The Economy of South Korea
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- เผยแพร่เมื่อ 21 ก.ค. 2024
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South Korea, a highly-developed and wealthy economy that epitomizes the story of a modern Asian nation, has made the transition from a very poor to very rich in less than one life's generation.
Today, the nation is a glistening beacon of technological innovation that leads the world in highly productive and profitable industries.
In this episode, we'll explore how South Korea proves how solid economic management is far more important than natural resources in determining a country's destiny.
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📚 Want to learn more about the economy of South Korea? We recommend reading "The Politics of Economic Reform in South Korea: A Fragile Miracle", by Tat Yan Kong
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#SouthKorea #Chaebol #Economics
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Sources & Citations -
Lie, J., 2000. Han unbound: The political economy of South Korea. Stanford University Press.
Koo, H., 1984. The political economy of income distribution in South Korea: The impact of the state's industrialization policies. World Development
Haggard, S., Kim, B.K. and Moon, C.I., 1991. The transition to export-led growth in South Korea: 1954-1966. The Journal of Asian Studies
Kalinowski, T. and Cho, H., 2009. The political economy of financial liberalization in South Korea: State, big business, and foreign investors. Asian Survey
Kong, T.Y., 2013. The politics of economic reform in South Korea: A fragile miracle. Routledge.
Campbell II, T.L. and Keys, P.Y., 2002. Corporate governance in South Korea: the chaebol experience. Journal of corporate Finance,
Chang, C.S., 1988. Chaebol: The South Korean Conglomerates. Business Horizons,
Bierstaker, J.L., Seol, I., Albrecht, C., Turnbull, C., Zhang, Y. and Skousen, C.J., 2010. The relationship between South Korean chaebols and fraud. Management Research Review.
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Now that the Chairman of Samsung has died, how is this going to affect the financials of Samsung?
Hey man. Can you do a video on the economy of my country (Ireland)? We share many parallels with Germany and South Korea.
stop forest companies in Papua, calls for companies and the government of South Korea
Update video on the $11B IHT bill for Samsung heirs?
So US killed people in vietnam because US hates communist or any country disobey US, and South Korea killed people in Vietnam for money that provided by US? Hehe.... Nice nations
This channel is gradually making me want to study economics.
Modern economics, especially in the basic level of bachelor's, teaches simple theories assuming perfect systems - which is in stark contrast to reality.
It is just a better paying degree to psychology and like psychology, actually requires much more higher education to achieve proper recognition.
It did make me. I originally wanted to become a doctor but watching the videos on this channel made me choose economics as my major. Now doing my bachelors in economics.
@Fascism, Inc. is that then the difference between an MBA and a degree in economics?
@Rick Corthals could I speak with you about this ? I need advice and no one I know irl has much experience in economics
@@richards-c1682 An MBA is something you do to specialise in management of a sector you have worked in for a few years. For example - An MBA in finance after working in finance for 4-5 years
"The CEO isn't dead; he's just resting."
He's legally alive for tax reasons
Ceo dies
It's just a scratch
So basically warhammer 40k. he's the emperor on the golden throne.
In Peace.
Imagine if the CEO declared as dead
There will be game of throne in the goverment for that tax money
It would be interesting if the Samsung chairman becomes the "oldest" person "alive".
There just still looking for the wolverine is all
Probably his consciousness has been uploaded to Samsung's main server.
He's 78 years old. They need to come up with some sort of plan in the next 15 years tops.
@Dr.Louis Robinson
Eventually, I am sure it will become a category of its own. I think that's the closest to becoming a ghost you can get.
Actually, Lee Gun-hee(technical CEO of Samsung) is not dead. He is now a vegetative state(medically).
can you imagine how incredible it would be to see the nation you lived in to go from some poor agricultural backwater to a hub of industry and innovation in your own lifetime.
Trust me.. That process is very bad..
Lot of pollution, low wage, high competition, long working hours
@@ramraghuwanshi2562 and look at your grandkids living a great life after all that
I wish i can see that in syria 😢
my grandmother is in her 80s, was born during the japanese colonial period, she looks at old photos of seoul where cows were on the streets and remembers her happy young days. But then, now she lives in one of the tallest apartments in seoul, with TV in the living room, enjoying all the modern culture herself. I lover her, and it also feels a little weird when I see her because her life is pretty much the modern history of SK. haha
@@ramraghuwanshi2562 It's all worth it in the long run...
MFW a S.Korean Mega Corporation owns an entire city:
Cyberpunk 2020: Hyundai City
The movie "Rollerball" with its "corporate anthems" came to mind.
I’d say “Wake up Samurai, we got a city to burn” but that implies Japan, and Japan and South Korea don’t mix very well...
@@user-td8if4fb1v It actually started playing in my head... Samsung always puts it into my music library, and I always forget to delete it.
There is a Toyota city, and yes it was built by toyota, their headquarters are in Toyota city :D
You're not off. Samsung has Mechs in their factories.
"And look, while this isn't great for adolescent mental health, it is fantastic for the economy" haha
ㅎㅜ,,,
Sacrificing people to make the line go up
@@jainish1556 honestly. Some of the things ive heard about SK are daunting. They make our mindset about studies look like american mindsets. (not saying either are good or bad).
But ive heard, no clue if its true, that people have to take tuition that lasts uptil 10pm, and many people are depressed, lonely and have to conscript in the military. Honestly from what ive heard, the military conscription for them is a blessing in disguise as they don't have to study for 2 years or so
@@pranavkondapalli9306 all of that is true except for the last bit, you are conscripted in the military but it's just as bad as the education system.
Needs of the many outweighs needs of the few. It's classic Confucianism and can be seen in all Eastern Asian countries. Other examples like "bringing shame to family" and "extreme respect for elders".
These values are what a lot of Westerners struggle to understand.
In year 2520, people still wondering if the chairman of Samsung is alive or dead.
Pure conspiracy theory material.
He's alive he's just sitting on the Golden Throne ever vigilant of Samsung and it's fleet of Phones.
"Our 200 years old president is a testament to our technology." :)
Just make some deep learning AI learn his pattern of speech, little bit of CEO behavior observation and he will be CEO for death.
Actually, Lee Gun-hee(technical CEO of Samsung) is not dead. He is now a vegetative state(medically).
After living in South Korea for four years, I definitely think culture is a big factor in South Korea's success. I've never seen a culture so fixated on perfectionism and hard work than South Koreans. Not even to mention South Koreans have a profound sense of order and morality. I remember I went to a grocery store early in the morning one day, stepped inside and found the lights off and no on there- because the store had not even opened yet. I later found out from the storeowner that she has never locked her store while closed and she has never experienced someone robbing her in years of ownership. Together, these traits make for such a resilient culture that once you understand South Koreans, it seems like nothing could ever stop them from being successful.
In 50s South Koreans were considered lazy and poor work ethics.... They turned it around in 2 decades. 😉
@@arminius6506 No. In the 50s we were at war.
@@koryoball that's 3 years. Not the whole decade.
@@KRW200 그래서 50년대에 한국인들은 게으르고 노동정신이 부족했다는 댓글에 동의하는건가요?
@@koryoball 50년대에는 전쟁 중이었다는 게 한국인들이 게으르고 노동정신이 부족했다는 주장에 대한 반박이었나요?
First
🤣🤣🤣👍👍
Dude this is not fair.
What a madlad
Corona virus > basic finance.
You cheated!!
13:27 Just call him the Eternal President, it works for the North.
Ahh. I see. A good point here 😅
Sometime in the future, some religion will form around this guy.🤣
Anyone claiming he is not alive, blasphemes and is a heretic.
Does it? Does it really work for the North?
Yes indeed. The Celestial CEO.
There are so many Korean Drama centred around Big Corp family feud it’s almost as interesting as the kardashians
Jack Lam Neither of them are interesting
H X lol I do suggest a Korean Drama called ‘Sky Castle’ it’s basically Korean upper class and education system mixed in a drama. Pretty good acting and script and I do enjoy watching it.
It is the same with HK police dramas
DONE TO DEATH
@@jacklam6140 Sky Castle is the best drama i watched ever
Just curious, could you name some good ones?
I lived in S Korea serving in the US Army, 1972-1973. I witnessed the small town and rural people work hard at a lot of manual labor, and send their kids off to school, in rickety buses over dirt roads. Seeing their energy and their belief in their future was heart warming. Decades later, they've achieved what I'm willing to call an economic miracle. Seeing them working with such dedication, I somehow knew they would rise up as they did.
I truly appreciate your service. I owe my prosperous life with true freedom to you. Thank you.
Thank you for your service, sir.
I am South Korean 1972-1973 Thank you for protecting our country.
Thank you so much
I also should have salute to your service!
The only countries left for you to explore in the top 10 largest economies are:
1. France
2. Italy
3. Brazil
All 3 of them really make an interesting Case Study!
Lots of emerging economies are very interesting too, like Georgia, Botswana and Mauritius. There are also many bad examples of what not to do that are interested to study as well, like Equatorial Guinea.
Wait Italy still has an economy???
@@kx4998 Over 2 trillion yes 😉😉
Italy is a dead nation
Kim Jong-un #camp for impersonating me
I recently watched a South Korean period drama in which a literally dead king is kept on the throne to keep the rich people happy. Wonder where they got that idea from 🤣🤣
James Sharpe lol what drama
@@itsmidtrib1569 Maybe Netflix drama "Kingdom"... Actually not South Korea period, it is when Korea's name was "Joseon".(1600s)
Weekend at Bernies?
Sounds typical story of guman history.
@@bariforever3611 if i remember correctly, wasnt the dead king a zombie? and there was a big outbreak etc etc
I really like my nation, but sometimes it makes me feel sad. It's like we grew up way too fast so we now have the abilities of an adult but with the mentality of a teenager. We have one of the highest suicide rates in the world somewhat speaks for that. Good luck to all other Koreans out there.
You need to come to Cancun and relax with a margarita for a while. Saludos!
A small price for salvation
@@nxpy6684 true dat
동의합니다.
fully agreeeeeeeeeee
고등학생으로서.... ㅈㄴ 맞는 말이라고 생각합니다 ㅋㅋㅋㅋ
In the last three years, I’ve lived in a southeastern African country and now the Republic of Korea. In contrast with that African nation and even America, the country planning in South Korea is something nearly unparalleled by any other country in the world (that isn’t a micro nation). South Korea is small and every square meter is planned and accounted for. Farm land is farm land and it has been for decades. Cities don’t sprawl, they develop vertically. The areas that are left to nature are just that, and they’re fiercely guarded by state and people. If (maybe when) North Korea finally collapses, it will be a three-way race between China’s PLA, the RoK Army + US Armed Forces, and Samsung to fill the void.
The Democratic Republic of Samsung
If you are referring to the green belts and such, then I agree. We don't have massive tumors of urban development here- green belts help to minimize major cities from engulfing nearby towns and such, leaving ground to green areas and generally limiting urban growth to a organic limit. If it wasn't for those urban restrictions, Seoul would have already engulfed the entirety of the Lower Han river estuary and annexed Incheon and the surrounding cities, where like half of the population would just be Seoul denizens.
Then again, House prices are sooooooo high....
@@user-fg3xw6wd6i just live in an apartment
@@carlosandleon The entirety of Seoul IS row after row of Apartments.
Or office spaces.
@@user-fg3xw6wd6i yeah I've been there. That's why just don't buy a house since you Said housing is expensive
In the Byzantine empire there was an incident where the emperor died while his heir was away on campaign and would take months to get back for the coronation, so they decided the easiest thing to do was to prop the emperor's corpse up on the throne and pretend he was still alive until the heir got back. They held court with it and everything, reading decrees in his name and making people address the corpse directly when speaking.
Vladan Vukovic based on my quick search. i couldnt find anything. a source is needed indeed
I saw it on a documentary called The Western Tradition 15 - The Byzantine Empire. The emperor was none other than Constantine the Great. I couldn't find anything else either, it seemed like a quality documentary but then again it's over 30 years old so maybe the story's been disproven since it was made.
That gave me some serious 40k vibes
I cant imagine the rotting horrible smell
Autism
S.Korea is the highest spending nation in R&D around 4.55%(2018) no wonder they are innovative
And they invest the most in education.
this is what stupid people think. R&D is just for tax benefits. They don't really do any R&D there.
People often think Korea (and other Asian nations) are the most techy countries. But in reality, they are mostly assembly hubs. All the important machines, and intellectual licenses are dominated by the west.
@@vincecarter9689 Data would tell you otherwise. Look up patent applications per country.
@@vincecarter9689 So you know more than the Bloomberg report anointing Korea as the most innovative country in the world? SK due to high wage is no longer the assembly hub it used to be back in the 80's. Korean companies run manufacturing plants in China, Vietnam, India, Czech, Slovenia, Russia, Mexico, Poland and even in the US for autos and semiconductors.
@@vincecarter9689 get some education. S Korea is #1 in the world per capita in terms of patents and licensing. They are also #2 in terms of investment. And they are either #1 or #2 in education, not to mention their high IQs which are also #1 or #2. This happend within a decade. They are growing by leaps and bounds. Dude, I think you are about 30 years behind...
I like how he made this video on Korean Independence day
sam il jull
Independence Day is actually on August 15th. March 1st is the Sam-il movement which was done by Koreans during the Japanese rule as a display of resistance.
But thank's for taking interest :)) I'm happy to see that someone knows that 1st of March is indeed nevertheless a meaningful and important day for the Koreans :D
@@_maus my girlfriend is korean and she told me it was their independence day so i just went off what she said.
15 August is also the independence day of India.
noice
@@TheZombieSlayerWave I would love to believe that you have a wonderful Korean girlfriend, but if she actually said that then she's not Korean. Mistaking independence day like that is the equivalent as Christians mistaking Christmas as something like Saint Patricks Day. Speaking as a Korean here.
This is South Korea. Or is it?
*vsauce music plays
Fake Korea
@@Kimjongun19841 your father was better Kim .
Shivansh NA I miss papa too
I just wanna be in Switzerland for the cheese and French wine
*Visualpolitik music plays
What IS south? *Vsauce music continues
The evolution of brands like Kia and Hyundai represents their growth perfectly, from what was once considered throw away economy cars to challenging the best of the industry, like Toyota and Nissan. And even quality brands like Lexus with their sub-brand Genesis. A pretty good reflection of their country in general.
Quite good for a starter introduction for our economy, but it lacks a lot of nuance.
Ulsan is not just a Hyundai city-Chemicals and Oil refining industries are significant employers.
More statistics might be nice- like, mentioning that nowdays roughly 70% of the new generations go to college.
Also, the IMF crisis of late 1990s and the following acquiring and mass bankrupcies of those Chaebols themselves might be worth a mention.
But then this video can only go on for so long.
70%. Is that a drop or an increase relative to previous generations?
@@jazzyj2899 Drop. It was closer to 80% in the early 2000s.
이준희
Time to do a deep dive video from a korean perspective!
S. Korea started to gain money when 박정희 became president or later dictator. He started sending Korean soliders to Vietnam War, building a massive highway from Busan(largest port in S.Korea) to Seoul(capital). Forcing Hyundai to start ship industry(Known as Hyundai Heavy industry, No2 export in ship). Enforcing education, ect, and so on. Although, he might be dictator, through his rules South Korea was able to survive and rise from the ashes.
In addition, in mordern South Korea's economic is Heavily based on large Companies. Like Samsung, Hyundai, Lotte, LG, etc
I love your channel so much! Learning about how other countries (especially Asian countries) have gotten themselves out of poverty, and developed themselves gives me ideas of what I can do in my home country of Zimbabwe. Your channel teaches so much in such an interesting way and your videos are clearly always very well researched which is part of the reason I subscribed. They lack partiallity and just look at the economic fact.
I subscribed after seeing your video about South Africa - I don't usually watch those kinda videos as they tend to always serve a political agenda whilst ignoring the historical and socio-economic realities. After seeing the impartiality and blatant honesty of your video, I decided to subscribe and since then I've been enjoying learning more about economics through your videos
South Korea's economy is essentially the same (or larger) than Russia's. That is seriously, seriously insane.
Russia has a larger population than South Korea
I was born in S Korea in 1963 and immigrated to US in 1974. During my childhood, I was raised in extreme poverty with very little to eat. I actually had to walk to school without shoes few times (my kids make fun of me about this). When we went to buy rice, the seller would take a straight edge across the top of the container so that not an extra grain was given. I first went back in '97 and was amazed at what I saw. Since then, I've been going back almost every year and still amazed at the progress. And, to this, I ask why can't the South American countries do the same with their vast wealth of natural resources. Dictatorship, corruption and favoritism will never allow those countries to escape. This was the major breakthrough with S Korea - breaking corruption.
como te gusta escribir mierda, coreanito
In fact, your family was of the lowest class in Korea. Your family's miserable life is a situation immediately after the Korean War in the 1950s. I wasn't that hungry even then.
This is a very well produced video, interesting facts with exciting visuals. Well done.
I've visited SK a lot in the last ten years and I'm always blown away every time. Very pretty place, awesome food, everything is so clean and the people are so sweet. I haven't been since 2018 and I miss it a lot. I had even started learning Korean because it had such an impact on me. It's funny that I have culture shock coming back home. It's just sad to see the US just get worse and worse in every way possible. Everytime I go it gets harder to come home.
@CalvinV7 not trying to prove you wrong or anything but if you see it closely they're mostly seniors over 70 that fills most of that suicide rate. under that age it's quite average compares to other nations in OECD.
The difference is immediately noticed clearing immigration and customs upon arrival. land in south korea, you are out of airport within 20 minutes. land in US, and you don't even get out the terminal until over an hour later.
I am Vietnamese. We admire Korea, you are our role model!
I admire your country as a Korean. What you guys did to France and US to keep your freedom.... respect.
@@harrisonom and China
@@harrisonom the French wanted to continue to control Vietnam, but the Americans didn't care about that. If America and South Vietnam would have won then South Vietnam would have been 2/3's as developed as South Korea today.
@@harrisonom Korea invaded Vietnam, never apologized and never paid reparation and they forgive you. Japan invaded Korea, massively improved Korea's infrastructure and paid nearly billion in reparation and countless apologies and you don't forgive and beg more despite 2015 bilateral agreement to settle and rebuild relationship.
@@jamesfranko1568 Koreans helped out the US against communism. Koreans hated communism because of the Korean war. Also, Koreans never occupied Vietnam, Japan occupied the Korea for 30 plus years. Korea never went to Vietnam to conquer but to liberate.
Damn, South Korea is cybepunk as pretty cyberpunk on paper
yeah, but standard of living is still pretty good... mental health issues aside.
@@meep1809 Laughs at suicide rates.
Eastern European countries like Russia have higher suicide rates
@@mohit_panjwani Just stating the facts.
"This all started to turn around though..."
*roller coaster literally turns around*
The stock footage.....
I know it's so hard to watch sometimes that I just play the video and then look at Facebook or something.
I’m waiting for ‘the economics of stock footage’ now lol
@@prettypic444 I half expect it on aprils fools day this year
You missed one critical factor of Korean success: Public sector. Korean people fought and sacrificed their lives with blood to achieve a democratic political system against dictatorships. Thus, Korea has had a relatvely effective and responsive government and public institutions for citizens as you can recently see the response of Covid 19.
High iq population too.
Whatttt
moon jae ang
Hello
I've been following your channel for a few months now and i really like your content. The amount of effort you give and how you repeatedly declare your "unbiased" state is really appreciable...xD
As much as economics is related to managing countries, it is related to managing companies. And most of us relate directly to various companies for various reasons. Really would love if you made some videos breakdowning the economics of companies. Maybe if not possible to present real life companies, you can show hypothetically ideal companies.
I'm referring to content like:
1. The basics of a startup Company
2. The journey of an ideal startup
3. How company shares work
Then again you can add diversity by explaining some trends of various economies
Like in the US you can get loans based on your credit score without mortgaging an actual asset
But in Bangladesh (my country) you need to morgage an asset of usually a higher value than your amoujt of requested loan
And please consider making videos on important economic incidents like the economic recession of 2012
And also
Making some infographic videos can add diversity to your content
I’m not really into economics but man this channel is addictive!
I love your channel, almost every video has some points I didn't know, but this is the first one that really has my jaw on the floor. This is super fascinating!
He also makes lots of false statements and doesn’t care to correct himself on various videos.
@@cevxj for instance?
I’ve learned a lot from this channel. Thank you
My father told me about the ROK soldiers and how afraid the NVA were of them. We lived in Korea in the late 70s and witnessed how poor the society was (No middle class to speak of). We returned in mid-80s and we could see the growing middle class. Very good education on capitalism. Park was very centered on helping the people to rise out of poverty.
Late 70's? No, Korea wasn't as poor as you said at the time. At that time, most Korean families had their own cars.
Honestly surprised there wasn’t a single mention of Kpop or even entertainment considering how much it influences SK’s foreign politics
K Pop becoming popular was a pretty recent phenomenon, and didn't contribute to Korea's initial economic growth, which is what the video mainly seems to focus on.
that's more soft power tbh
Korean media contributes to soft power ("coolest country" in Asia)
wow, they've had awesome leaders in the past that actually cared about their people instead of squandering their borrowed wealth
Actually that's not true! If you learn about the history of Korea in the 70s and 80s you can see that Korean citizens had to fight from dictatorship and earn democracy.
@@user-gg9fc8ej6d It is true. There are some controversy about 전두환 but 박정희, most certainly dedicated himself for industrialization and self-reliance of South Korea. 박정희 was concerned about accumulating his nation's wealth, not the private account.
@@Amnok and yet the park family has made a fortune from his presidency, as did park's cronies and their families. The whole spiel about park being an exceptional dictator who loved his country like no one else is propaganda, there was and are many dictators around the globe that grew their countries' economies, like libya's gaddafi. Park was just another dictator that lucked into becoming the leader of a country that had potential. The prosperity of south korea comes not from a mediocre dictator, but from the korean people's penchant for education.
@@Amnok then, How come park's family is so rich? they are one of the biggest land owners in S Korea. Park family owns YoungNam university in Daegu and also owns Children's Park in Seoul. Just the land price alone is more than US $ billion dollars. Get some education.
Samsung's chairman story has an analog to it's evil twin in the North, Kim il sung who is the eternal president, I know there's a lot of difference but the analogy can't be ignored.
It's the same people at the end of the day.
Lots of difference, yes. Especially since Samsung's chairman passed away relatively recently. The inheritance taxes, while huge, won't greatly impact jobs or pensions. So, actually, quite a bit different.
@@bartjarochowski3533 the inheritance tax could backfire on the company if done since the chairmans assets are in stocks if you sell stocks too fast walla price crash devaluing everything
It was lucky that the former dictators in S.Korea actually cared for the country's ecomony (well, they did many things wrong, I agree). Maybe because this country had nothing to dig out from the soil, but at least it worked.
Unlike general dictators who commit corruption and amass wealth, the dictators of Korea put the nation's development first. Ultimately, it overthrew the dictatorship and led to democratization of Korean society.
However, the interesting thing is that the dictators of Korea continued to strive for national development even though they knew this fact. There is an anecdote that one of the dictators, Park Chung-hee, said, "Spit on my grave. But now, the priority is to make the country rich."
In Korea, there is still a debate over whether the dictators were heroes who achieved economic development or were simply useless dictators who degenerated democracy.
Love this channel!!! Pleaseeeeee make a video of the economics of a recession
I lived in S.Korea for a year...2010- 2011.......an hour south of Seoul.
Had a fantastic year....amazing country, food, and people.
As native Korean and a history nerd I keep finding out that Park's economy plan was almost inhumanely genius. It's not too much of exaggeration if I say Park's plan took us this far and later was just driven by momentum. However it's nearly a taboo to honor him in South Korea due to what he has done on democracy side. but there are definitely large enough number of people secretly appreciate that past "dictatorship".
Well, they voted for his daughter to be President, no?
bullshit 😆😆
As a Korean, I find it challenging to agree. This is a joke and nonsense.
It's like praising someone who has failed ten times for doing one thing well.
I study at the University of Texas but I went to Seoul as part of my exchange program.
The way education is percieved is in sheer contrast to what I was accustomed to back home. Kids are anxious, hyper-competitive, and dedicated. The government realizes the looming problem of falling productivity and monopolistic chaebols dragging the economy downwards in a spiral. Policies that have been taken so far have not bore any fruit, such as funding startups and creating a more innovative environment.
I might be painting a gloomy picture but honestly Korea has come a looong way. I studied the economic history, language, and culture of this country and having to see it rise above it's problems is absolutely phenomenal. It just needs a little bit of 'de-stressing' and a cap on it's anachronistic values.
SK economy was basically on steroid for far too long and now it's meeting its much deserved aftermath - low birth rate - which will undoubtedly wreck the economy.
@@hospitaller100
Korea got steroids?
That way, almost all countries must have radiation on their body and transform into hulk.
Japan would have been an agricultural country without Korean war,
China would have been poor without the United States,
The United States couldn't even become a superpower without World Wars.
Korea has achieved this much in the land without population or natural resources.
Of course, low birth rate is a serious problem,
Is there a law that the future only flows as expected?
MacArthur, commander-in-chief, said shortly after the Korean War that the country would take 100 years to restore its pre-war level.
@@smp0908 yeah as much as I hate to admit you have a point
your comments have no relationship to facts, since you avoid them and replace with value opinions not anchored to anything specific. So I guess you are sad when you go to Korea. Great. Anachronistic values, are you taking tradition, or culture?
care to mention what the anachronistic values are?
why do people talk so vaguely like this?
@economicsexplained this is fascinating! Could you do a deep dive on the workings of a corporatocracy?
YOU FINALLY DID IT
commenting now before watching to see if talks about chaebols
Korean here-you absolutely nailed 5:21! No worries bro ;)
You should make a video about the Australian economy and the economies of the states/ large cities.
addicted to your videos..gr8 work mate
10:06 dory: "just keep swimming" you guys are geniuses
This channel is the best, it gives me more ideas about Economics
I might pursue my dreams to be an Economics student.
Economics is pretty complex haha. Personally, I pursue degree in accounting and for me it give me more understanding in micro economics level ie. Company business. But if you decided to go directly to macro level, just go for it. I hope you love statistics too
But it's tooooo simplistic, even for normal people, almost no technicality, there is far better analysis you can find, Caspian Reports, Strategy stuff are both great at this.
Lol Economics, at least at undergrad and graduate level is not as interesting as it is just a bunch of math
South Korean economy might not have as bright future ahead of it as is often claimed. The effect of these "chaebols" on the economy in the long-run is very negative. Big and monopolistic companies, while they may look like they are doing OK, have a strong tendency to stagnate in time. I live in Finland, a small, rich country that experienced a similar rise from a dirt-poor agricultural country in the 1950s to one of the richest nations on Earth today. In the early 2000s, Finland experienced a similar situation that is likely to face South Korea in the future. Nokia, a fairly well-known company, was once a leader in mobile phone sales, but they failed to adapt to changing technologies (smart phones), and their phone industry collapsed. This had a very negative effect on the Finnish economy and R&D took a big hit, and only recently has Finland's technology industry recovered fully from the blow. All this is still small compared to a situation where some of the chaebols would start crumbling. Hundreds of thousands could be left unemployed, entire cities could be left with nothing, GDP growth could be negative. Unfortunately big companies have a tendency to start doing badly at some point, and when that happens, South Korea is in trouble.
There are other problems as well. The population of South Korea in 2100 is expected to be half of what it is today, meaning that they are going to face a severe lack of workforce and too little working people compared to elderly in the future.
A third severe problem is the education system. South Korean education system just teaches the students to study, study, study and think nothing else. Then they compete for who gets to work in the big chaebols. This means, no entrepreneurship, no new companies, no innovativeness in the long run. This was the problem that my country, Finland, had not so long ago.
So my point is, when all these, as well as other well known problems such as depression, high suicide rates and political mess are added into the equation, the picture of the future of the South Korean economy changes drastically.
That's a really interesting insight. Glad to hear that Finland is recovering well
Yeah but your country recovered and while it was in problems it still had quite an high standard of living. So things are not that grim for South Korea.
One thing Koreans are good at is adapting. If you look at all the korean immigrants, most of them are entrepreneurs. Small businesses are still ingrained into Korean culture.
@@baamonster2 Looking at immigrants as a representation of a nation as a whole is foolish. Most immigrants (excluding refugees in some cases) are driven to work and often have a good education before they move. Why do you think Asian immigrants in the US and Europe are so well paid? Because the Asians who come to the West represent the top 1% of their countries. Now I'm not saying whether Korean people are what you clamied or not. But your justification for your argument is not adequate.
I can agree with you with everything but one thing. The difference between Nokia and Samsung is huge. Samsung not only made phones, they make other stuffs too. From home appliances to computer. Heck they even supplied many many crucial components in most electronics today to other OEM from display, CPU, RAM, SSD, battery, camera sensor. In Korea, it's even more bonker, they hav their own shipyard subsidiary which also rival Hyundai, their own construction subsidiary that hav built Burj Khalifa & Petronas Twin Tower, their own military arm, their own automotive subsidiary with Renault etc. In short, they're freaking huge. Samsung is not alone here. Hyundai, by far the other Korean brand that can rival titanic presence of Samsung. That's why, in this video has been mentioned that these chaebol as "they're too big to fail" which can proved to be intimidating to the government. Cheers mate ...
You make the best economic videos!
Loving the new content and videos
Korean car is so good, my car is 20 years old
It'd be cool if one day you made a video on Estonia. :) From all of the post-Soviet countries, it's doing the best, as far as I know. It's also an example of a country that has no resources, but was able to make its digital solutions as their main selling point.
this is my favorite youtube channel
South Korea is one of my favorite economic stories. One observation however is that you notice countries like Taiwan, China, Japan and South Korea are basically doing or eyeing to do the same things. It would be interesting to observe how all of them will evolve in the next 5 - 10 years.
China does not do what south korea does, and that goes for japan also. have you purchased a smart phone from china, taiwan, or japan, ever?
@@murderofcrows2179 you do realize that iphones are made in China with taiwanese and japanese parts, also sony, asus and oneplus begs to differ.
@@provocateur-in-chief Samsung shifted manufacturing from china to vietnam. China may handle some low end products but samsung like all other south korean firms are relocating or shutting chinese operations down.
@@murderofcrows2179 One or 2 SK companies leaving China is not going to dent its gdp, China has a huge number of domestic name brands now like Dji, Haier, Huawei, oppo, vivo, Lenovo and many more. Other than US in most other markets chinese smartphones have grabbed a very large share if the Pie.
@@murderofcrows2179 YES I HAVE, my old phone was Sony, then Huawei now Oneplus, so Japan, China and China and my tablet are Samsung so Korea and everyone uses chips from TSMC so Taiwan! and I am Indian
Worked as an English teacher all over Korea from 2007 to 2020. A few years in Vietnam and Taiwan. But yea good info and video.
President Lee in 2009 signed into law all public schools get a foreign English teacher.
Sage Pirotess ooh really? How would you compare korean students to Taiwan and Vietnamese students? How did you like teaching in Asia?
My best friend in HS is an English teacher for a middle school in Busan. Now I see why.
Let me start by saying I highly love and deeply respect Korea. I have for so many years look up to their achievements. I grew up listening to Kpop watching Korean dramas, using Samsung phones, while going to K-bbq with my Korean friends. Highly competitive, dedicated, respectful, caring and educated people also perfectionists. My house is full of Korean products I want to spend my retirement in Korea.
I'm a convert to anything Korean too
On the contrary im happy not being born in korea my mental health will be in shambles
my fav channel uploaded!!!
What happened to your video on "Top down/trickle down economics" I can't seem to find it on your page of TH-cam
The situation with Samsung's chairman makes me think of the emperor's situation in The Kingdom.
Whats ‘the kingdom’?
@@DeedoDoop It's a South Korean Zombie show on Netflix. The time period is when there were still dynasties and a monarchy system.
I really enjoy how you're subtlety tying in the developments of China, Japan and US outsourcing to the development story. Good job. 5/5 stars
Subscriber from Dallas here! Weird and random shout out but thanks!
Wow, amazing. Thank you. Love these videos. Learn so much. Crazy how many different kinds of economies really. Where some use socialism in some parts and Capitalism in others, either grow or fail. It's all in big mixture and can learn from others.
I love these videos. Maybe you could look into making a video on how the melting ice in the north pole is changing international shipping routes, and consequences from such a change. It might get demonetized though because it's controversial lol
Since comparisons between South Korea and Japan were made. Few people know that that birth rate in South Korea is slightly lower than that in Japan. South Korea in 2020 has 7.169 births per 1000 people and Japan in 2019 was 7.397 births per 1000 people.
Make a video series about each country’s economy during WW2
I love your channel!!
I had and have huge cap in knowledge when it comes to South Korea and this video was a great reminder of that. I love when you take a look at less famous economies.
Bet S.Korew will be joining to G7 soon. They already developed.
To be honest, Italy being there makes no sense, S. Korea being there makes more sense.
Can you add subtitles for this video? I love your videos but I’m hard of hearing so I need subtitles to understand, thank you
I’m really curious how much this channel makes?! You mentioned it costs ~$1k to make one video, but nothing about how much profit. Love the content!
It seems like if you leave people to decide on their own, they will opt to go to college the majority of the time. Perhaps if you put the vocational school in the same place as the professional schools the people would be more willing to attend them, it seems to have worked in the nordic countries. The counties closest to completely private universities seem to be the ones that attract the most students, even when it isn't what the economy needs. Countries with socialized education seem to do a better job at meeting market demand. It's harder to discriminate against people in the trades if they are educated in the same institution, making friends and partnering up with students in other fields while they attend.
I'd love to travel to South Korea, it looks so vastly different from the UK ~ I bet it's fascinating 😍♥️
I'm European and I've lived in SK for a few months. Totally worth it. I strongly recommend visiting that country!
I love your bad neighborhood description is a pic of Malaysia's neighborhood. Too realistic 😂
12:00 Wow, learned something incredible today, Thanks
Who is here after the news of samsung ceo dying.
You should do a video on the City of London financial district
ive been askin for a vid bout the Egyptian economy on the discord for a while, will it ever come?
*Cool stuff*
I live in Jamsil, Seoul. It's great.
Hyundai isn't the only ship builder there. I know 2 of my former classmates who went from Canada to Korea to work at a Samsung shipyard.
8:13 Ayy! "New Game!" billboard!
At 11:36 I got the strong impression that we were going to delve into the dystopian nightmare of Shadowrun extraterritorial Megacorps.
6:34 "engineering"
- shows boy breaking robot
2 reverse engineer it
4:54 That's the Lotte world tower in Seoul under construction cca 2013.
Very interesting!
very interesting, I didn't know this
I sitting in India feeling depressed as literally every country is getting developed and here at India instead of thinking about gdp everyone is wasting time energy and money on quarreling on a citizenship act which even doesn't make any real change any way except giving citizenship to few thousand immigrants who are all ready living in India for pretty long time.
Lol
You guys just can't choose a good leader
I looked up the case of India recently and found that 90% of the voters choose the popular party in state elections. If people voted for good leaders in their local region then ultimately you'll get a good leader as the PM .
@@disatpathy our pm Modi is a great leader but the opposition parties is full of crooks who are just interested in spreading violence and mislead Coman people.
you will get there, and even further!
That's interesting! I had no idea of the military relationship between South Korea and the US, and that they contributed 300,000(!) troops to the VietNam conflict.
My Dad was drafted into the Army after the Korean War and was stationed there for 2-3 years in the Signal Corp. One of his great regrets is that he never revisited Seoul after watching from afar the country building itself into the future. He's a lot of pride and respect for the South Koreans and hoped he played a small part in their success. While there as a young man, I don't think he envisioned the country becoming the largest shipbuilder in the world, nor of its Air Force flying F-35s; but from what I remember of him in describing the people, he's not surprised. I should ask him more about it.
I did request this 😎
Another good article about South Korea and it's Economy is "Korea's State-Business Partnership and the Growth of Chaebols" - Woochan Kim.
Thinks of Crash Landing on You, Strong Girl Bong-Soon, and The Heirs among other Kdrama...
Would love it if you can do a video on Mexico's economy🥺. Love you videos.
horrible, their captial is litterally sinking
hi, i love your videos, can you make a video abouot honduras please? i kinda wanna know your take on the central american country
Are you timing the release ofthese videos with the Corona virus outbreak?