Globalization in South Korea
[3] Globalization can be defined as an uneven process that focuses on transforming current social conditions of nationality into a connected international network.
[5] Moreover, the globalization phenomenon started in the Western region where it would eventually spread to Asian territory during the 1990s when the Asia economic crisis took place.
[7] Furthermore, South Korea's economy showed outstanding short-term foreign debt that was threefold higher and kept increasing over the year whereas exchange reserves showed insignificant changes; this caused the government to sign a bailout package with IMF as the country was currently unable to repay the appreciation of dollar loans to the debtholders.
[10] The policies of South Korea and Taiwan have been similar to those of Japan in many respects, whereas the city-states of Hong Kong and Singapore have been extremely market-oriented and open, closer to laissez-faire than are western countries [10] Although there are variations in the policies pursued, East Asian countries, more or less across the board, have moved in a liberal and outward-oriental direction.
South Korea had a high debt-equity ratio followed by low profitability due to inconsistency in corporate governance, which was the major obstacle.
[14] The government practised "deepening globalisation" to overcome the crisis, under-develop technology, and low-labour-cost issues to be a modern and globalized market leader.
Winter Sonata had captured Japanese viewers with a well-written script, engaging chemistry and picturesque Korea scenery.
[18] Furthermore, this phenomenon increased foreign enthusiasm to visit South Korea town and cities, which later known as Hallyu (Korean Wave) tourism.
[18] The Hallyu phenomenon happened due to the help of globalisation as it involved liberalization of markets and deregulation of culture segment.
[23] During 2013, Korean music made further global expansion through the western part of the world, shown through many concerts held in New York, Paris and London.
[23] K-pop was first recognized by the world through several boygroups and girlgroups, such as Girl's Generation which was first published on YouTube and eventually gained positive responses among international viewers.
At the same time, during the Korean War the economy of both separated countries experienced turmoil due to exaggerate spending on military supplies.
[25] Eventually, South Korea experienced a turning point under the Rhee government as there were changes in political and economic structure reflected in exchange rates and export subsidies.
[27] Furthermore, this policy had helped recapitalize financial institutions through a decrease in interest rates and injection of 64 trillion won (US$50 billion).
South Korea has shown tremendous improvement in economy as there is evidence indicating a decrease in unemployment, high wages and increased education standard.
South Korea's higher education system is based on the hierarchy of schools in which specific majors should be chosen during entrance.
[35] South Korean education implements an unhealthy environment as students are forced to compete with each other, so one's success' is viewed as another's defeat.
[35][34][33] As enrolling in prestige school (SKY) is crucial for South Korean students, this has created a tremendous pressure on college entry examination, known as the College Scholastic Ability Test (CSAT), as all students aim to get a perfect score to be accepted into a top grades university.
[36] The government has taken the CSAT as a crucial event, and the National Police Agency is assigned to ensure that traffic and noise will not disrupt students.
[39] Thus, the government made a reformation act to change the educational system, such as attempting to ban afterschool institutes, which were opposed by many parties.
[38] This policy allowed students to apply to university degree programs based on merit, talent and achievement instead of weighing completely at CSAT score.
