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It most certainly doesn’t help when your worth in a country is based on going to a certain university or working for one of the three biggest companies in said country or when everything is basically in one mega city or when the working environment is basically designed to make you as busy as possible to the point where having kids is incredibly unreasonable. Wait i just described basically most of East Asia
Not US. I'm an East Asian student who immigrated here. US study and work culture is nothing like east Asia, and it's mostly a good thing, as the quality of life is much better, no crazy studying and work unbalanced life style.
Good point to not just compare SK to NK, but also China and Japan. SK was indeed lucky in timing their rise between Japan and China, and thankfully they were ready to seize that opportunity.
Lots of young people here in Korea are moving away from jobs in these conglomerates and getting into blue collar jobs becoming disillusioned with the hyper competitive rat race. So Korea is trying to attract foreign workers by offering scholarships to their universities but the process to get a long term visa is still ridiculously difficult .
Do you think this could be good for the birth rate? I heard that a big reason for it beeing so low is the enormous competitive school system, which leaves no room for family
This video doesn't cover it, but the bigger issue than corporate debt is household debt. With rising real estate prices and subsequent speculation, the household debt ratio is higher than in any other country. (Though it's not statistically ranked first, that's because South Korea's debt measurement excludes lease deposit costs.) The government is currently working hard to control the situation, but if real estate prices stop rising, it will lead to a very difficult situation.
The problem with South Korea is the lack of innovative companies or venture capital, as large conglomerates absorb these companies, preventing them from flourishing. Additionally, the lack of diversity in their workforce limits them. Therefore, they should bring in qualified people from Latin America, the Middle East, or other parts of Asia.
The thing is, due to unfriendly society of South Korea towards foreigner besides the West. South Korea became "the last option of working destination" for many Southeast Asian workers who seeking the job in East Asia. Many preferred to work into Taiwan or Japan instead.
It seems to be the end of the world's economic miracle? At the same time, incredibly, we got the richest single persons to have ever lived. I wonder if it's the money being transfered rather than not being created
@@RjsjrjsjrjsjThe problem is not an absolute number which would not mean much by itself as you said, it's the wealth inequality. The myth of "trickle-down" economics has been thoroughly disproven.
Correct. The world is getting more productive and technologically efficient, but more and more of the profits are siphoned off to our parasitic neo-aristocratic capitalist class. They have gobbled up all the growth of the last 40 years globally.
@@flayrekapperz7862 Sigh... Sure. That's an issue. But not the issue most think it is. There will always be wealth inequality because people, in general, are REALLY stupid and easy to con. The richest people in every era have NEVER been the most intelligent or qualified but they certainly knew (know) how to manipulate.
The fact that cryptocurrency is even a thing is a huge example of that. It creates pretty much zero wealth (negative wealth, in fact, when you factor in electricity and infrastructure costs). Rather, it just transfers wealth. A giant shell game.
Having visited some cities that are very dense and very economically successful I now know that their living conditions are awful. Medium sized cities that are in their growth phase are best. You can still own a home and raise a family. Super cities are nation killers.
Has nothing to do with density and all to do with housing supply. Montreal is the densest city in Canada and jobs pay the same as everywhere else, yet rents are cheaper, because they built enough housing for everyone. Because rents are cheaper, people who want to move to the suburbs (you do you I guess) like Laval will also pay less for Single Family Homes.
Oh my god I just realized, Korea has the "Dutch Disease" problem. But instead of it being natural resources causing the economic issues, it's technology. They took their country with no natural resources and made oil barons of tech giants. That is fascinating.
As usual, letting just a small handful of companies dominate the market will just lead to long term instability down the line. Here in the US, we learned this after the 30s and forgot it in the 80s, which is why things are getting so shaky now. Sadly, the same is true in Korea and other nations as well. Like any monoculture, letting only the big trees dominate while choking out the little trees just leads to an empty field when the big trees eventually fall.
Also, China is Russia's most important ally, and they have a pretty mutualistic relationship: Chinese export their products to Russia, and Russians now export a lot of oil, gas and minerals to China.
The martial law crisis really had nothing to do with economics. It was an attempt at a self-coup fuelled by some...questionable allegatlons made by fringe right-wing youtubers and a president and few key personnel who believed them. Trying to place more meaning in it than that is reductive at best and misleading at worst. I can respect that a video created in response to an event could necessarily be deterministic but I'm quite confident that almost all respectable analyses of the self-coup does not try to tie the chaebols into it at all.
To most stable countries, a declaration of martial law is a huge deal. Your apathy only reinforces the perception of instability. For perspective, Trump toyed with the idea of martial law several times but was ultimately dissuaded due to the chaos it would cause. As someone from the U.S., I have firsthand experience with the challenges of an unstable government.
@@jrkc9218 I'm not trying to claim that the incident (and the subsequent ongoing political drama) is not a significant event. My point is that it has very little to do with the economic structure of Korea. Does it point to instability and uncertainty, including economically? Of course. But is this video correct in linking it to the economic structure and development model of Korea? my opinion is decidedly no. My apathy is not in the fact that it happened, it is pointed towards the logic of this video.
@@jrkc9218To be fair, the West world today has Terrorism, violent protests, and many social risks. The martial law incident was an unexpected incident, but Korea, which handled it, showed that the system was operating normally in every way. I think that Korea's system is working more peacefully and democratically than most developed countries. Rather, I think that the anxiety factor of the Korean economy is more related to the low birth rate, aging population, unstable relationship with China, and U.S. protectionism
Like dictatorship and lack of freedoms and strict education, it is very good at industrializing an economy extremely fast like Taiwan, S Korea, China, etc., but its not good for long term, sustainability AFTER becoming developed
re: North Korea, let's be real it's been sanctioned so hard it can barely do any business at all with other countries. That would tank anyone, let alone a communist dictatorship. I don't think it's a fair communism vs capitalism comparison, and I love capitalism
NK is not communist. Go read the definition. There's literally never been a true communist nation. And NK has only been sanctioned because it wants to make its own rules and f everybody else.
Well South Korea ate Japans lunch, then China did the same to them. Thats how the global economy works. Even China is slowing down, losing manufacturing business to Vietnam and Mexico. You cant be the top dog forever. Thats why innovation in technology is crucial. Taiwan hit the jackpot with its chip industry. South Korea is just another country in the world offering the same goods to everyone that can be obtained in other countries for cheaper. Their innovation has stagnated.
I genuinely have been looking forward to this house of cards for a decade now. Korean engineering and manufacturing is absolutely hot garbage on every possible front.
It's a democratic country on the surface, but is a really, deeply flawed one. People tend to turn a blind eye on the atrocities done by the opposition party. What we need is a well-thought-out systemic improvement, not a subsequent series of power grabs and blame games.
@@GongChaLover yes, and its worse in SK. The stagnation population birth and less action on checked corporate monopolies in a countryis a sign of what for what is worse to come.
The success is simple, both korea and Taiwan went the same path, a period of military dictatorship strong man who made economic planning and guided the country through rapid development then handed the great economy to the Civilian government with full of politicians whos only goal is to enrich themselves as much as possible before the next election
When I heard the Martial law announcement that night, I thought North Korea have invade South Korea. However, it turned out that the South Korea President is trying to replace President Kim as best comedian in Korea.😂😂😂
Not only are we ended our development, we are doomed. Korea’s fertility rate is a staggering 0.78, not many businesses attract large amount of capital, and no one (at least the decision and policy makers) is really interested in REAL technological innovation. Three main factors of economic growth are gone.
@@lolomgwtfbbqqqq That diversion suggests that the capital might well have been better used elsewhere. Government is in the business of calling winners and losers and they almost always make the wrong bets. Witness the billions wasted on high speed rail in California.
South Korea's problems are the same as any 1st world economy with bleeding edge technology, there is never enough entrepreneurs putting their own time and money behind their ideas. It is easy to use financial power to build up capital-intensive industries where competition is limited, but how do you get the garage startups that create new products and business models and become household names? Where is South Korea's "Silicon Valley" with its hundreds of venture capitalists? In fact, where are the 1st world's "Silicon Valleys" other than that one?
I like to call economists out for giving an ‘economist’s take’ on issues where economists don’t have a valuable insight. SK’s economy is kind of not something anyone cares about right now, and you’re riding on the wave of an event that you’re not qualified to analyze. Please don’t turn into a douche like Jordi with takes we (non straight out of College kids trying to intellectualize everything to seem smart) would rather you kept to yourself…
Yea it would help if he had some correspondence from actual Koreans. Bet his research team just pieced together news articles and thought of something ‘smart’ to conclude just from those
The US might have given South Korea a boost, but I can't help but wonder: if they had more resources like North Korea, would they still be this successful?
It is ironic that I'm fixing my Samsung clothes washer liste ing to this video. Why is South Korea going under? Samsung products increasingly.....suck.
hilarious garbage claimed at 0:26 It must be market capitalism democracy private enterprise that made it all happen. How about the rest of the countries that all have these? Why are they not successes like south korea. How about analyzing it this way, countries which have Confucianism ethics, barring North Korea, are all successful. That is the key.
Implementing "market capitalism democracy private enterprise" doesn't a guarantee success (there are market economies that are poor), but market capitalism is a PRE-CONDITION to economic success. No country has reached the level of a developed country without it. Whatever one thinks of Confucianist ethics it wasn't what made the economy of South Korean successful. And China didn't become economically successful because it suddenly implemented "Confucianist ethics". It became successful because of the combination of market capitalism with government industrial policy. The economy under Mao was AWFUL.
@@jeffb1880 what do you define market capitalism as tho? It is so broad that one could fit very different economic systems under "market capitalism", from nordic countries economy to the US to France to East Asian economies like South Korea or modern China, yet those systems work very differently from each others
what happened in 70s 60s and 50s in Korea ? here what Chatgpt had to say "1950s: Post-War Reconstruction The Korean War (1950-1953) devastated the peninsula, leading to a ceasefire that left Korea divided along the 38th parallel. South Korea faced severe poverty, relying on U.S. aid for recovery under President Syngman Rhee. North Korea, led by Kim Il-sung, focused on industrialization with Soviet and Chinese support. 1960s: Economic Growth and Political Turmoil South Korea experienced political instability with the April Revolution (1960), leading to Rhee's resignation. General Park Chung-hee seized power in 1961 and initiated economic reforms, driving rapid industrialization and export-oriented growth. North Korea pursued collectivization and heavy industry but began to face stagnation. 1970s: Authoritarian Rule and Development In South Korea, Park Chung-hee's regime tightened authoritarian control, suppressing dissent but continuing economic progress (e.g., the "Saemaul Undong" movement). North Korea maintained its self-reliant "Juche" ideology but suffered increasing economic isolation and difficulties." notable left outs how Chaebols family origins in collaborating with Japanese Settlers and Japanese empire . the Families rule Koreans never cared about Koreans
I would like to hear from Koreans perspective. Can anyone from there vouch for the video and perhaps add more information regarding the economic situation in S.Korea? Thnx.
S.Korea; a dozen state mandated monopolies that due to the ideological battle with communism the rest of the capitalist world ignored. Unforseen to capitalist, dog eat dog doesn't build a society thats cohesive to breeding. S.Korea leads the way to breeding itself out of existence. The rest of the Western world watches because that's our future too. Er, thinking only about short term profit means NO future. Who would've thought that the future is something people widely agree should be considered, too great length no less. Its wild that "rolling the dice" is the strategy we dish out to get people breeding, bc that's all the corporate world can do without admitting their finger is on the scales. Two generations left until population is 25% today's.
South Korea needs to find a way to work together with Japan, despite the ongoing and historically driven animosity between the two countries. They are two relatively stable industrialized democracies with similar problems: Aging population, hostile neighbors and competition from China. An alliance between the two countries not unlike the alliance France and Germany forged after WW2, could be a boost to both countries and a safeguard against future aggression from NK, Russia or even China.
Bro you talked about nothing, you answered nothing. The title is "The end of south korea's economic miracle", alright tell us why it's the end? What are the reasons? 14 minutes of some little backstory and nothing more. RUclips videos today are just filler I swear to God.
south Korea's "economic miracle" was only attributed to its funding by capitalist countries in the late 19th century to make it look good Infront of its communist neighbor, as well as a right wing fascist government for almost its entire history with wages being next to nothing and work place safety being essentially removed from which this massive gpd increase has sprawled from. Since Korea's unionist movement has gained traction and its influence in geopolitical issues has died down, its imperialism as once again turned back upon its people as the capitalist are scared of losing their infinitely increasing profits so they need to exploit their own people to achieve an increase in growth. We see this in the form of the 69hr work week proposed or the increasing "anticommunist" or "antifreedom" threat which Korean politicians have claimed is destroying their country. I mean people were talking about this for years in the US and South Korea (as well as many other capitalist "democracies") in the sense that this was not a simple failure of one person, rather a failure of the system itself. Yet this video will only depict south Korea as a successful nation which industrialized all by its self and its GDP is the only thing that matters ignoring the fact that before the collapse of the soviet union and western embargos into oil and other natural resources, North Korea was pacing(if not beating) the south in terms of life expectancy, infant mortality, wages, democracy, human rights and much more. but this immaculate "GDP" increase refutes all this because "my number is higher and better than your because I feel like it is" also protending the south is "democratic" is really funny considering any opposition to capitalism in south korea is banned, and the main party in power is often funded by corporations and billionaires essentially making it a capitalist dictatorship where the people can vote for one capitalist party to rule or another capitalist party to rule both of which go against the interest of the everyday people/
partially true, S.Korea was nutured by western countries as a kind of propaganda, but the acheivements after we made, as a korean, is not just because of financial/political and security aids. think about vietnam's case.
Well technically you are wrong, yes many struggle for a great company job. But more s koreans are business owners as a percentage than any nation globally.
That's not even close to true. It's not super low (at 17%), but it lags US/Poland (23%), and they all lag way behind countries in Latin America: Columbia/Mexico/Argentina/Chile/Peru are at 45%+ Same thing with India.
Why do you claim that high-scoring students establishing their own business,instead of joining a large company, that offers them opportunities to develop, would be much better? The critque of large companies having to much influence and debt sounds.... basically like a critique of any developed country. Don't Tesla, Apple, Google have much influence over US politics? Don't students in the US dream about working for e.g. Apple? What does make you to think that Korea will not develop in the future? Why didn't you mention about Korean shipbulding or Korean entertainment that both bring a lot of cash to the economy? What about personal debt in Korea and high cost of appartments in Seoul? And which investors are weary about Korea? Mate, Korea has a lot of problems, but your arguments are shallow.
Hey, wait, you're declaring South Korea's economic miracle is over just today? I think you are... wait a minute, when did you make the first dedicated episode about South Korea... Oh, right. You're at least 20 months late to notice it.🤣🤣
How about you compare COMMUNIST China with DEMOCRATIC/CAPITALISTIC India too??? How about that? And how about try sanctioning South Korea to the extent which the North was sanctioned in its infantile/growing years, and watch out just how well capitalism/democracy would enable it excel? Be for real bro.
Hmm.. well.. since it is not the first time we heard South Korea is hopeless blah blah from your seniors.. it's not another reliable analysis to me.. that's true that crisis in this time is severe.. but 4,000 years long nation doesn't fail easily..
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It most certainly doesn’t help when your worth in a country is based on going to a certain university or working for one of the three biggest companies in said country or when everything is basically in one mega city or when the working environment is basically designed to make you as busy as possible to the point where having kids is incredibly unreasonable. Wait i just described basically most of East Asia
And the US
@@Honorbound43 no, the US has a lot more metropolises
Not US. I'm an East Asian student who immigrated here. US study and work culture is nothing like east Asia, and it's mostly a good thing, as the quality of life is much better, no crazy studying and work unbalanced life style.
@@Honorbound43 definitely not the US. If you think you work hard multiply that by 10 and that’s East Asian work/school life
China is not super centralised
Good point to not just compare SK to NK, but also China and Japan. SK was indeed lucky in timing their rise between Japan and China, and thankfully they were ready to seize that opportunity.
Lots of young people here in Korea are moving away from jobs in these conglomerates and getting into blue collar jobs becoming disillusioned with the hyper competitive rat race. So Korea is trying to attract foreign workers by offering scholarships to their universities but the process to get a long term visa is still ridiculously difficult .
Asians are notoriously xenophobic. So that'll work great. 👍🙄
Do you think this could be good for the birth rate?
I heard that a big reason for it beeing so low is the enormous competitive school system, which leaves no room for family
props to koreans for fitting two dystopias on a single peninsula
This video doesn't cover it, but the bigger issue than corporate debt is household debt. With rising real estate prices and subsequent speculation, the household debt ratio is higher than in any other country. (Though it's not statistically ranked first, that's because South Korea's debt measurement excludes lease deposit costs.) The government is currently working hard to control the situation, but if real estate prices stop rising, it will lead to a very difficult situation.
Please make a video on the economy of Botswana.
The problem with South Korea is the lack of innovative companies or venture capital, as large conglomerates absorb these companies, preventing them from flourishing. Additionally, the lack of diversity in their workforce limits them. Therefore, they should bring in qualified people from Latin America, the Middle East, or other parts of Asia.
The thing is, due to unfriendly society of South Korea towards foreigner besides the West. South Korea became "the last option of working destination" for many Southeast Asian workers who seeking the job in East Asia. Many preferred to work into Taiwan or Japan instead.
It seems to be the end of the world's economic miracle? At the same time, incredibly, we got the richest single persons to have ever lived. I wonder if it's the money being transfered rather than not being created
If you're thinking Muskrat, you're wrong. In every era there's been a "richest person ever". Until the next era.
@@RjsjrjsjrjsjThe problem is not an absolute number which would not mean much by itself as you said, it's the wealth inequality. The myth of "trickle-down" economics has been thoroughly disproven.
Correct. The world is getting more productive and technologically efficient, but more and more of the profits are siphoned off to our parasitic neo-aristocratic capitalist class. They have gobbled up all the growth of the last 40 years globally.
@@flayrekapperz7862 Sigh...
Sure. That's an issue. But not the issue most think it is. There will always be wealth inequality because people, in general, are REALLY stupid and easy to con. The richest people in every era have NEVER been the most intelligent or qualified but they certainly knew (know) how to manipulate.
The fact that cryptocurrency is even a thing is a huge example of that. It creates pretty much zero wealth (negative wealth, in fact, when you factor in electricity and infrastructure costs). Rather, it just transfers wealth. A giant shell game.
Having visited some cities that are very dense and very economically successful I now know that their living conditions are awful. Medium sized cities that are in their growth phase are best. You can still own a home and raise a family. Super cities are nation killers.
Has nothing to do with density and all to do with housing supply.
Montreal is the densest city in Canada and jobs pay the same as everywhere else, yet rents are cheaper, because they built enough housing for everyone.
Because rents are cheaper, people who want to move to the suburbs (you do you I guess) like Laval will also pay less for Single Family Homes.
Dallas or Jakarta
Vancouver 5.7k ppl/km², Montreal 4.8k /km². Rents high af in Vancouver, and veeeery big in Montreal as well
@@a.k8069 apartment living is not living at all.
i am loving these dual videos with this and context matters, i hope you keep them up :)
Oh my god I just realized, Korea has the "Dutch Disease" problem. But instead of it being natural resources causing the economic issues, it's technology.
They took their country with no natural resources and made oil barons of tech giants. That is fascinating.
6:48
"English is a tool of success"
🤔
I agree. Someone should display that in the US. 😉
As usual, letting just a small handful of companies dominate the market will just lead to long term instability down the line. Here in the US, we learned this after the 30s and forgot it in the 80s, which is why things are getting so shaky now. Sadly, the same is true in Korea and other nations as well. Like any monoculture, letting only the big trees dominate while choking out the little trees just leads to an empty field when the big trees eventually fall.
SK really has political advantage. As a Finn I would choose Korean product over chinese any day. china is like russia to us.
Doesn’t matter, we live in a globalized world, I can guarantee you have multiple made in china items within your vicinity
What's problem with Russia or China?
@@dwyanewade528Um, the fact that Russians and Finns fought against each other in WW2.
Also, China is Russia's most important ally, and they have a pretty mutualistic relationship: Chinese export their products to Russia, and Russians now export a lot of oil, gas and minerals to China.
Have fun paying much more for everything just cos of your politics. Also SK doesn't even make as many things as Chi does.
The martial law crisis really had nothing to do with economics. It was an attempt at a self-coup fuelled by some...questionable allegatlons made by fringe right-wing youtubers and a president and few key personnel who believed them. Trying to place more meaning in it than that is reductive at best and misleading at worst.
I can respect that a video created in response to an event could necessarily be deterministic but I'm quite confident that almost all respectable analyses of the self-coup does not try to tie the chaebols into it at all.
To most stable countries, a declaration of martial law is a huge deal. Your apathy only reinforces the perception of instability. For perspective, Trump toyed with the idea of martial law several times but was ultimately dissuaded due to the chaos it would cause. As someone from the U.S., I have firsthand experience with the challenges of an unstable government.
@@jrkc9218 I'm not trying to claim that the incident (and the subsequent ongoing political drama) is not a significant event. My point is that it has very little to do with the economic structure of Korea.
Does it point to instability and uncertainty, including economically? Of course. But is this video correct in linking it to the economic structure and development model of Korea? my opinion is decidedly no. My apathy is not in the fact that it happened, it is pointed towards the logic of this video.
Do you have a source we can read?
@@Chris-sm2uj source for which part?
@@jrkc9218To be fair, the West world today has Terrorism, violent protests, and many social risks. The martial law incident was an unexpected incident, but Korea, which handled it, showed that the system was operating normally in every way. I think that Korea's system is working more peacefully and democratically than most developed countries. Rather, I think that the anxiety factor of the Korean economy is more related to the low birth rate, aging population, unstable relationship with China, and U.S. protectionism
"Just the realities of Globalization"
6:03
Kumho Tires...really?
You couldn't choose any other company?
exactly haha
They're great tires!
What's wrong with them?
ㅋㅋㅋㅋ왜 그랭.. 그래도 광주에선 나름 대기업이라구 ㅠ
Like dictatorship and lack of freedoms and strict education, it is very good at industrializing an economy extremely fast like Taiwan, S Korea, China, etc., but its not good for long term, sustainability AFTER becoming developed
I love this kind of videos
Use maps where what is land and what is sea is intuitive, please.
is south korea a oligarch?
When you make maps, please make the landmass darker than the ocean.
re: North Korea, let's be real it's been sanctioned so hard it can barely do any business at all with other countries. That would tank anyone, let alone a communist dictatorship. I don't think it's a fair communism vs capitalism comparison, and I love capitalism
NK is not communist. Go read the definition. There's literally never been a true communist nation. And NK has only been sanctioned because it wants to make its own rules and f everybody else.
korea good luck
Well South Korea ate Japans lunch, then China did the same to them. Thats how the global economy works. Even China is slowing down, losing manufacturing business to Vietnam and Mexico. You cant be the top dog forever. Thats why innovation in technology is crucial. Taiwan hit the jackpot with its chip industry. South Korea is just another country in the world offering the same goods to everyone that can be obtained in other countries for cheaper. Their innovation has stagnated.
I genuinely have been looking forward to this house of cards for a decade now. Korean engineering and manufacturing is absolutely hot garbage on every possible front.
It's a democratic country on the surface, but is a really, deeply flawed one. People tend to turn a blind eye on the atrocities done by the opposition party. What we need is a well-thought-out systemic improvement, not a subsequent series of power grabs and blame games.
I remember 1990’s was “made in Korea” then 1990s was “made in Taiwan” and then 2000’s was “made in China”. I’m guessing 1970’s was “Made in Japan”
Second, Brazil
Us take on dictatorships the US backs:
🇺🇸LBJ: "He may be an S🐶B, but he's our S🐶B."
Been like this forever. Far before LBJ.
It did not mention that after signing the FTA with China, the entire GDP declined.
1:29 I breathe through my... Nose!!! 😱
Hakim is in shambles rn
3rd - UK :)
😂 true
South korea economy has been well known of being stagnant now
I mean, depending on the time period you’re referring to, any developed country will have a stagnation of economic growth.
@@GongChaLover yes, and its worse in SK. The stagnation population birth and less action on checked corporate monopolies in a countryis a sign of what for what is worse to come.
@@nore5992 no it isn't, South Korea hasn't reached the levels of economic stagnation as europe or Japan yet
THE DEMOCRTIC COUNTRIES NEED TO BE UNITED AND HELP EACH OTHER
Not how capitalism works
you do realise the US isn't a democracy right? let alone S.korea
@@ctg4818 there is no full capitalism btw. secondly i mean against BRICS and those who seek to destroy the west, islamics, dictators etc
South Korea would have a better chance getting cheap labor from the North at this point
@@ctg4818Actually, it's the most profitable path, so it's exactly how capitalism works.
The success is simple, both korea and Taiwan went the same path, a period of military dictatorship strong man who made economic planning and guided the country through rapid development then handed the great economy to the Civilian government with full of politicians whos only goal is to enrich themselves as much as possible before the next election
Well explained.
I beg to differ
@@jeongsungmin2023Okay “Jeong Sungmin” how would you explain the economic downfall of South Korea?
When I heard the Martial law announcement that night, I thought North Korea have invade South Korea. However, it turned out that the South Korea President is trying to replace President Kim as best comedian in Korea.😂😂😂
Not only are we ended our development, we are doomed.
Korea’s fertility rate is a staggering 0.78, not many businesses attract large amount of capital, and no one (at least the decision and policy makers) is really interested in REAL technological innovation. Three main factors of economic growth are gone.
The hermit Republic
Can we stop watching videos for the same nations over and over again?
There is great video that shows how cooked south korea actually is made by a georgian man maned gattsu and the video is called "korea is broken"
You mean the wife of Geopold?
이게 왜 이상하다고 생각하지? 영원히 성장할수는 없어요
That's the worst part about economics it's a never ending race.
After that Martial Law stunt they should both just be called Korea sans the North/South..
Gwangju.
It's a lot deeper than you think.
There's a reason the most biting commentary about neo-liberalism has come from Korea.
To be fair, some of the disparity between the two Koreas are due to diplomatic relations.
The same as always; as in what happens to countless First World countries.
미국의 robber barrons에 비하면 한국 대기업은 애들 장난 수준이다. robber barrons가 미국 자본주의를 키워서 미국이 강대국이 되는 초석을 놓았듯이 한국 대기업 역시 마찬가지다.
Two completely different countries. I wouldn't be so hopeful.
the captains of industry!
Disgusting. Allowes youtube advert icons ontop of the video as it plays 🤮
Why does GDP include government spending? Governments spend mostly to regulate or redistribute which by definition add no value.
its a way for gov to continue borrowing money, every of them do this, its just a smokescreen
They can borrow money from markets to build infrastructure. That's gdp
@@lolomgwtfbbqqqq That diversion suggests that the capital might well have been better used elsewhere. Government is in the business of calling winners and losers and they almost always make the wrong bets. Witness the billions wasted on high speed rail in California.
So the appear relevant and not redundant.
@@ClassicCase ???
republic of chaebols
South Korea's problems are the same as any 1st world economy with bleeding edge technology, there is never enough entrepreneurs putting their own time and money behind their ideas.
It is easy to use financial power to build up capital-intensive industries where competition is limited, but how do you get the garage startups that create new products and business models and become household names?
Where is South Korea's "Silicon Valley" with its hundreds of venture capitalists?
In fact, where are the 1st world's "Silicon Valleys" other than that one?
⭐️
Sath Career
I like to call economists out for giving an ‘economist’s take’ on issues where economists don’t have a valuable insight. SK’s economy is kind of not something anyone cares about right now, and you’re riding on the wave of an event that you’re not qualified to analyze.
Please don’t turn into a douche like Jordi with takes we (non straight out of College kids trying to intellectualize everything to seem smart) would rather you kept to yourself…
Well said
Yea it would help if he had some correspondence from actual Koreans. Bet his research team just pieced together news articles and thought of something ‘smart’ to conclude just from those
The US might have given South Korea a boost, but I can't help but wonder: if they had more resources like North Korea, would they still be this successful?
Funny how the country has created a movie industry by making fun of its own distopian society .
South Korea is a lesson to every nation that gives unlimited money and freedom to women . Go figure .
Instead of kumho, hankook tires is a better example since theyre more successful.
Noot noot
It is ironic that I'm fixing my Samsung clothes washer liste ing to this video.
Why is South Korea going under?
Samsung products increasingly.....suck.
maybe their workers are simply overworked and that's why quality control suffers
Agreed. Recently replaced my Samsung refrigerator with a Frigidaire. MUCH better. Zero issues.
hilarious garbage claimed at 0:26
It must be market capitalism democracy private enterprise that made it all happen. How about the rest of the countries that all have these? Why are they not successes like south korea.
How about analyzing it this way, countries which have Confucianism ethics, barring North Korea, are all successful. That is the key.
Implementing "market capitalism democracy private enterprise" doesn't a guarantee success (there are market economies that are poor), but market capitalism is a PRE-CONDITION to economic success. No country has reached the level of a developed country without it. Whatever one thinks of Confucianist ethics it wasn't what made the economy of South Korean successful. And China didn't become economically successful because it suddenly implemented "Confucianist ethics". It became successful because of the combination of market capitalism with government industrial policy. The economy under Mao was AWFUL.
@@jeffb1880 what do you define market capitalism as tho? It is so broad that one could fit very different economic systems under "market capitalism", from nordic countries economy to the US to France to East Asian economies like South Korea or modern China, yet those systems work very differently from each others
what happened in 70s 60s and 50s in Korea ?
here what Chatgpt had to say
"1950s: Post-War Reconstruction
The Korean War (1950-1953) devastated the peninsula, leading to a ceasefire that left Korea divided along the 38th parallel. South Korea faced severe poverty, relying on U.S. aid for recovery under President Syngman Rhee. North Korea, led by Kim Il-sung, focused on industrialization with Soviet and Chinese support.
1960s: Economic Growth and Political Turmoil
South Korea experienced political instability with the April Revolution (1960), leading to Rhee's resignation. General Park Chung-hee seized power in 1961 and initiated economic reforms, driving rapid industrialization and export-oriented growth. North Korea pursued collectivization and heavy industry but began to face stagnation.
1970s: Authoritarian Rule and Development
In South Korea, Park Chung-hee's regime tightened authoritarian control, suppressing dissent but continuing economic progress (e.g., the "Saemaul Undong" movement). North Korea maintained its self-reliant "Juche" ideology but suffered increasing economic isolation and difficulties."
notable left outs how Chaebols family origins in collaborating with Japanese Settlers and Japanese empire . the Families rule Koreans never cared about Koreans
Mobli ki kasam jisne subscribe nhi kiya woh fail exam me pakka
The world is headed towards an AI dystopian then. Great.
Fertility failure
ehhh ill still never buy a chinese phone, or car
😂 but world do buy
🎉🎉
I would like to hear from Koreans perspective. Can anyone from there vouch for the video and perhaps add more information regarding the economic situation in S.Korea? Thnx.
Samsung still stands.
Interesting how East Asian economies all followed the same pattern
this channel is rubbish
First 🎉🎉🎉
Don't forget the US poured money into Korea as it did in Japan. But not, strangely, to Russia in 1991....
Russia wouldn't have accepted it anyways...
Google Cold War.
@@Gloverfield they would accept it and transfer to private accounts of the ruling cronies
@panjacek6674, probably, but after dismantling the west funded oligarchs.
Nothing strange about that.
I was shocked how disfunctional the country is when i looked at that military law fiasco that happend few weeks ago.
S.Korea; a dozen state mandated monopolies that due to the ideological battle with communism the rest of the capitalist world ignored.
Unforseen to capitalist, dog eat dog doesn't build a society thats cohesive to breeding. S.Korea leads the way to breeding itself out of existence. The rest of the Western world watches because that's our future too. Er, thinking only about short term profit means NO future.
Who would've thought that the future is something people widely agree should be considered, too great length no less.
Its wild that "rolling the dice" is the strategy we dish out to get people breeding, bc that's all the corporate world can do without admitting their finger is on the scales. Two generations left until population is 25% today's.
South Korea needs to find a way to work together with Japan, despite the ongoing and historically driven animosity between the two countries. They are two relatively stable industrialized democracies with similar problems: Aging population, hostile neighbors and competition from China. An alliance between the two countries not unlike the alliance France and Germany forged after WW2, could be a boost to both countries and a safeguard against future aggression from NK, Russia or even China.
Bro you talked about nothing, you answered nothing. The title is "The end of south korea's economic miracle", alright tell us why it's the end? What are the reasons? 14 minutes of some little backstory and nothing more. RUclips videos today are just filler I swear to God.
하지만 비상 계엄이 출동한다면?
어떨까!
4th
Early gang
south Korea's "economic miracle" was only attributed to its funding by capitalist countries in the late 19th century to make it look good Infront of its communist neighbor, as well as a right wing fascist government for almost its entire history with wages being next to nothing and work place safety being essentially removed from which this massive gpd increase has sprawled from. Since Korea's unionist movement has gained traction and its influence in geopolitical issues has died down, its imperialism as once again turned back upon its people as the capitalist are scared of losing their infinitely increasing profits so they need to exploit their own people to achieve an increase in growth. We see this in the form of the 69hr work week proposed or the increasing "anticommunist" or "antifreedom" threat which Korean politicians have claimed is destroying their country.
I mean people were talking about this for years in the US and South Korea (as well as many other capitalist "democracies") in the sense that this was not a simple failure of one person, rather a failure of the system itself.
Yet this video will only depict south Korea as a successful nation which industrialized all by its self and its GDP is the only thing that matters ignoring the fact that before the collapse of the soviet union and western embargos into oil and other natural resources, North Korea was pacing(if not beating) the south in terms of life expectancy, infant mortality, wages, democracy, human rights and much more. but this immaculate "GDP" increase refutes all this because "my number is higher and better than your because I feel like it is"
also protending the south is "democratic" is really funny considering any opposition to capitalism in south korea is banned, and the main party in power is often funded by corporations and billionaires essentially making it a capitalist dictatorship where the people can vote for one capitalist party to rule or another capitalist party to rule both of which go against the interest of the everyday people/
Sent from Moscow
partially true, S.Korea was nutured by western countries as a kind of propaganda, but the acheivements after we made, as a korean, is not just because of financial/political and security aids. think about vietnam's case.
Its crazy you see GDP as just a number but not life expectancy or infant mortality rates.
러시아 혁명이 1917년이고 한국이 일본한테 해방되고 둘로 쪼개진게 1946년인데 무슨 19세기타령이야. 설마 19세기가 1900년대인줄 아는건가? 빨갱이들은 왜이렇게 멍청할까..
@@seanthe100 The thing is it's worse in communist countries.
Well technically you are wrong, yes many struggle for a great company job. But more s koreans are business owners as a percentage than any nation globally.
That's not even close to true. It's not super low (at 17%), but it lags US/Poland (23%), and they all lag way behind countries in Latin America: Columbia/Mexico/Argentina/Chile/Peru are at 45%+
Same thing with India.
Why do you claim that high-scoring students establishing their own business,instead of joining a large company, that offers them opportunities to develop, would be much better? The critque of large companies having to much influence and debt sounds.... basically like a critique of any developed country. Don't Tesla, Apple, Google have much influence over US politics? Don't students in the US dream about working for e.g. Apple? What does make you to think that Korea will not develop in the future? Why didn't you mention about Korean shipbulding or Korean entertainment that both bring a lot of cash to the economy? What about personal debt in Korea and high cost of appartments in Seoul? And which investors are weary about Korea? Mate, Korea has a lot of problems, but your arguments are shallow.
Democracy 😅😂😂😂. Military rule happened.
CCP bot detected
Tiemamen wumao
have you seen the north? it's a communist autocracy last I checked.
6th
kdramas will save SK
Hey, wait, you're declaring South Korea's economic miracle is over just today?
I think you are... wait a minute, when did you make the first dedicated episode about South Korea...
Oh, right. You're at least 20 months late to notice it.🤣🤣
How about you compare COMMUNIST China with DEMOCRATIC/CAPITALISTIC India too???
How about that?
And how about try sanctioning South Korea to the extent which the North was sanctioned in its infantile/growing years, and watch out just how well capitalism/democracy would enable it excel?
Be for real bro.
China isn't communist
😂 In reality China is more capitalist than India . Democracy wise Yes India is far more organised Democracy
Hmm.. well.. since it is not the first time we heard South Korea is hopeless blah blah from your seniors.. it's not another reliable analysis to me.. that's true that crisis in this time is severe.. but 4,000 years long nation doesn't fail easily..
Watching these new cryptocurrencies race must be a bit like watching the horses run.
Put your money in to win.