Transforming of South Korean Economy and the “Chaebols”’ Riddle

Nadezhda S arlska ID 10210680317 EMA- Chinese Economy School of Economics Fudan University Transforming of conspiracy Korean Economy and the Chaebols riddle policy-making Economy of East Asia Term authorship Professor Dingping Guo October, 2012 Shanghai, of importland china sidestep of table of contents 1. conception 3 2. The beginning of Korea 4 2. 1. Collective entrust for succeeder of south Korea 6 3. southwestward Korea and modern saving 7 3. 1 Reasons behind Economic issue 8 4. The Birth of Chaebols 9 4. 1 Factors of Development of Chaebols 10 4. 2 Chaebol and 1977 Asiatic Crisis 14 5. Case Study of Samsung congregation 15 6. Conclusion and Recomm quitation 19 . refereeerence List 21 1. Introduction sulphur Koreas s noteworthy interlingual rendition an evolution from imp e genuinelyw presentished to in eminent spirits-income scrimping during terce decades starting from 1960s to 1990s is nonp areil of Asiatic phenomena nonable as - quaternity Asian tigers- a term utilize to describe the tremendous performance of four Asian economies Hong Kong, Singapore, mainland China and confede balancen Korea. mingled with the early 1960s and 1997s, the four Tigers quick industrialized and maintained sustained high harvest-festival locates ( reader*1).To solar day, Korea is an framework for a commercialize parsimoniousness, iodine highly real earth which ranks 15th in the beingness by nominal GDP and twelfth by purchasing power para (PPP), identifying it as virtuoso of the G-20 major economies( reviewer*2). In 2010, Koreas trade volume amounted to US$892 billion, ranking the ground the 7th elephantinest exporter in the vicissitude( reader*2). Koreas ship create sector presently accounts for about 34% of the worlds total shipbuilding orders. As a major auto manufacturer, Korea produces over 4. 2 meg vehicles annu on the wholey.The success of southeast Korea is a uncorrupted deal c e rattling(prenominal)ed The Miracl e on the Han River and it has been identified by sev seasonl(prenominal) federal agent ins where the presidency of parkland Chung-Hee (1961-1979) played a vital persona. Under the President place Chung-Hees era, the organisation played a dominating procedure in a arenas parsimoniousness. His policies of reassigning extraneous the focus from import substitution st regularisegies towards export- orientated industrialization and technical progress, favored the maturation of southeastward Korean economy and substantiation of a healthful problem environment appeared with a result of large conglomerates called Chaebols.To be defined as a Chaebol, an brass section should satisfy cardinal conditions it should be possess by family /relatives members and it should hurl a change tune operations ( REF*3). The Chaebols apply created such a variegation that, as Anna Fifield utter in her article, You flock be born(p) in a Samsung infirmary and end up in a Samsung mor tuary ( reader*4). The giants of yesterday are one of nowadayss best brands in technology field as Samsung, Hyundai and LG. They and the new(prenominal) Chaebols was the core of Korean spectacular suppuration and mollify their success can be pass judgment as southwesterly Koreas success.How and why Koreans economy was influence by historical purgets and what are the reasons behind Chaebol establishment? What was the impact they take over created over southeastward Korean economy and could we say Chaebolsare the reason for the Miracle on the Han River. ? Case watch of Samsung will be performed in order to give us meliorate understanding of one of the largest and illustrious Chaebol incessantly and its influence over southwesterly Korean economy. 2. The Beginning of Korea The land of the dawn calmthis is the meaning of Koreas master copy name Choson.The time of establishment of this country and its exact geographic location is still a matter of scientific interrogati on however it often believed that humane exertion in Korea can be traced re go into the Pal eolithic period, about 500,000 age ago (Ref*5). In Asia, Koreans tarradiddle is know to be sulfur extensiveest following that exclusively of China. (Ref*6) merely there is a belief, agree to the Korean legend, that the God- fagot Tangun a legendary figure born of the son of Heaven, (which existence is still contestable among scholars) and a woman from a bear-totem state founded the Korean nation in BC 2333(Ref* 7).Not legion(predicate) present- day nations can be praised with so long and rich history even this countrys time has been shaped by arduous and frequent invasions ( as umpteen as 900 by some accounts)( Ref*6), wars and influence from its neighbors. The beginning was often said to be the time of The tether Kingdoms Silla Goguryeo and Baekche where Goguryeo was kn consume to occupy the wedlockern part of the peninsula from the Chinese border to the Han River, turn Silla and Baekche consent dominate the southeasternern regions (Ref. 11).But in 668 AD Silla (668-935) corporate the Korean peninsula and start developing a country with an economy, a culture and Buddhist philosophy. Koryo dynasty from which the English name Korea originates succeeded Silla in 935 and the countrys boundaries wined train which is in truth convertible to its current size today. The Choson dynasty displaced Koryo dynasty in 1392 and moved the seat of government activity to Hanyang-gun (todays Seoul) in 1394. Soon subsequently Confucianism replaced Buddhist philosophy and was adoptive as the countrys official religion and Hangul -the Korean rudiment was invented.Koreas history was filled with prosperity, save too a lot of excruciation sexual climax from external forces like lacquer, Mongolia and China and this provoked Korean closed-door policy, famous as Hermit kingdom. In the beginning in 1876, the Nipponese coerce a series of Western-style trade a greements on Korea, atomic number 82 to lacquers annexation of the country in 1910. Due to growing anti-Japanese sentiment, in 1897 King Kojong declared himself to be emperor of the Taehan Empire, an autarkic Korea (Ref*9). Eventually this move helped Korea to preserve its own language, culture, traditions and sense of identity (Ref*6).However, during the Russo-Japanese war (1904-1905), Japanese forces moved onto the peninsula disdain Korean declarations of neutrality and Japan-Korea Protection Treaty in 1905 gave Japan virtual control over Korea. Korea was annex by Japan in 1910 year, still exactly at that time numerous modern aspects of Korean fellowship emerged include quick urban growth and infra grammatical construction, the elaboration of commerce, and forms of mass culture such as radio and cinema, which became widespread for the scratch time. by and by on had to endure the Korean War (1950-53), barely it has achieved amazing stinting growth in a short period , dubbed the Miracle on the Han River. (Ref* 2) 2. 1 Collective will for success of southerly Korea During Japanese influence starting 1920 and by and by (1937-45) harsh euphonyd reintroduced by Japanese, Korea had to go by a lot of conf utilisedness coming from changes in values and companionable order afterward Japanese colonial rules was introduced (Ref* 6&03810). During its occupation, Japan built up Koreas infrastructure, especially the street and railroad formations. However, the Japanese ruled with an iron fist and try to root out all elements of Korean culture from alliance.People were forced to adopt Japanese names, convert to the Shinto (native Japanese) religion, and were forbidden to physical exertion Korean language in schools and channel. as well as the temp of reading was rapid and the countrys population was inexperienced and offhand in frugal aspects and knowledge because was coming for monarchy of over 1000 historic period compared to Europe and Jap an. Ideological clash was visible in Korean society and briefly after status of families with long traditions history and riches were no to a greater extent subjects of respect and power, society followed the money ideology which was a room of survival.Soon after the res publica was introduced by the States in expansive 15, 1945, with the end of World War II, The Soviets and Americans failed to reach an agreement on one unified country and organization activity, so in 1948 two separate governments were established the Republic of Korea in Seoul called -The American zone, and the antiauthoritarian Peoples Republic of Korea in Pyongyang, North Korea called -The Soviet zone (Ref* 10).This is how the repugn for atomic number 16 Korea and The American zone has started with era of knowledge, where an enthronization of fond and upstanding cultivation and hard sour were again respectable, indeed offered an equal risk to success to everybody despite their origin and statu s. The whole society desired a better life and this is how they have adopted the concept that sparingal phylogeny is a cultural output representing the embodied will of the pot (Ref*6). 3. southbound Koreas modern economyIn July 1953, after tether years of bloody fighting in which virtually trey jillion Koreans, one million Chinese, 54 000 Americans and several(prenominal) new(prenominal) nations including Turkish were killed, the Korean War stop in a truce with Korea still piece of landd out into two commonly antagonistic fixs American influenced zone in southwesterly and Soviet influenced in North, which were separated by a line called De-Militarized Zone (DMZ). Korea has remained divided ever since(Ref*10). After the official division of Korean peninsula, a modern economy study was introduced by USA in South Korea which was contrastingiated from Marxism idea popular in Japan.However, after 1965 when Japan and South Korea alter their diplomatic relationships, Marxism prevailed into their economy simply because was more(prenominal) than community oriented, instead individualistic something which was and it is a basic concept of Confucianism which was influenced South Korea in their earlier stages of history. The ideas of individualistic consumer with no treatment of government for business were too farther away of Japans representative of successful rapid grow which easyr in years South Korea adopted and adapted into their economic authority tabularize 1 Comparison between USA and East Asian capitalism 3. 1 Reasons behind Economic growthMutual desire for better shopworn of living and a chance for success were deeply rooted into societys mind, after the country was left in poverty in the end of Korean War in 1953. The significant growth of South Koreas economy which became free-living in 1945 began in May of 1960 when greens Chung Hee and a group of other host officers of the South Korean army took over the control of the g overnment or putsch detat(Ref* 11). Soon after that in 1961 Mr. place Chung lee(prenominal) became president of South Korea and the strategic planning for economic development started focusing on lifting up the South Korean economy out of poverty.The dodge set Chung Lee developed was base on that of South Koreas nearest rivals Japan rather than Western policy advisers. (Ref*12) exportation oriented policies were implementing as a light beam trying to focus the shift into planetary business. South Korea simply had to survive and regain a way to expand economically, solely looking outside of its peninsula because with its small and curb land and natural imaginations caused from its mountainous terrain and climate, as well the small size of the home(prenominal) commercialise place shaped the Paradigm shift in their economy. (Ref*13) The emphasis was added on communal productivity, instruction and quality as Japan did with examples of so called Keiretsu. Another pulsation was the military-dominated government which installed itself after the coup in 1961 quickly announced an end to the decadency of the First Republic and its intention to use economic growth and development through industrialization to legitimize its authority (Ref* 14) and implementing state policies providing the basis for successful late industrialization( Ref*15).Twenty four of the leading businessmen were arrested. The break in of Samsung, Lee Byung Chull, escaped this treatment neverthe slight because he was out of the country at the time. When Lee Byung Chull returned to Korea he met with Park and concord to co tend with Parks economic development program. by and by Lee and other prominent business leaders offered to donate all or a substantial portion of their fortunes to the government. They ended up knuckle undering fines tho not giving up their businesses (Ref* 15). 4. The Birth of ChaebolsIn the process of export-led market economy the government ruled by President Park Chung Lee for 18 years decree (1961-1979) decided to work with five- years plans, starting the first one in 1962 which was focused on developing the industrial base and setting the stage for South Koreas economic prosperity. (Ref* 16) After this step, the government encouraged their local anaesthetic, internal business enterprises to work and expand by choosing which markets must be developed and allow entry only to several of those local companies.To be accepted as Chaebol a association contract to be family-owned and usually this type of organization is influenced by growth-oriented family-centered business, where family male has the dominant role in a hierarchy and about unmeasured power to which his subordinates are trustworthy (Ref*17). This idea of Pyramid frame of work had an origin of Confucianism which teached several concepts as affectionate hierarchy, harmony and the concept of saving impudence, kindness and care modesty and diligence.For instance, in Japa nese companies had more visible mutual obligation which is unlikely to be seen in Chaebol structure, where the boss is superior compared to employees. As an inducement for local companies, pecuniary motivations were offered such as low- interest give, tax breaks and others simply because all the banks were fieldized as well for the purpose of economic development. This is how so called Chaebols -which literally mean business association, were born into South Korean history. 4. 1 Factors of Development of ChaebolsWith its close hurry of industrialization, the economy nourished and relievered hard Chaebols which were often family-centered enterprises. Their brands, products and companies change quickly and soon they were responsible for the majority of the exported products which simply meant that occult owned companies were responsible for giantgest piece of South Korea economic development. Not only have they expanded in global level, besides excessively started to gr ow large in local land. Brands like Samsung, Hyundai and LG were a measure for quality, technology and innovation.We could say that even today the same conglomerates are still device number one wood force in Korea. Another significant economic decision made by governments planners was to focus market development through export-oriented industrialization (Ref* 18). Because of its abounding to produce, entirely less to consume population and still not existing local markets, all efforts were putting into creating international markets where South Korea could have an advantage and generate a profit. The results started to be visible in fast digit rate at come 10% annual growth between 1962 and 1994.The large and fast expanding multinational conglomerates enjoyed strong support from government and good success of exotic markets. While the contri bution of cultivation to the economy declined from 37% in 1965 to 3% in 2008, the industrial sector change magnitude its contribution f rom 20% to 37%, that of service from 43% to 60% and exports remain the al-Qaida of this economic development with their share in GDP accelerating from 8% in 1965 to a whopping 53% in 2008(Ref* 13). Table 2 Share of Top 30 Chaebols in South Koreas GDPSource Chaebol cater Industrial Transformation by Ahn Choong-yong, Korea lend of Public Administration and Korea Times. April 2010 all the conglomerates were munificently permitted to access foreign contributes promoted by the government to support fast-paced economic development, while in contrast outflows of domestic capital were effectively curbed ( Ref* 19). The Foreign cypher Investment (FDI) was also restricted in order to declare positive economic growth, except in cases where technology and know-how were involved.In replacement of this, all the Chaebols were obliged to fulfill enterprising plans and to develop for the next three decades. This fiscal help actually defended the companies from unsuccessful person and soo n they turned on into manta ray, regulating and expanding into more and more branches, industries and brands, even not related to their core field of business increasing their power and wealth into public level and became too difficult their decisions to be influenced. For example, a ship building fraternity could decide to enter into a market of cosmetics products or pharmaceutical industry.Of course, con currently they opened more factories, created jobs and promoted economic boom. fundamentally they became a voice in South Korea. In this manner they grew so large that the top fifty Chaebols had sales equivalent weight to al most(prenominal) 94% of the total national GDP by 1984( Ref*20). In fact as a countenance measure introduced from President Park Chung Lee was diversifying of Chaebol into heavy and chemical industries, simply to be protected from North Korea . ( Ref*21)As we can see on Table 2, their share in GDP increased dramatically from 9,8 % in 1973 to 29,6% 1989Tab le 3 The Growth regularise and Total Factor crosswayivity by country According to International lay down for Management, South Korea is ranked 5th in terms of education level, with 40 percentage of the population completing higher education after high school. This movement into very strong foundation of education was resulted of democracy brought by USA , President Park Chung Lees reforms, but also Confucianisms which, was earlier in history, influenced the brotherly mind of South Korea. Understanding that high level of education and qualified human resources are powerful driver of economy and quality was one of the best tools for sustainable growth. Education system which was a resource highly appreciated by conventional values in the society and was a chance for everybody in quest of success. Moreover, South Korean proletarians work more hours of the day than most countries reflecting 10 to 13 percent increases in productivity per year( Ref*22). The willingness of hard-wor king and co- direct were very important for the efficacy and quality of the economic boom.Krugman (1994) claims that the Four tigers achieved the rapid growth rate because they successfully managed the resources associated with high employment share to population, efficacy of work, up-graded educational standards and the high rate of investment(Ref*19). Looking into Table 3, it is clear that South Korea achieved the highest grow rate of 8,5% per cent each year from 1960 to1994. Table 4 Domestic rescue per GDP (per cent) Another tool which helped Chaebols to fanfare was high-saving ratio, which was initially originated from uncertain life conditions and lose social system.In Korea the social welfare system was not well established (Ref*23). In this kind of situation, similar to Chinas beginning, individuals are trying to save as much as they can in order to ensure their future. Furthermore, high nest egg and investments also contribute to capital compendium. For example, Kim an d Lau (1996) add their input-analysis which covers Indonesia, Malaysia, Thailand and the Philippines reveal that capital accumulation associated with high domestic saving and investment level significantly contributed to strong growth in East Asia.Also, Collins and Bosworth (1996) emphasize that saving, investment and government policy are the main contributor to high capital accumulation ( Ref. 19) 4. 2. Chaebols and 1997 Asian Crisis The financial crisis that hit Asian countries in early July 1997 was an unexpected situation for Four Tigers including South Korea which were witnessed a rapid and sustainable growth in several decades in row, oblation high standard of living into their citizens, high annual growth and successful export economy. They were accepted and perceived as models of economic boom.A lot of foreign investment were flowing and then government help like bank loan , preferential policies and incentives which were used to stimulate the economy through so called mu ltinational companies Chaebols . All this led to excessive diversification, a debt, a difficulty to be measured the credibleness of a company and its real rest due to unlimited bank loan with 0 interest they were given neglect of business transparency, superior managerial way and more. All these reasons led to so called Asian Contagion, this was a series of gold devaluations and other eventsthat spread throughmany Asian markets.As a result of the crisis, South Korea adopted different protectionist measures, government and financial reforms to ensure the stability of their own up-to-dateness and reforms inside(a)(a) of Chaebols structures. ( Ref*24). 5. Case of Samsung conference Samsung Electronics integral part of is a multinational, family-owned company with headquarters located in Samsung township in Seoul called Samsung grouping. Samsung aggroup has grown to receive one of the worlds leading and respectuful electronics companies, specializing in digital appliances and media, scycrapers, petrochemicals, fashion, medicine, hotels, semiconductors, remembering, and system integration. Ref *25). As journalist Anna Fifield said in her article, You can be born in a Samsung hospital and end up in a Samsung mortuary (Ref*4). They operate in more than 65 different countries as sales and plants also they are responsible for ap microscope stageing for more than 170,000 employees worldwide. In 2009 the company was classified as largest IT Company in world with biggest sales revenue of memory chips, LCD and LED displays. For TV and cleverness phones devices markets, Samsung is in top position, especially after launching beetleweed 2 melodic line competing with apple and theirs I pad mini and I phone.Its growing share in smart phones and tabs market is very high with around 20% for the first quarter in 2011 compared to 16, 1% in same time previous year. pic Brief history and Economic Overview The Samsung Group was established in 1938 in Taegu, Korea by Byung Chull Lee and its main scope of business was export of fish, vegetables and fruits to Mainland China. In 1951, Samsung club was formally established with name Samsung Moolsan which means Three Stars (Ref*25).The company started to grow and later in 1958 when Ankuk Fire&038 Marine insurance policy as well DongBang Life Insurance in 1963 was acquired, the name was changed into Samsung Fire&038 Marine Insurance and respectfully Samsung Life Insurance. In 1969 Samsung Electronics and Samsung Sanyo Electronics were established, but in 1977 they also merged and diversifying started into heavy, chemical, shipbuilding, IT and other industries. The reasons behind such a diversification could be the same between all Chaebols examples, but very true for Samsung.They sour that if investing into new business or a product will neutralize potential risk of a whiz bankrupt, gaining knowledge for a technology and know-how patents competitions and bigger market share and another factor could be because of persuading better wealth in order to ensure all the family members. ( Ref* 21) Thanks to its clever moves and business/political decisions Samsung developed excellent domestic and international market and 1974 they bought 50% of share of Korea Semiconductors, which gave them the first place of semiconductor manufacture grind ANALYSISSamsung Group is one of the largest Chaebols in South Korea with world-class quality products and brand. The company has ascendance into digital and electronic components markets, with more than 40 existing affiliated companies. Fig. 1 trick out ANALYSES Samsung Group STRENGTHS Strong brand and incorruptible customers Leader in several markets as IT and electronics Excellent supply chain great(p) Confidence Trustworthy and Credibility foot Technology level and skilled worker HR Product dodge impuissance Serious Competition High merchandising equal Managerial Behavior centralisation CorruptionOPPORTUNITIES Good economic conditi ons highly useable income local market Government support International relations and business chimneysweep Technology development THREATS Patents legislations Regulatory issues Technological changes Economic Crisis China Table 5 Samsung Electronics marketing Expenses Marketing Mix for Samsung Group 4P Product dodging Samsungs diversified line of products in 3D market for example which is offering LTD, LED and Plasma TV is one of best positioned into product schema.Their electronic market is also very good example for product strategy which is one of their strengths in SWOT analyses Focusing on uncomparable products and innovation to compete like 3D Plasma TV with unique inclination and functionality allowed Samsung to became a leader into this direction. Another very well presented idea of their product strategy is smart phone Galaxy score 2 which competes directly with Apples I pad mini. Among some of the benefits of Galaxy Note 2 is its display, determine, Android ope rating system, Bluetooth, slightly lighter, removable memory, flash, front camera/rear camera and few more. Ref* 26). At the moment this is the best tablet produced by Samsung and as product strategy unique was chosen and improvement inside of the functionality. Price strategy Samsung strategy according their pricing is being available for more consumers than I pad mini/ I phone, which is persuaded as a luxury and natty product, thus its price differentiates sometimes even double less expensive. Another factor regarding price is that Samsung produce a big amount of its and also Apples components which results into higher equal and price for Apples products on market.Thanks to diversification mentioned earlier we can see that Samsung actually have the advantage to produce by themselves most of the electronic components of their smart phones/ tablets, but also to their competitors, so they became superior in the Pyramid. Promotion strategy This is one of most weak part of SWOT An alyses of Samsung, because it cost billions of USD in advertisements and forward motions which are conducted in three continents Europe, Asia and USA. 8 billion USD were spending in Europe compared to 3 billion in Asia and 12 billion in North America.Using famous American singer/groups such as Black Eyes Peas into their promotion strategy is adding high cost for the Chaebol. Product Placement The strategic idea here is that Samsung tablets Galaxy 2 Note are not positioned on the luxury market, but at the same time will not be sold in low-level stores as Wal-Mart. Targeting young plenty across three continents, Samsung focused on uniqueness, creativity, design and promotion. Apples product focuses on luxury and fashionable subdivision of the market where consumers are ready to pay more premiums. Conclusion and Recommendations Transforming South Koreas economy was an experiment and example of Tiger measures conducted by the government of President Park Chung Hee in quest of best w ay to expand the economy in sustainable way and improve the quality of people equally. Focusing on export-oriented economy with solid foundation of education, willingness of hard-work, high saving ratio and allowance of private family- own enterprises in national sectors and important industries helped The Miracle on the Han River to become history of success. Chaebols were and still are abundant part of South Korean Economy, which for three decades created a country -an example for a market economy, which ranks 15th in the world by nominal GDP and twelfth by purchasing power analogy (PPP), identifying it as one of the G-20 major economies (Ref*2). In 2010, Koreas trade volume amounted to US$892 billion, ranking the country the 7th largest exporter in the world(Ref*2). Koreas shipbuilding sector currently accounts for about 34% of the worlds total shipbuilding orders. As a major auto manufacturer, Korea produces over 4. million vehicles annually. The majority of export related goo ds are produced by top Chaebols companies which appeared in late 60s after government of Park Chung Hee offered them unlimited incentives and industries in exchange of economic growth with 10% on average. The impact of those conglomerates was mensural and visible, even though 1997 Asian crisis shaped up them and reformed these octopus inner structures by implementing more transparent policies and less corruption. Nowadays Chaebols are still the driver of South Koreans income and economy.As pass for the largest Chaebol at the moments, Samsung Group- focusing on innovation and technology improvement will be useful, because China is starting to emerge and also other competitors are weak point for Samsung. Combing their efforts could be a good strategy in order to protect South Koreans repute and export share. Focusing on domestic market and not being so dependent on export. Or being sure that export is enough diversified to keep the profit. Reducing Marketing cost via cheaper, but cr eative techniques to attract and keep customers. Because for quality there is always a market Reference List . Fogel, R. W. (2005). 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