Question

economic impact of globalization in south korea

Answer 1

Answer:

Only a while ago, the South Korean economy was the envy of the developing world, and its success was scrutinized by numerous analysts, with most agreeing that the secret of this success was a judicious mix of the state and the market. However, the exact mix of the state and the market has undergone through some changes, with, in particular, a steady, albeit gradual and patchy, move toward liberalization since the early 1980s; the impact of this on the labor market and social policy is not easily observable in the Korean case because of the very gradual nature of the process. The liberalization took a serious turn only a few years ago with a series of measures concerning capital accounts; the end result was the catastrophic financial crisis of 1997-8, which, no doubt, will have profound effects on the labor market and social policy for years to come. I