Essay About Korean Economy

According to the recent study, "South Korea has achieved economic growth at an unprecedented speed. Observers named this economic growth the “Miracle of the Hangang River”, although most of the country’s industrial facilities were destroyed during the Korean War, and the country was devoid of capital and natural resources."(Culture and Service) Contrary to this unbelievable speed, there are a lot of problems of an economic structure that can be found easily and whether the Korean economy is really developed or not is questionable. Also, even though Korea is economically developed, it has many difficulties in its society and regard themselves as being miserable. There are statistics which show the rate of happiness among Koreans, which received

(‘Korea Ranks among the World’s Lowest in “Happiness Index”’) People spend most of their time working in the office, but they are simultaneously worrying about money and students are not able to take a break to study for success. A number of economic matters have made people’s lives impoverished. Currently, Korea has a number of examples of inversion of truth, regarding money as the best above all. It shows that Korea should take an action to resolve our fundamental economic problems.
Weak Points of Economic System
Although Korea economy looks indifferent outwardly, the inside of it is getting corrupt. They have fundamental problems, such as income gap between the rich and the poor, monopoly of several large firms and so on. Korea's small and medium-sized firms can't produce much compared to export oriented chaebol, operating profits of small sized firms showing 4.5% of sales in 2007, despite 7% for larger ones. (‘What Do You Do When You Reach the Top?’) The monopoly of major companies is at a severe state. Some large firms dominate the market using their richness, which make the small ones to die out. It can be one of the reasons people only remember