South Korea Case Study
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Globalisation Case Study: South Korea by Dan Nguyen
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www.kewpid.com
Globalisation, an important characteristic within the contemporary economic environment, has resulted in significant changes to individual nations in terms of economic development strategies undertaken by national governments. The term globalisation refers to the integration of local and international economies into a globally unified political, economic and cultural order. Globalisation is not a singular phenomenon however, but a term to describe the forces that transform an economy into one characterised by the embracement of the freer movement of capital, labour, technology, and financial flows.
It is often difficult to determine or categorise and economy as being globalised, yet there are several key indicators that suggest economic management decisions of an economy have in fact been undertaken as a result of globalisation. The main evidence that suggests the burgeoning existence of globalisation is resource use patterns, and the establishment of intergovernmental agreements, as well as transnational corporations. Globalisation has essentially been driven by the breaking of economic barriers between different nations over the last half-century. The global markets have experienced economic liberalisation, resulting from the global drive for the deregulation and micro-economic reform of national economies. These measures have translated into a reduction in the restriction on trade, capital flows, and financial investment. In addition, this economic liberalisation has in part been determined by the current state of technological advancement. As a result of this technology growth, transport costs have reduced dramatically, making trade more costefficient. Communication costs have also reduced due to telecommunication advances, and also, international finance movements have been escalated due to the innovations such the Internet for e-commerce. Therefore there is an
Globalisation Case Study: South Korea by Dan Nguyen
1 of 6
www.kewpid.com
Globalisation, an important characteristic within the contemporary economic environment, has resulted in significant changes to individual nations in terms of economic development strategies undertaken by national governments. The term globalisation refers to the integration of local and international economies into a globally unified political, economic and cultural order. Globalisation is not a singular phenomenon however, but a term to describe the forces that transform an economy into one characterised by the embracement of the freer movement of capital, labour, technology, and financial flows.
It is often difficult to determine or categorise and economy as being globalised, yet there are several key indicators that suggest economic management decisions of an economy have in fact been undertaken as a result of globalisation. The main evidence that suggests the burgeoning existence of globalisation is resource use patterns, and the establishment of intergovernmental agreements, as well as transnational corporations. Globalisation has essentially been driven by the breaking of economic barriers between different nations over the last half-century. The global markets have experienced economic liberalisation, resulting from the global drive for the deregulation and micro-economic reform of national economies. These measures have translated into a reduction in the restriction on trade, capital flows, and financial investment. In addition, this economic liberalisation has in part been determined by the current state of technological advancement. As a result of this technology growth, transport costs have reduced dramatically, making trade more costefficient. Communication costs have also reduced due to telecommunication advances, and also, international finance movements have been escalated due to the innovations such the Internet for e-commerce. Therefore there is an