South korea
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South Korea is located in North Asia and has a population of over 25% of the world. Its cultural priorities are religion, education, and economy. Christianity and Buddhism are the main religions, and Confucianism also influences culture by emphasizing family values. Education is highly valued and spending on private tutoring is very high. The economy has grown rapidly from industrialization and now has a strong technology sector, with electronics, automobiles, and shipbuilding as major industries.
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South korea
- 1. SOUTH KOREA
- 2. OVERVIEW • Geographically centrally located • North Asia is home to 25% of the worlds population and generates 22% of its GDP
- 3. CULTURAL PRIORITIES I. Religion II. Education III. Economy
- 4. I. RELIGION
- 5. ▪ According to the 2010 survey, Christian 31.6% of the population (Protestants 24%, Roman Catholics 7.6%), Buddhist 24.2% and none 43.3% Christianity: was introduced in Korea more than two centuries ago. ▪ Promotion and popularization of education ▪ Enhancement of the social status of women ▪ Stimulation of individualism. Religion
- 6. Buddhism : Four Noble Truths ▪ Life is suffering ▪ Suffering is caused by craving and aversion. ▪ Suffering can be overcome and happiness can be attained ▪ Freedom from suffering Religion
- 7. Buddhism : ▪ Lotus Lantern Festival - A lantern festival is held to celebrate the birth of Buddha on a weekend before (April 8th on the lunar calendar). Religion
- 8. Confucianism: ▪ is more a moral code of conduct than a religious belief ▪ It is a system of ethical principles - benevolent love, righteousness, decorum and wise leadership. ▪ Believes that family and family values are very important. ▪ Children are taught to be very respectful of their parents and are taught to obey their parents. Religion
- 9. ▪ Pope Francis the First Pope to visit an Asian Nation in the past 25 years ▪ Encourage a vibrant and growing local church seen as a model for the future of Catholicism ▪ Pope Francis rode through central Seoul to lead a Mass to beatify 124 martyrs directly in front of the palace of the old Korean dynasty that killed them more than a century ago. Religion CURRENT EVENT
- 10. II. EDUCATION
- 11. Education Background ▪ During 50 year occupation, Japanese attempt to prevent the South Koreans from obtaining a higher education ▪ The independence movement that started in 1919 helped build the improved and strong South Korean educational system. ▪ South Korean spends approximately half of what the United States spends on education in terms of gross domestic product. ▪ South Korean educational system ranks 2nd in reading, 4th in mathematics and 6th in science (2009)
- 12. Impact of Education ▪ Adolescent suicide rate and depression is high due to social pressure. ▪ Students typically spend at least 3 hours after school studying. ▪ Parents take on high amounts of debt to finance tutoring. ▪ South Korean families are having fewer children due to cost of education.
- 13. • Children between the ages of 6 to 15 are required to attend school. • There are 6 years of elementary school, 3 years of junior high school and 3 years of senior high school. • Once students have completed junior high school the student may choose to enter senior high school. • Senior high school includes three different types of education, which are academic, vocational and specialist/special purpose. Education Structure
- 14. College Scholastic Aptitude Test (CSAT) ▪ A student’s admission to a University is based on the results of the CSAT. ▪ Approximately 590,000 students took the CSAT last year. ▪ 9 hour test ▪ $18 billion was spent on private education in 2013. ▪ Parents will have daily prayer sessions for their children 100 days in advance of exam. ▪ Flight s will be redirected and stock market will open late.
- 15. Education Going Forward ▪ Classrooms will be entirely digitalized by 2015. ▪ S. Korea will be the first country to have completely digitized classrooms. ▪ Digitalization aims to reduce education gap between high and low income families.
- 16. Education CURRENT EVENT ▪ S. Korean parents paid $18 billion for private education last year to boost CSAT results. ▪ Average household with two children spends 10% of monthly income on private education. ▪ South Korea has the highest rate of college attendance among the world’s most developed economies. ▪ Despite all focus on learning English, S. Korean students are ranked 24th in proficiency according to EF Education First. http://blogs.wsj.com/korearealtime/2014/08/28/south-koreas-18- billion-education-problem/?mg=id-wsj&mg=id-wsj
- 17. III. ECONOMY
- 18. ECONOMY ▪ Financial Center: Seoul ▪ Currency: won (KRW) - $1 = 1100WON ▪ (PPP)Rank: 12th ▪ GDP by sector: industry: 39.2%, services: 58.2% ▪ Unemployment: 3% ▪ Main industries: Electronics, automobile, shipbuilding ▪ Ease-of-doing: 7th business rank SOUTH KOREA ECONOMIC FACTS
- 19. ECONOMY ▪ Overview : following the Korean War in 1950s, South Korea remained one of the poorest countries in the world for over a decade. ▪ Rapid growth from 1960s to 1980s: adoption of an outward-looking strategy in the early 1960s. ▪ 1990s and the Asian Financial Crisis: the IMF had approved a USD $21 billion loan.
- 20. ECONOMY ▪ 2000s: from the centrally planned, government-directed investment model toward a more market-oriented one. ▪ helped by strong domestic consumption of products during the financial crises of 2007 ▪ High-tech industries in the 1990s and 2000s: manufacturers planned a significant shift in future production plans toward high-technology industries.
- 21. ECONOMY ▪ SHIPBUILDING: the world's dominant shipbuilder with a 50.6% share of the global shipbuilding market as of 2008 SECTORS
- 22. ECONOMY ▪ AUTOMOBILE: one of South Korea's major growth and export industries. one of the world's largest automobile producers. Hyundai Kia Automotive Group is Korea's largest automaker. SECTORS
- 23. ECONOMY ▪ CONSTRUCTION in the Middle East, accounted for 60% of the work undertaken by South Korean construction companies. ▪ Samsung Corp. is the main contractor of the highest building in the world—Burj Khalifa—that is located in Dubai city. SECTORS
- 24. ECONOMY CURRENT EVENT ▪ China—one of its largest markets—are faltering because of increased competition from local producers. ▪ Industrial production grew only 0.1% on month below economists’ expectations of 1% growth ▪ Official report shows that Chinese manufacturers likely will catch up with their Korean rivals within five years in many areas. SOUTH KOREA ECONOMY WEIGHED BY SLOWING EXPORTSTO CHINA By WSJ October, 30th
- 25. ECONOMY CURRENT EVENT ▪ In the production of autos and memory chips, Korea should be able to maintain its dominance beyond 2018. ▪ Recently, China’s global market share rose from 25% to 29% while Korea’s stake fell from 36% to 32% over the same period. SOUTH KOREA ECONOMY WEIGHED BY SLOWING EXPORTSTO CHINA By WSJ October, 30th
- 26. ETHNIC GROUPING ▪ Very high context society – One language – Unique alphabet – Same race – Virtually identical schooling – Same climate and environment
- 27. ▪ Very tight knit family and personal relations ▪ Large emphasis is placed on: – Harmony – Cooperation – Consensus – Social solidarity – These keys play a large role in how organizational dynamics are prescribed PERSONAL RELATIONSHIPS
- 28. SOCIETAL STRUCTURE ▪ Rapid economic growth has spurred a transformation in the class structure ▪ “Old” middle class ▪ “New” middle class ▪ Urban lower class ▪ Social mobility
- 29. GOVERNMENT AND BUSINESS ▪ Tax Exemptions and Exceptions Act ▪ Cash grant ▪ Financial reporting: Based on IFRS (International Financial Reporting Standards) ▪ With few exceptions, no restrictions on FDI ▪ FDI has higher level of investment protection
- 30. LEGAL SYSTEM ▪ Two main branches; judicial and constitutional ▪ Judicial system: Very similar to the US in design ▪ Cases are decided by 1 to 3 judges ▪ Mixed system which combines the three common types of judicial system ▪ Member of WTO
- 31. Thank You
- 32. Questions ?
Editor's Notes
- Located between China, worlds largest market, and Japan, world’s second largest economy
- However, many Koreans are worried that Christianity and a Western way of behaving may lead to a loss of national identity for South Koreans, and that the values, morality, and ethics of modern-day Korea lag far behind its technological progress.
- Life is suffering i.e., life includes pain, getting old, disease, and ultimately death. Buddhism explains how suffering can be avoided and how we can be truly happy. Suffering is caused by craving and aversion. Buddhism explains how suffering can be avoided and how we can be truly happy. Suffering can be overcome and happiness can be attained Freedom from suffering (possible by practicing the eight fold path)
- The Lotus Lantern Festival is celebrated to mark the birth of Buddha on a weekend before april 8th on the lunar calendar.
- In addition, personal cultivation, self-improvement, and spiritual and psychological discipline of the self are emphasized.
- Article from New York Times August 16, 2014. Pope Visited South Korea on a 5 day
- During the 50 year period of the Japanese occupation, there was an average educational program in Korea, but, primarily only the Japanese were allowed to teach and only the Japanese were allowed to attend the secondary schools and higher education institutions. As a result of the Japanese education, and the Japanese attempt to prevent the South Koreans from obtaining a higher education, the South Koreans have now adopted the strategy to acquire a high education for all citizens.
- South Korea’s birth rate is currently 1.19 children per woman. If this rate continues, then South Korea’s population will be extinct in the year 2750. South Korea’s birth rate is only higher than Hong Kong, Taiwan, Macau and Singapore.
- -The Ministry of Education, Science and Technology (MEST) is responsible for establishing the educational standards and curriculum throughout South Korea. -Fees are charged for students aged 15 to 18 in order to supplement government spending. -Parents have access to what are called “parent groups”, which work to help bridge the gap between students and the educational system.
- •The test is comprised of primarily multiple test questions. •9 hour long test. •Evening newspapers will post the test questions and answers after the test is over. •In September, a Buddhist temple here in Seoul held a four-part seminar for parents of test takers, including a session by a priest who offered tips on concentration. Some temples -- and Christian churches -- invited parents to daily prayer sessions beginning in August, 100 days before the test. Parents who participate buy a special prayer book on which they glue a photo of their young scholar. •Christian churches and some temples will have a daily prayer for their children beginning 100 days before the test is scheduled. Parents have the option to buy a prayer book, which they can place a photo of their child in.
- Investment in education and research has been at the heart of the South Korea's growth into the world’s 13th largest economy and the third largest economy within Asia. It’s this investment and growth in innovation and technology that has meant the country is known as one of the four ‘Asian Tiger’ economies, alongside Hong Kong, Singapore and Taiwan. Aim to have 200,000 international students by 2020. In 2012 there were 85,000 international students from 171 different countries. Five US universities are also set to open branches at the new Songdo Global University Campus, including the State University of New York (SUNY).
- -The Education Minister of South Korea is contemplating changing the idea of the grading system for English in hopes to reduce demand for private tuition. - A single wrong answer on the English portion of the test can result in a student not getting the score required to be accepted to an elite university.
- South Korea economic factors Seoul, the capital and financial center of South Korea Currency South Korean won (KRW) Rank 12th (PPP) GDP by sector Agriculture: 2.6%, industry: 39.2%, services: 58.2% (2010) Unemployment 3% Main industries Electronics, telecommunications, automobile production, chemicals, shipbuilding, steel Ease-of-doing business rank 7th
- Overview: Following the Korean War in 1950s, South Korea remained one of the poorest countries in the world for over a decade Rapid growth from 1960s to 1980s The most significant factor in rapid industrialization was the adoption of an outward-looking strategy in the early 1960s. 1990s and the Asian Financial Crisis In 1997 with the Asian Financial crisis. The IMF had approved a USD $21 billion loan.
- 2000s Korea's economy moved away from the centrally planned, government-directed investment model toward a more market-oriented one. Despite the global financial crisis in 2007, the South Korean economy, helped by strong domestic consumption of products High-tech industries in the 1990s and 2000s South Korean manufacturers planned a significant shift in future production plans toward high-technology industries.
- Sectors Shipbuilding South Korea eventually became the world's dominant shipbuilder with a 50.6% share of the global shipbuilding market as of 2008
- Automobile The automobile industry was one of South Korea's major growth and export industries. South Korea today has developed into one of the world's largest automobile producers. Hyundai Kia Automotive Group is Korea's largest automaker.
- Construction in the Middle East, accounted for 60% of the work undertaken by South Korean construction companies. Samsung Corp. is the main contractor of the highest building in the world—Burj Khalifa—that is located in Dubai city
- Current Event South Korea Economy Weighed by Slowing Exports to China China’s Slowing Demand, Low-Cost Competition Hurt Korean Exports Oct. 30, 2014 China—one of its largest markets—are faltering because of increased competition from local producers. Industrial production grew only 0.1% on month below economists’ expectations of 1% growth Official report shows that Chinese manufacturers likely will catch up with their Korean rivals within five years in many areas.
- Korea is expected to lose out to China in the manufacturing of mobile phones, display screens, ships, machines, petrochemicals, steel and textiles. In the production of autos and memory chips, Korea should be able to maintain its dominance beyond 2018. Recently, China’s global market share rose from 25% to 29% while Korea’s stake fell from 36% to 32% from 36% over the same period.
- From elementary school through high school, virtually identical education is had through dogma and textbooks. The small nature of South Korea means that virtually the whole population is subject to the same climate and natural environment. This small nature also means that nearly all parts of the country lie within a 1 day round trip, which helps to maintain relationships with friends and relatives.
- Tightness of relationships is due in large part to the teachings of their religions. These values are very different from the traditional American values, where competition among members of the same organization is the norm. These values are key to keep in mind when doing business with SK firms.
- Old middle class: consisted of shopkeepers and small business proprieters New middle class: Civil servants, salaried white-collar workers, e.g. engineers, health care professionals Lower class: mostly consisting of recent arrivals from rural parts of the country for mfg. jobs. There has been some cries from them about the working conditions, think US right before unions took hold, but these are quickly quelled by the government, sometimes brutally Education is the single most important factor affecting social mobility. It is required in the upper echelons of management, as subordinates may not work dilligently for an uneducated person, especially if those subordinates are educated.
- This act allows for business income, dividends income, technology introduction considerations, earned income, etc. to have reduced corporate and income tax rates for foreign invested companies. Customs tariffs shall be exempted for certain capital goods, e.g. those imported as investment objects by foreign investors. To be elligible for the cash grant, the foreign investment ratio must be over 30% and any of the following: 10 million USD min. foreign investment in industry support services, businesses with high technologies or parts, material manufacturing, or greenfield investment Newly built/expanded R&D facilities in fields related to industry support services or hi-tech businesses, or research facilities of non-profit corporations invested by foreigners Establishing regional headquarters of multination company (business presence in >3 countries, controlling regions of >2 countries) Contributing to regional economic development as a regional strategic industry Providing items or services not produced domestically, or which can improve domestic industry’s competitiveness through introduction of advanced technologies By special application Amount: >=5% of FDI Exceptions: when deemed harmful to national security, public order, the health and/or welfare of Korean nationals, and environmental preservation, or goes against established social morals, customs, and/or the laaws of the Republic of Korea.
- Constitutional system deals with cases which should be interpreted through the veil of the law. This court is seen as being week, because most of the cases it has passed have been helping the president to acquire more power, e.g. extending term time. Judicial system: Supreme court, high courts, district courts, branch courts, specialized courts. There is some current unrest due to the lack of trial by jury, and so this may change. 3 types: European civil law, anglo-american (common) law, and chinese classical thought. Because it is a member of the WTO, it must abide by all of its regulations, e.g. stiff intellectual property rights protection.