South Korea Flashcards
What did the country accept from the WTO?
To open their economy to free trade
What did the WTO recommendations require South Korea to do?
Gradually reduce subsidies to its rice farmers
In return what did WTO promise?
Promised aid and entrance into the new world economy
Who were the reforms devastating for and why?
Rice farmers - other countries, such as the US, had continued to subsidise their farmers and the Korean farmers couldn’t compete
What happened to famers?
Dropped from 6.6 million to 3.6 million in 12 years
In 2003, what were US subsidised rice exports like?
4 times cheaper than the rice produced by Korean farmers
What is Samsung supporting?
Supporting country’s globalisation with its partnerships abroad
What is South Korea the fastest country of?
Fastest country to complete a high speed communications network infrastructure
What 2 car manufacturers have had success in Korea?
Hyundai Motor Co. and affiliate Kia Motors
What is the domestic market like?
Globalisation in the domestic market hasn’t yet reached its full potential - still a passive view that internal competition would hurt local businesses
What does the Michigan Model of World Production and Trade (Kiyota and Stern 2007) estimate?
Estimate that South Korean GDP could expand by 12% with most gains record din the manufacturing sector, followed by services
