Business Management

Answer 1:

South Korea is classified as one of the major NICs and has been an example to other Asian developing economies. It stands out as an example of how participation in the globalization can propel a country from poverty to being one of the most successful in the world. Before 1960, the country did not have any infrastructure and natural resources. But now it is well known for its rapid economic growth because of its centrally planned and trade oriented economic policies. Globalization has allowed the country to get involved in most of the world’s important trade blocs and agreements; also it has been a member of APEC which aided the country to be one of the fastest growing economies in the World. The emergence of globalization, strong export emphasis since the 1960’s ,high-quality labor supply, vigilant government planning, emphasis upon more skill-intensive, high-quality industries such as the motor vehicle industry and electronics manufactures has been a major factor that has driven South Korea’s growth.

Globalization has given South Korea an access to markets, capital and technology, and has fostered good governance. One of the major factor that has propelled the country’s growth has been its strong export emphasis which is made possible only due to the globalization. Another prime area of South Korea’s growth and globalization can be seen in the automobile sector, particularly in the case of Hyundai Motor Co. and affiliate Kia Motors. In addition to it, the rise of trade liberalization has provided incentive for these businesses to become global and establish foreign subsidiaries. Likewise, improvement in communication and transportation technology as a result of globalization has made a major contribution. In regards to technology, South Korean corporate giant Samsung is supporting the country’s globalization with its partnerships abroad. Another key factor in Korea’s growth has been the rise of transnational business conglomerates the four companies...