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Example research essay topic: Gdp Per Capita South Korea - 1,255 words

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... customary to refer to him as Mr. and never by his first name. In addition to that, never hand a Korean person a business card with a Japanese translation of your name and corporate position, as this is considered highly insulting.

Japan occupied Korea from 1910 to 1945, and your card may be interpreted as a reference to this period. Korean culture is a high context culture and it is hard for Korean people to handle a low context culture. Therefore, obtaining an introduction to a Korean business executive or to an organization is always preferable than contacting them directly as an individual. It is always useful to cultivate a network of Korean contacts for such introduction s. Also, Korean negotiations tend to be lengthy and protracted.

It is not advisable to appear pushy during a discussion. If a sensitive issue arises on which agreement is not forthcoming, ones should leave it for discussion at a later meeting, preferably through a Korean intermediary. In Korea, the human relationship, which exists between the parties to a contract, is more important than the legal document itself. Koreans consider the questions about someones private life, like marital status, family background and income, are not regarded as personal questions and they will often appear interested in your background. Since the Korean is high context culture, it is common to see Korea operate on polyphonic time where the completion of human transaction is emphasized more than holding a schedule. It is important to endure tardiness with humility.

Whether it's the traffic or just forgetfulness on the part of the individual, some Koreans are often late. It is probably best to tolerate such situations since to complain about tardiness may ultimately prove to be counter-productive to the negotiating process Business ethics also play big rules in Korean culture. Presenting gifts to a servant to expedite the process of a business with a value exceeding $US 100 must be reported to the authorities, under the country's Civil Servant Ethics Law. Giving objects, which come in a set of four, will never be accepted as this object has a death association in Korean culture.

Also, never offer or give money to a Korean businessman or other Koreans in return for favors that have been provided out of kindness. Offering money is sometimes considered offensive. Political and Legal environment South Korea is a republic with powers shared between the president and the legislature. The president is chief of state and is elected for a term of 5 years. The 299 members of the unicameral National Assembly are elected to 4 -year terms.

South Korea's judicial system comprises a Supreme Court, appellate courts, and a Constitutional Court. South Korean politics were changed dramatically by the 1988 legislative elections, the Assembly's greater powers under the 1987 constitution, and the influence of public opinion. After 1987 there was a significant political move towards liberalization in South Korea, including greater freedom of the press, greater freedoms of expression and assembly, and the restoration of the civil rights of former detainees. The new opposition-dominated National Assembly quickly challenged the president's prerogatives. However, the trend toward greater democratization continued. In free and fair elections in December 1992, Kim Young Sam, the former opposition leader who joined the ruling party of Roh Tae Woo, received 43 % of the vote and became Korea's first civilian president in nearly 30 years.

In June 1995, Korea held direct elections for local and provincial executive officials (mayors, governors, county and ward chiefs) for the first time in more than 30 years. In August 1996, ex-presidents Chun and Roh were convicted on corruption and treason charges but were pardoned by President Kim Young Sam in December 1997. The mass of different laws, regulations, unwritten ministerial guidance and changing policies has made for a challenging business environment in Korea. However, in an effort to reverse Korea's reputation as a difficult environment for foreign investment and to further free the Korean economy, the government has announced a series of economic reforms designed to remove unnecessary regulations and give more scope for decision making to the private sector. Due to the financial crisis and the need to attract foreign investment to restore Korea to an economic growth path, the government is quickly trying to simplify and deregulate investment procedures to improve the investment climate. Economic Conditions As one of the Four Dragons of East Asia, South Korea has achieved an incredible record of growth.

Three decades ago its GDP per capita was comparable to the poorer countries of Africa and Asia. Today, its GDP per capita is comparable to economies of the European Union. This success through the late 1980 s was achieved by a system of close government business ties, including directed credit, import restrictions, sponsorship of specific industries and a strong labor effort. The government promoted the import of raw materials and technology at the expense of consumer goods and encouraged savings and investment over consumption. The Asian financial crisis of 1997 - 98 exposed certain longstanding weaknesses in South Korea's development model, including high debt / equity ratios, massive foreign borrowing, and an undisciplined financial sector. South Korea signed an enhanced US$ 58 billion package, including loans from the World Bank and the Asia Development Bank.

Under the terms of the that program, South Korea agreed to accelerate the opening of its financial and equity markets to foreign investment and to reform and restructure its financial and corporate sectors to increase transparency, accountability and efficiency. By the end of 1998 it had recovered financial stability, rebuilding foreign exchange reserves to record levels by running a current account surplus of US$ 40 billion. Seoul has also made a positive start on a program to get the country's largest business groups to swap subsidiaries to promote specialization. The administration has directed many of the mid-sized conglomerates into debt-workout programs with creditor banks. The stock market, which fell sharply at the onset of the crisis, rose by 33 percent in 1998, and a further 70 percent through November 1999. South Korea substantial progress has been made in stabilizing the financial system, addressing corporate distress, strengthening the institutional framework for corporate governance and financial supervision, liberalizing capital markets and foreign investment, fostering transparency, and enhancing the role of market discipline.

The institutional framework for restructuring is largely in place and major strides have been made in addressing the deep-seated problems of enterprises and financial institutions. Modern Korea is a nation that has rebuilt itself from the devastation of war and has achieved an economic miracle in just 40 years, serving today as a model for many developing countries. This achievement is even more significant considering the extra burden added by the division of Korean Peninsula into two countries. The Korea of today is a fascinating place whose ancient culture and history blend harmoniously with it modern cities. The government is continuously investing in transportation and accommodation infrastructure projects in order to attract more and more foreign tourist and investors each year. Work Cited Country Watch.

com. "People. " Country Watch. com: France. 2000. Houston, Texas Blocker, Clyde E. , Robert H. Plummer, and Richard C. Richardson, U.

S. State Department, Background Notes: South Korea. August 1999 The New Encyclopedia Britannica. 1998. Chicago: Encyclopedia Britannica Inc IMF, World Economic Outlook, Sept. 2000. 2000. Washington, D. C. : International Monetary Fund Publication Services.

UN, Statistical Yearbook, 43 rd Issue. 1999. New York: United Nations Yearbook of Tourism Statistics, World Tourism Organization, 50 th Edition. 1998. Madrid: The World Tourism Organization.


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Research essay sample on Gdp Per Capita South Korea

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