simply to be protected from North Korea . ( Ref*21)As we can see on Table 2, their share in GDP increased dramatically from 9,8 % in 1973 to 29,6% 1989Table 3 The Growth Rate and Total Factor harvestingivity by country According to International Institute for Management, South Korea is ranked 5th in terms of education level, with 40 percent of the population completing postgraduateer(prenominal) education after higher(prenominal) school. This movement into very strong induction of education was resulted of democracy brought by USA , President Park Chung Lees reforms, but also Confucianisms which, was earlier in history, influenced the social mind of S outh Korea. Understanding that high level of education and hooked human resources are powerful driver of economy and quality was one of the best tools for sustainable growth. Education system which was a resource super appreciated by traditional values in the society and was a chance for everybody in quest of success. Moreover, South Korean workers work more hours of the day than most countries reflecting 10 to 13 percent increases in productivity per year( Ref*22). The willingness of hard-working and co-operating(a) were very important for the efficacy and quality of the economic boom.Krugman (1994) claims that the Four tigers achieved the rapid growth rate because they successfully managed the resources associated with high employment share to population, efficacy of work, up-graded educational standards and the high rate of investment(Ref*19). Looking into Table 3, it is clear that South Korea achieved the highest grow rate of 8,5% per cent annually from 1960 to1994. Table 4 Do mestic Saving per GDP (per cent) Another tool which helped Chaebols to flourish was high-saving ratio, which was ab initio originated from uncertain life conditions and missing social system.In Korea the social welfare system was not well established (Ref*23). In this kind of situation, similar to Chinas beginning, individuals are trying to save as much as they can in order to run across their future. Furthermore, high savings and investments also contribute to capital accumulation. For example, Kim and Lau (1996) extend their input-analysis which covers Indonesia, Malaysia, Thailand and the Philippines reveal that capital accumulation associated with high domestic saving and investment level significantly contributed to strong growth in East Asia.Also, Collins and Bosworth (1996) emphasize that saving, investment and government policy are the main contributor to high capital accumulation ( Ref. 19) 4. 2. Chaebols and 1997 Asian Crisis The financial crisis that hit Asian countries in early July 1997 was an unexpected situation for Four Tigers including South Korea which were witnessed a rapid and sustainable growth in several decades in row, offering high standard of living into their citizens, high annual growth and successful export economy. They were accepted and perceived as models of economic boom.A lot of foreign investment were flowing and then government help like bank loan , preferential policies and incentives which were used to form the economy through so called multinational companies Chaebols . All this led to spendthrift diversification, a debt, a difficulty to be measured the credibility of a company and its real proportion due to unlimited bank loan with 0 interest they were given lack of business transparency, superior managerial behavior and more. All these reasons led to so called Asian Contagion, this was a series of currency devaluations and other eventsthat spread throughmany Asian markets.As a result of the crisis, South Korea adopte d different protectionist measures, government and financial reforms to ensure the stability of their own currency and reforms inside of Chaebols structures. ( Ref*24). 5. Case of Samsung host Samsung Electronics integral part of is a multinational, family-owned company with headquarters located in Samsung Town in Seoul called Samsung Group. Samsung Group has prominent to become one of the worlds leading and respectuful electronics companies, specializing in digital appliances and media, scycrapers, petrochemicals, fashion, medicine, hotels, semiconductors, memory, and system integration. Ref *25). As journalist Anna Fifield said in her article, You can be born in a Samsung hospital and end up in a Samsung mortuary (Ref*4). They operate in more than 65 different countries as sales and plants also they are responsible for appointing for more than 170,000 employees worldwide. In 2009 the company was classified as largest IT Company in world with biggest sales taxation of memory c hips, LCD and LED displays. For TV and smart borders devices markets, Samsung is in top position, especially after launching Galaxy 2 descent competing with orchard apple tree and theirs I pad mini and I phone.Its growing share in smart phones and tablets market is very high with around 20% for the first quarter in 2011 compared to 16, 1% in same(p) time previous year. pic Brief history and Economic Overview The Samsung Group was established in 1938 in Taegu, Korea by Byung Chull Lee and its main scope of business was export of fish, vegetables and fruits to Mainland China. In 1951, Samsung alliance was officially established with name Samsung Moolsan which heart Three Stars (Ref*25).The company started to grow and later in 1958 when Ankuk Fire& shipboard soldier Insurance as well DongBang Life Insurance in 1963 was acquired, the name was changed into Samsung Fire& Marine Insurance and respectfully Samsung Life Insurance. In 1969 Samsung Electronics and Samsung Sanyo Electronics were established, but in 1977 they also merged and diversifying started into heavy, chemical, shipbuilding, IT and other industries. The reasons behind such a diversification could be the same between all Chaebols examples, but very true for Samsung.They assumed that if investing into new business or a product will avoid potential risk of a oneness bankrupt, gaining knowledge for a technology and know-how patents competitions and bigger market share and some other factor could be because of persuading better wealth in order to ensure all the family members. ( Ref* 21) Thanks to its clever moves and business/political decisions Samsung developed excellent domestic and international market and 1974 they bought 50% of share of Korea Semiconductors, which gave them the first place of semiconductor manufacture trick up ANALYSISSamsung Group is one of the largest Chaebols in South Korea with world-class quality products and brand. The company has dominance into digital and electronic components markets, with more than 40 existing affiliated companies. Fig. 1 SWOT ANALYSES Samsung Group STRENGTHS Strong brand and loyal customers Leader in several markets as IT and electronics Excellent supply chain Capital Confidence Trustworthy and credibleness Innovation Technology level and skilled worker HR intersection Strategy WEAKNESS Serious Competition High Marketing bell Managerial Behavior Centralization CorruptionOPPORTUNITIES Good economic conditions highly available income local market Government support International relations and business expanse Technology development THREATS Patents legislations Regulatory issues technical changes Economic Crisis China Table 5 Samsung Electronics Marketing Expenses Marketing salmagundi for Samsung Group 4P Product Strategy Samsungs diversified line of products in 3D market for example which is offering LTD, LED and Plasma TV is one of best positioned into product strategy.Their electronic market is also very good example for product strategy which is one of their strengths in SWOT analyses Focusing on unique products and innovation to compete like 3D Plasma TV with unique design and functionality allowed Samsung to became a leader into this direction. Another very well presented idea of their product strategy is smart phone Galaxy Note 2 which competes directly with Apples I pad mini. Among some of the benefits of Galaxy Note 2 is its display, outlay, Android operating system, Bluetooth, slightly lighter, removable memory, flash, front camera/rear camera and a few(prenominal) more. Ref* 26). At the moment this is the best tablet produced by Samsung and as product strategy unique was chosen and improvement inside of the functionality. impairment strategy Samsung strategy according their pricing is being available for more consumers than I pad mini/ I phone, which is persuaded as a sumptuosity and faddy product, thus its price differentiates sometimes even double less expensive. Another factor regarding price is that Samsung produce a big amount of its and also Apples components which results into higher cost and price for Apples products on market.Thanks to diversification mentioned earlier we can see that Samsung actually have the advantage to produce by themselves most of the electronic components of their smart phones/ tablets, but also to their competitors, so they became superior in the Pyramid. furtherance strategy This is one of most weak part of SWOT Analyses of Samsung, because it cost billions of USD in advertisements and promotions which are conducted in three continents Europe, Asia and USA. 8 billion USD were expenditure in Europe compared to 3 billion in Asia and 12 billion in North America.Using famous American singer/groups such as Black Eyes Peas into their promotion strategy is adding high cost for the Chaebol. Product Placement The strategic idea here is that Samsung tablets Galaxy 2 Note are not positioned on the luxury market, but at the same tim e will not be sold in low-level stores as Wal-Mart. Targeting young people across three continents, Samsung focused on uniqueness, creativity, design and promotion. Apples product focuses on luxury and fashionable segment of the market where consumers are ready to pay more premiums. closing and Recommendations Transforming South Koreas economy was an experiment and example of Tiger measures conducted by the government of President Park Chung Hee in quest of best way to expand the economy in sustainable way and improve the quality of people equally. Focusing on export-oriented economy with solid foundation of education, willingness of hard-work, high saving ratio and allowance of private family- own enterprises in national sectors and important industries helped The Miracle on the Han River to become history of success. Chaebols were and still are considerable part of South Korean Economy, which for three decades created a country -an example for a market economy, which ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies (Ref*2). In 2010, Koreas trade volume amounted to US$892 billion, ranking the country the 7th largest exporter in the world(Ref*2). Koreas shipbuilding sector currently accounts for about 34% of the worlds total shipbuilding orders. As a major auto manufacturer, Korea produces over 4. million vehicles annually. The absolute majority of export related goods are produced by top Chaebols companies which appeared in late 60s after government of Park Chung Hee offered them unlimited incentives and industries in exchange of economic growth with 10% on average. The impact of those conglomerates was measurable and visible, even though 1997 Asian crisis shaped up them and reformed these octopus inner structures by implementing more transparent policies and less corruption. Nowadays Chaebols are still the driver of South Koreans income and economy.As recommendation for th e largest Chaebol at the moments, Samsung Group- focusing on innovation and technology improvement will be useful, because China is starting to emerge and also other competitors are weak point for Samsung. cockscomb their efforts could be a good strategy in order to protect South Koreans reputation and export share. Focusing on domestic market and not being so dependent on export. Or being sure that export is enough diversified to honor the profit. Reducing Marketing cost via cheaper, but creative techniques to attract and keep customers. Because for quality there is always a market Reference List . Fogel, R. W. (2005). Reconsidering expectations of economic growth after World War II fromthe posture of 2004. IMF Staff Papers, Vol. 52 Special Issues, Washington, DCInternational Monetary Fund. 2. promulgated by Korean Culture and Information Service Retrieved October 2, 2012, from http//www. scribd. com/doc/85568568/Facts-about-Korea-English 3. Retrieved October 3, 2012, from https //www. fsb. muohio. edu/mis399/ disciple/ reading%20files/history-china-korea-japan. htm . 4. Fifield, A. (March 26, 2008). http//www. ft. com. In Koreas Bulldozer must clean up the Chaebol. Retrieved October 14, 2012, from http//www. t. com/intl/cms/s/0/97182b8e-fb3f-11dc-8c3e-000077b07658. htmlaxzz2LbBBYYrW. 5. http//www. lifeinkorea. com/information/history1. cfm 6. Choo, Myung-Gun. 2000. Chapter 4 South Korea the disaster of Partition and the Response, inThe current Asia in Global Perspective, p. 74-5 7. https//www. fsb. muohio. edu/mis399/student/Reading%20files/history-china-korea-japan. htm. Retrieved October 3, 2012 8. ,, 9. http//www. lifeinkorea. com/information/history1. cfm 10. http//afe. easia. columbia. edu/main_pop/kpct/kp_koreaimperialism. htm 11. Education, Wikipedia , Retrieved October 9, 2012, from http//en. wikipedia. rg/wiki/Park_Chung-hee 12. Hattori, T. ,1986 Comparison of Large Corporations in Korea and Japan, in Hakjon Lee and Kuhyun Chung, eds. , The stru cture and strategy of Korean Corporation ( Seoul, Korea Bupmunsa, 1986)p. 151 13. November,2010. , The Chaebol in South Korea Spearheading Economic Growth. ,Thomas sinlessness International, Ltd, Retrieved October 12, 2012, from http//www. thomaswhite. com/explore-the-world/emerging-market-spotlight/2010/south-korea-chaebols. aspx p. 2 14. Kae H. Chung, Hak Chong Lee, and Ku Hyun Jung, Korean Management Global Strategy and Cultural Transformation ( Berlin Walter de Gruyter, 1997) p. 15. Retrieved October 15,2012, from http//www. sjsu. edu/faculty/watkins/park. htm Sources Clifford,L. M. Troubled Tiger Businessmen, Bureaucrats, and Generals in South Korea, M. E. Sharpe, Armonk, New York, 1994. Hee, C. P. To take a shit a Nation, Acropolis Books, Washington, D. C. , 1971. Hee, C. P. The Country, The Revolution and I, Hollym Corporation Publishers, Seoul, Korea, 1970. Hee, C. P. Our Nations Path Ideology of Social Reconstruction, Hollym Corporation Publishers, Seoul, Korea, 1970. 16. Jasper, Kim Crisis and Change South Korea in a Post-1997 New Era ( Seoul Ehwa Womans University Press, 2005)p. 7 17. March, 2006. , The Case of Chaebol Cult, Asian Management, Retrieved October 5, 2012, from . PDF version 18. Jasper, Kim Crisis and Change South Korea in a Post-1997 New Era ( Seoul Ehwa Womans University Press, 2005)p. 17 19. http//ecostat. wordpress. com/2012/08/19/capital-accumulation-or-total-factor-productivity/ 20. Fields. J. K. , enterprise and the State in Korea and Taiwan ( Cornall University Press, 1995) p. 35 21. Ahn(2001), pg420and Pn, E. ,South Koreas role in a dangerous neighbourhood http//www. nytimes. com/cfr/international/slot3_021106. html 22. (2006, 03). Korean Economy. StudyMode. com.Retrieved October 15, 2011, from http//www. studymode. com/essays/Korean-Economy-83006. html 23. Choo, Myung-Gun. 2000. Chapter 4 South Korea the Tragedy of Partition and the Response, in The New Asia in Global Perspective, p. 79 24. Education, Investopedia Ret rieved October 18, 2012, from http//www. investopedia. com/terms/a/asian-financial-crisis. aspaxzz29i6XywR2 25. SAMSUNG Group Official WebPage, Retrieved October 3, 2101 from http//www. samsung. com/us/aboutsamsung/corporateprofile/history06. html 26. http//tablets. venturebeat. com/compare/46-123/Apple-iPad-2-with-Wi-Fi-3G-vs-Samsung-Galaxy-Note-10-1

No comments:

Post a Comment