Premium Essay

Economic Comparison of South Korea and Japan

In: Business and Management

Submitted By herrjanus
Words 2960
Pages 12
An Economic Comparison of
Japan
日本国

And
South Korea
대한민국

Introduction
South Korea and Japan have had a close relationship from ancient history to the present day. Because of this reason, their economic growth and development have similarities and disparate differences. This paper will discuss some of the two countries’ major characteristics including geographic, social, and political characteristics and look at their histories and economies.
Another reason that it is natural to compare them is their economic growth has mirrored one another. Both emerged from a war with its economy devastated and its infrastructure in ruins. Both countries changed with the economic climate of the time and took advantage of foreign investment in order to rebuild. Finally, both countries used their strengths to develop their economies to the point that they are world leaders in their field.
Finally, both counties enjoy close political and economic relations with the United States, with each country being among our Top 10 largest trading partners. We have been a good friend to both, which has helped to stabilize relations in the regions between the two.
Brief History (Since World War 2)
The Korean Peninsula was occupied by Japanese forces for 35 years, from 1910 until the end of WW2 in 1945. Due to existing agreements, Japanese forces in Northern Korea surrendered to the Soviets and those in South Korea to the United States.
The Korean War (1950-1953) was an attempt by communist North Korea (with China’s covert and the overt backing) to subvert the whole of Korea to Maoist rule. Although never officially ended, the war concluded in 1953 with an agreement between China and the United Nations to divide North and South Korea into 2 countries.
In the 1950s South Korea had an underdeveloped, agrarian economy that depended heavily on foreign aid. The...

Similar Documents

Premium Essay

Economic Comparison of South Korea and Japan

...Journal 3 In the article, “What are the chances Paul the octopus is right?” by Sarah Shenker and “Octopus Beats ‘Vampire Squid’ as Goldman Falls Short in World Cup” by Neelabh Chaturvedi, we are exposed about Paul, the octopus, forecasting accurate results for six of Germany’s World cup games. Learning about probabilities in class, we are trying how we can interpret rules and terms about probability to Paul the octopus selecting the winning team. In the BBC article, Sarah Shenker states, “[Paul] had a 1/64 chance of predicting six correct outcomes.” The author reaches the probability of 1/64 by multiplying the chances of predicting for each game. For example, in the article, Paul had a 1/2 chance of predicting the first game correctly, 1/4 chance of predicting the first two games, and 1/8 chance of predicting all the first three games. Because Paul the octopus only has 50% or 1/2 chance of predicting the winning team between the two options, we would just multiple another 50% or 1/2 to the previous game. With this example, the author multiplied 1/2 for each additional game which, resulted with the 1/64 chance for predicting all six correct outcomes. If I wanted to create my own predicting octopus for the 2019 World Cup, I would set up my “experiment,” by using the same system as Paul the Octopus, but I would add “draw” as one of the choices for the prediction. So, in the tank, I would drop two clear boxes decorated with different team flags on the front containing food......

Words: 556 - Pages: 3

Premium Essay

Aasaa

...Comparison for political factor of USA and South Korea The formal of the government organization has the major effect on the political system, which is combination of political parties, legislative bodies, trade unions and lobby groups (Useem 2014). It is a complex system as well as who possesses the power, the government effects on the country economy and the evolved people, and ways of dealing with the unsustainable religious problems (Heywood 2012). Benefit * US’s open investment policies is none as the largest economy in the world (Cullingworth and Caves 2013). Undeniably. The US is giant power and energetically have a strong support for the free trading (Odell 2014). It is one of the freest market in the world (Caruso, Vohs et al. 2013). (Appendix 2) * Because of the solid democratic system of the United States government, it has one of the most attractive business and investment environment for FDI (Vadlamannati 2012). (Appendix 3)The United States is ranked as fourth compare 185 countries in the ease of doing business terms, since it has the most clear business regulations (Bank 2015). Moreover, USA has better FDI regulatory restrictiveness (Appendix 4). * The United States has prosperous free market with a essentially stable political system infrastructure which advantage the wealth with an opportunities for FDI (Wald and Calhoun-Brown 2014). Mainly, more freedom rising voice and answerability, fighting corruption, government efficiency, regulation......

Words: 1266 - Pages: 6

Free Essay

Pestle Analysis Korean Chocolate Industry

... Global Trade Research Assignment #2 Research Outline 1 Oct. 14, 2012 Professor Floyd Simpkins St. Clair College COUNTRY A: JAPAN 1. Political Environment Political Stability: Political stability of the country indicates towards the positive or negative affect on the Trade of a particular product. Our product is Canadian chocolate which can have a great potential to perform business in Japanese market because of its strong Political Stability. The Political Stability  is based on a given country's record of peaceful transitions of power, ability of a government to stay in office and carry out its policies vis a vis risk credible risks of government collapse. Japan’s Political Stability index is 9 on a scale of 10. This shows a high Political stability. (Watch, 2011-2012) Barrier: Import Tariff Rate: 10% (Tariff, 2011) Risks:  • Strict Trade policy for chocolate trading. • Diplomatic events in surrounding countries, results in less trade. Opportunities: Japan is the world’s fifth largest agri-food importer and one of the most significant export destinations for Canadian agri-food products. More and more Japanese consumers are willing to pay a premium price for quality food with healthy ingredients, as these consumers are increasingly interested in their health. This makes Japan a potentially attractive market for Canadian exporters of high-quality chocolate and products used as ingredients in cereal bars. There may also be......

Words: 2631 - Pages: 11

Premium Essay

Economic Reforms in South Korea

...Economic Reform in South Korea: An Unfinished Legacy by Marcus Noland, Peterson Institute for International Economics Paper prepared for the conference "Korea as a 21st Century Power" University of Cambridge April 3-6, 2002 © Peterson Institute for International Economics   Introduction Since 1997 South Korea has been on an economic and political roller coaster. Between 1997 and 1998 forecasts of annual economic growth swung from +7 percent to -7 percent, and the country elected Kim Dae-jung, former dissident, future Nobel Peace Prize winner (and University of Cambridge honoree), and avowed economic reformer, president. However President Kim's weak electoral position—he was with only a plurality of support and forced to form a governing coalition with an ideologically dissimilar conservative party—and the continuing regional nature of South Korean politics have impeded the formation of a stable political coalition in favor of reform. Today, despite the enormous political power granted to the executive under the South Korea constitution, Kim is effectively a lame duck. Constitutionally limited to a single term, he confronts a hostile national assembly controlled by the political opposition, his personal popularity has fallen below 30 percent, and his party is trailing in public opinion polls in the run-up to December's presidential elections. Yet in spite of these challenges, a hundred other countries would envy the forecast of 5 percent growth and five percent......

Words: 5866 - Pages: 24

Premium Essay

South Korea

...OVERVIEW OF SOUTH KOREA WOOD, WILLY 09, JULY, 2015   Introduction This paper is an analysis of the country of South Korea. Using the operational variables of PMESII-PT this paper will identify the current situation in South Korea and the countries current issues. The overall objective is to understand the motives of South Korea. Political The Republic of Korea has a liberal democratic political system. South Koreas political foundation resides in the sovereignty of the people and the responsibility to maintain every citizen’s welfare. Currently the president of South Korea is Park Geun-hye. The 11th and first female president was elected on February 25th, 2013. With Korea’s limited 5 year presidency she has until 2018 to implement her current goals. President Park’s main goals are to maintain the prosperity and safety of her country. She believes that one day tensions will cease with North Korea and continually pushes for a peaceful unification despite the constant threats and military provocations of North Korea. As long as the United States and South Korea maintain their strong relationship, Park said, "You may rest assured, no North Koreans provocation can succeed."(1) North Korea is a shared enemy of the US and the Republic of Korea. The ROK relies on the US for protection against a possible invasion of North Korea and in return the US maintains a strategic hold in Southeast Asia. Military The ROC currently has the 7th strongest military......

Words: 2085 - Pages: 9

Free Essay

Essay

... I. Introduction: This paper reviews the pattern and trends of the development in East and Southeast Asia to recognize the similarities and differences in the region. It offers an extensive view of the Southeast Asian economic miracles in comparative East Asian perspective by comparing and contrasting the Southeast Asian experiences with those of the other high performing East Asian economies, as the World Bank (1993) chose to describe them. The following discussion will focus on the development experiences of Southeast Asia that have been considered high-growth economies, as well as East Asia countries. The Southeast Asia economies have been rather successful in applying public policies to realize their chosen developmental objectives, from the viewpoint of better advancing the course of human development, will be identified. II. East and Southeast Asia (ESA) economies • Human Development (HD): As well as being substantially different in the starting level of human development achieved, and although all have made substantial progress over the two decades, these economies show marked differences in the pace of this progress. Being already high-achieving, Japan recorded a modest rate growth of 0.26%, Singapore 0.61% and South Korea 0.92%. This pattern appears to exactly mirror the pattern of difference in their initial. Improvements in other less developed ESA economies are mixed. While China was behind Indonesia and the Philippines in 1990, it......

Words: 1616 - Pages: 7

Free Essay

Country and Culture

...Country and Culture Assignment (South Korea) City University Ivan Wong BSM 404 My name is Ivan Wong and I come from Indonesia. In this article, I will write a review and comparison between 2 countries; those are Indonesia and South Korea. Republic of Indonesia with a motto of ‘Bhinneka Tunggal Ika’ (Unity in Diversity) is a sovereign country located in Southeast Asia and Oceania. Indonesia stands in latitudes 11°S and 6°N, and longitudes 95°E and 141°E. It consists of 34 provinces and 17,508 islands (approximately around 6000 islands are inhabited). Jakarta is the capital city of Indonesia or also known as ‘Special Capital Region of Jakarta’ and it is located in Java Island. Rainfall is the main variable of Indonesia’s climate and it has mostly tropical climate. Temperatures in Indonesia are listed as; coastal plains averaging 28 degree Celsius, inland and mountains averaging 26 degree Celsius, and higher mountain regions averaging 23 degree Celsius. There are only 2 seasons in Indonesia, dry season (June to September) and rainy season (December to March). Indonesia is one of those countries that using presidential system, the country is lead by president and vice president. President of Indonesia is the head of state, head of government, commander in chief, director of domestic governance, policy making, and foreign affairs. The president usually chosen by citizens through presidential election which first was held in......

Words: 1163 - Pages: 5

Free Essay

Chinese Shipping Industry Evaluation and Cosco Swot Analysis 2012

...INDUSTRY EVALUATION Industry Overview – what is it? The present development of the Chinese shipbuilding industry follows a similar pattern to what had happened earlier in Japan and Korea. Japan used its shipbuilding industry in the 1950s and 1960s to rebuild its industrial capability, while Korea saw shipbuilding as a strategic core for its economic development in the 1970s. China is now also taking that development path by taking full advantage of the demand shift towards centres of low cost production, and making full use of its low cost advantage and large domestic demand to build a solid industrial foundation. This appraisal of industry will draw on the key comparables between Korea and China, the two key players in the Shipbuilding Industry. The development of the Chinese shipbuilding industry is often compared to the development of the industry in South Korea, but the conditions for the process of development differed considerably. While, the South Korean shipbuilding industry was aimed from the outset at producing vessels for export, in contrast the economic strategy in China has initially been to develop shipyard capacity to sustain domestic economic development. In other words, the substantial construction of shipbuilding capacity in China has primarily been aimed at enabling China to be self-sufficient in sea transport. Above all, from the Chinese perspective, the supply of raw materials for domestic manufacturing, meeting the food needs of its......

Words: 3081 - Pages: 13

Premium Essay

Gamestop Analysis

...1GameStop brief profile of the firm The GameStop Company, an American video game and entertainment software retailer, ranked 262 on the Fortune 500. GameStop represent as GME on the New York Stock Exchange. In 2011, GameStop stock price is $24.70 ended January 27, 2012, a 23 percent growth compared to $20.05 ended January 28, 2011. Compared to many firms that restore its business difficultly from Financial Crisis, GameStop have significant growth for its overall operating. One of the major reasons that GameStop can quickly recovered from economic recession is its international business. Product GameStop Company major operations are selling new and used video game systems such as console, handheld video game devices, and mobile; software and accessories, PC entertainment software and related accessories. typical market for your product GameStop have its retailer store and online video game retailer. Detail how large the company is GameStop’s recorded $4847.4 million as company’s 2011 ending assets, and recorded $1807.2 million. Lower liability compared to its assets, lower risk to operating its business. Which can prove that GameStop have capability to doing business internationally. Data from GameStop 2011 annual report showed GameStop’s total revenue can be divided into 4 major parts. New video game software, which is $4,048.2 million, takes total 42.4 percent for its total revenue. New video game hardware took 16.9 percent. Used video game products took......

Words: 3264 - Pages: 14

Premium Essay

Eastern Asian Enterprise Structures-

...Eastern Asian Enterprise Structures and tlie Comparative Analysis of Forms of Business Organization Richard D. Whitley Abstract Richard D. Whitley Manchester Business School, Manchester, U.K. The economic success of different forms of business organization in East Asian countries emphasizes the variety of viable enterprise structures and suggests the need for a comparative analysis of how they develop and operate in different societal contexts. Major differences between East Asian business 'recipes' include the range of activities that are authoritatively coordinated, their pattems of development, the ways in which they are organized and controlled and the organization of inter enterprise relations. These differences suggest eight major dimensions on which dominant enterprise structures in different societies can be compared and how their development can be linked to major social institutions. Introduction Organization Studies 1990,11/1:047-074 © 1990 EGOS 0170-8406/90 0011-0003 $1.00 The economic success of Japanese firms over the past 40 years has emphasized the viability of alternatives to United States management structures and practices, as well as highlighting the limited generality of the business strategy-structure relationships identified by Chandler (Alford 1976; Kagono et al. 1985: 99-110; Maurice et al. 1986). Whereas it may have seemed reasonable in the 1960s and 1970s to regard Japanese organizational practices and forms as temporary stepping......

Words: 12884 - Pages: 52

Free Essay

Pacific Century

...PACIFIC FOUNDATION OF CANADA _________________________________________________ 2 ABOUT THE NATIONAL OPINION POLL: CANADIAN VIEWS ON ASIA ________________________________ 2 METHODOLOGY KEY FINDINGS ___________________________________________________________________________________________ 2 ____________________________________________________________________________________________ 3 EXPLAINING CANADIANS’ VIEWS ON ASIA DETAILED FINDINGS ___________________________________________________________ 7 ____________________________________________________________________________________ 17 SECTION 1: PERCEPTIONS OF ASIA __________________________________________________________ 17 SECTION 2: VIEWS OF CANADA-ASIA ECONOMIC RELATIONS ____________________________ 23 SECTION 3: PROVINCIAL PERSPECTIVES ON CANADA-ASIA RELATIONS _______________ 31 SECTION 4: CANADA-ASIA ENERGY RELATIONS ___________________________________________ 35 SECTION 5: PROMOTING HUMAN RIGHTS IN ASIA ________________________________________ 39 SECTION 6: CANADA-ASIA SECURITY ISSUES ______________________________________________ 41 SECTION 7: DEMOGRAPHIC FINDINGS ______________________________________________________ 43 APPENDIX: READING THE TABLES _____________________________________________________________________ 49 NOP 2014 PG. 1 ABOUT THE ASIA PACIFIC FOUNDATION OF CANADA The Asia Pacific Foundation of Canada (APF Canada) has been a leader in research......

Words: 16362 - Pages: 66

Premium Essay

An International Country Case Study of South Korea

...AN INTERNATIONAL COUNTRY CASE STUDY OF SOUTH KOREA [pic] PREPARED BY INTERNATIONAL TRADE & ECON 470 Table of Contents Introduction 1 International Trade Theory 3 Revealed Comparative Advantage 3 Resource Endowments 3 RCA VS Technology Resource Endowments 6 Implication 3 International Trade Policy 4 Tariff Policy 5 Government Corruption & International Trade Policy 6 Implication 3 International Monetary System 1 Balance of Payment 3 Currency Value 3 Implication 1 Conclusion 1 Suggestions for Further Research 3 Work Cited 5 APPENDIX Figure 1.1 1 Figure 1.2 1 Figure 2.1 1 Figure 2.2 1 Figure 3.1 1 Figure 3.2 1 Figure 4.1 1 Figure 4.2 1 Figure 5.1 1 Figure 5.2 1 Introduction Overview of South Korea South Korea is formally known as the republic of Korea is a country in East Asia. The country covers a land area of 99,392 Km square and a population of 49.3 million. The country constitutes the southern part of the Korean Peninsula. South Korea is a developed nation ranked at position fifteen. In terms of education, the country is not left behind as it ranks highly in terms of providing high quality education to its citizens. Proper and quality healthcare facilities are also available in the country. South Korea is my country of choice because I got attracted by the efforts the country has put into place to grow from the world poorest country to be......

Words: 3610 - Pages: 15

Premium Essay

Pestal

...Summary South Korea has been politically stable since becoming a democratic state. However, its relationship with North Korea continues to present a strong challenge. South Korea fell into a brief financial crisis in 1997 due to structural weakness in the banking sector, however strong economic and financial reforms quickly countered the downturn and put the country back on a growth path by the following year. With the opening up of markets after the financial crisis in 1997, the country became one of the largest technology markets in the world. As far as social issues are concerned, the country has low population growth and fertility rates, leading to an ageing population. Furthermore, the country has a highly qualified labor force, which makes it possible to both produce and commercialize advanced technologies. The country is also well equipped with extensive broadband network and telecommunication facilities. Legal procedures in the country are time consuming and complex, which makes it very difficult for foreign investors. The environmental scenario of the country is characterized by the breach of emission standards, which is reaching unreasonable limits in spite of its relatively small area and population in comparison to other countries. Republic of Korea: Country Analysis Report – In-depth PESTLE Insights © Datamonitor. This brief is a licensed product and is not to be photocopied Published 06/2008 Page 11 PESTLE analysis Political......

Words: 8071 - Pages: 33

Premium Essay

Research

...PESTLE analysis PESTLE ANALYSIS Summary South Korea has been politically stable since becoming a democratic state. However, its relationship with North Korea continues to present a strong challenge. South Korea fell into a brief financial crisis in 1997 due to structural weakness in the banking sector, however strong economic and financial reforms quickly countered the downturn and put the country back on a growth path by the following year. With the opening up of markets after the financial crisis in 1997, the country became one of the largest technology markets in the world. As far as social issues are concerned, the country has low population growth and fertility rates, leading to an ageing population. Furthermore, the country has a highly qualified labor force, which makes it possible to both produce and commercialize advanced technologies. The country is also well equipped with extensive broadband network and telecommunication facilities. Legal procedures in the country are time consuming and complex, which makes it very difficult for foreign investors. The environmental scenario of the country is characterized by the breach of emission standards, which is reaching unreasonable limits in spite of its relatively small area and population in comparison to other countries. Republic of Korea: Country Analysis Report – In-depth PESTLE Insights © Datamonitor. This brief is a licensed product and is not to be photocopied Published 06/2008 Page......

Words: 8071 - Pages: 33

Premium Essay

Bringing Western Culture to South Korea Via Nursing Home, Plastic Surgery, Clothing and Makeup

...Bringing Western Culture to South Korea via Nursing Home, Plastic Surgery, Clothing and Makeup Jacob Schwarz Executive Summary My reason for writing this study is to determine the feasibility of building a nursing/retirement home, a plastic surgery outpatient center, and a cosmetic and clothing store in Seoul, South Korea. In my opinion, South Korea is welcoming to this venture; this can be seen in the upcoming research. In this report, I explore the geography of Seoul, South Korea. I learn of the growing, large, population and the population density of 45,000 people per square mile (“Population Statistics,” 2013). Next, I review the demographics and find out that minority groups consist of 2.2% of the population (Population Statistics, 2013). While reviewing the demographics I found that the education system is extremely strict; though it is more lenient now, it is still success driven (Chakrabarti, 2013). I also found that religion is not going to be an issue with this venture, in my opinion. There are two major religions; the major Christian religion will be implemented in the venture (Koo, n.d.). Education and demographics are important to a global business venture, though I believe the economy is most important. I present information about South Korea’s economy, and how it has transformed from an aid recipient to a donor country (Globalization, n.d.). Here is where I mention the chaebol’s success, which accounted for 55.7% of South Koreas GDP in 2010......

Words: 9631 - Pages: 39