Korea And The World
Yunhwa Sung
1155061299
2015-03-01
GLBS 3402 Korea and the World: Politics, Economy and Culture
2. What is ‘economic democratization’ in South Korean society? Do you think is it a possible way to resolve the current problems on economic structure, business culture and employment crisis in South Korea? Please elaborate your answer with examples. Economic democratization stands for the argument that unequal distribution of wealth which is confined to big corporations should be relieved by legislative law with political communities and civic groups as the central figures. And according to the South Korea’s constitution, ‘the State may regulate and coordinate economic affairs in order to maintain the balanced growth and stability of the national economy, to ensure proper distribution of income, to prevent the domination of the market and the abuse of economic power, and to democratize the economy through harmony among the economic agents.’(Article 119) In that sense, despite the nation respect principle of free market economic, it can interfere in order to prevent weighted wealth towards the major large companies. Hence, the politicians support for the economic democratization to relieve the gap between the rich and poor based on the article number 119 constitution. However, will this have the impact on resolving the present South Korean society’s problems in terms of economic structure, business culture and employment crisis? Rather I believe that the name of the economic democratization will not only put the society in chaos but also it will make the majority of citizens aggressive. Economic democratization is another name of privatization. That is, the public enterprises come under private management for the sake of ultimate cost-effectiveness for the citizens. To be more specific, unlike private general companies go on bankrupt, the public corporations run from citizen’s tax even if they go deficit budget. Hence a number of South Korea’s public enterprises sit
1155061299
2015-03-01
GLBS 3402 Korea and the World: Politics, Economy and Culture
2. What is ‘economic democratization’ in South Korean society? Do you think is it a possible way to resolve the current problems on economic structure, business culture and employment crisis in South Korea? Please elaborate your answer with examples. Economic democratization stands for the argument that unequal distribution of wealth which is confined to big corporations should be relieved by legislative law with political communities and civic groups as the central figures. And according to the South Korea’s constitution, ‘the State may regulate and coordinate economic affairs in order to maintain the balanced growth and stability of the national economy, to ensure proper distribution of income, to prevent the domination of the market and the abuse of economic power, and to democratize the economy through harmony among the economic agents.’(Article 119) In that sense, despite the nation respect principle of free market economic, it can interfere in order to prevent weighted wealth towards the major large companies. Hence, the politicians support for the economic democratization to relieve the gap between the rich and poor based on the article number 119 constitution. However, will this have the impact on resolving the present South Korean society’s problems in terms of economic structure, business culture and employment crisis? Rather I believe that the name of the economic democratization will not only put the society in chaos but also it will make the majority of citizens aggressive. Economic democratization is another name of privatization. That is, the public enterprises come under private management for the sake of ultimate cost-effectiveness for the citizens. To be more specific, unlike private general companies go on bankrupt, the public corporations run from citizen’s tax even if they go deficit budget. Hence a number of South Korea’s public enterprises sit
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