Special Lecture of Korean Culture

1
Special Lecture of Korean Culture Economy(At
the University of Alabama in Huntsville, Feb. 3,
2003)

• By Dr. Byoung Se Cho
• Professor, Hanyang University
• Seoul, South Korea  
• e-mail byoungsecho_at_hotmail.net /
  byoungsecho_at_hanmail.net Phone (USA)
  256-457-9735 (Korea) 82-16- 414-2007

2
Presentation Outline

• Introduction
• Overview of Korean History Culture
• Korean Economy
• Economic Cooperation Between Korea and China
  Japan
• Current Korean Affairs

3
Overview of Korean History Culture

• Ancestors of Korean People
• Korean People
• Single Race, Single Language, Single Alphabet
• Korean Culture Influenced by Confucianism

4
Influence of Confucianism

• Old and Senior People come First
• Then, Man comes First before woman
• Taking a Serious View of Face, Prestige, Honor,
  Social Status
• Order of Social Status Bureaucrat gt Scholar gt
  Farmer gt Manufacturer gt Merchant
• Honor gt Money
• Taking a Serious View of Loyalty to Nation and
  then Filial Piety to Parents.
• Theoretical thought gt Practical thought
• Deep Complex Mentality ( Chinese) gt Simple
  Mentality
• Paternalism (Nepotism) gt Rationalism

5
Korean Culture

• Korean's Life Style
• Korean's Name
• Recommendation If you want to do business with
  Korea, then you'd better have Korean Name with
  Chinese character.
• Comparison to Korean Neighbors (China Japan)
• Do we all look the same to you?
• Recommendation When you try to do business with
  Northeast Asian countries, as a businessman, you
  should keep in mind these these countries
  Nationality.

6
Korean History Culture

• Kings and Kingdoms
• Buddhism and its Influence
• What is in a name? Goryeo
• Japanese Colony (1910 1945)
• U.S. Military and American Influence
• Current Korea North and South (1948)

7
Historic Korean Economy

• The Trends of World Economies
• Factors of Production
• Geographic, Climate and Cultural Influences
• Background of Korea's Modern Economy
• Joseon Dynasty National Isolation Policy
• Japan Opened Korea's Market by Force (1876)
• Introduction of Modern Economic System
• Japan took Korea's Diplomatic Right by Force
  (1905)
• Japanese Colonial Period (1910 - 1945 35 years)
  
• Independence Movement 1919
• Financial Panic of the World Great Depression
  1929
• 1941 - 1945 WWII

8
Character of Korea's Modern Economy

• Bad Conditions
• Small Territory, Numerous Population, Poor
  Natural Resources, Poor Capital, Confrontation
  between North and South, People's Frustration
• Good Conditions
• Man Power Clever, Diligent, Well Educated
  People, Great Leader, Children's Education,
  Confucianism, Security Umbrella of USA,
  Geographically Close to China, Restructuring
  after Financial Crisis

9
Political Influences

• Japans Centered Economic Plan
• Dependency Theory
• Korea was a Base of Japanese War Industry
• US Military Government (1945 - 1948)
• Korean Government (1948 - Present)
• Korean War (1950 - 1953)
• Military Coup D' Etat (1961- 1979)
• President Park 5 Year Economic Plan
• Liberalization of Economic Policy (1980 - )
• Foreign Currency Crisis (1997)
• Overcome by Restructuring

10
Asian Financial Crisis

• Before Crisis Chronic Trade Deficit Country.
• Net Creditor Nation (10 billion)
• Currency Exchange Rate 1,170 Won / U (January,
  2003)
• Financial Crisis Almost 2,000 Won / U
• Before Crisis Around 800 Won / U

11
Post Asian Crisis

• 12th Largest World Economy
• 10,000 Per capita income
• 4 Billion Trade Volume
• 100 Billion Trade Surplus (1998-2002)
• New Rising IT Industry
• Advantage of populous and prospering Chinese
  economy
• Economic Center for East Asian Countries
• South Korea concern over the threat of War
  between North Korea and USA

12
Geographic Influences
South Korea North Korea
Japan China
13
Economic Cooperation Between China Japan

• Northeast Asian Economic Community
• Necessity of Regional Economic Cooperation
• Koreas Vision to be a Business Hub in Northeast
  Asia
• Specific Plans for Implementation

14
Necessity of Regional Economic Cooperation

• No Practical System of Economic Cooperation
• The Asian Financial Crisis
• Economic Gaps Between Three Countries (China,
  Korea, Japan) Decreasing
• China's Acceptance into the WTO
• Korea-Japan Initiatives for Regional Economic
  Cooperation
• Expanded Integrated Transport Network
• IT Revolution

15
Koreas Vision as a Business Hub for Northeast
Asia

• Korea's Geographic Location
• Logistics Hub
• Business and Financial Hub
• TSR TCR New Silk-Road

16
Implementation Plan Paradigm in Globalizing
World Economy

• Regular Ministerial Meetings for Information
  Sharing
• Establishment of Regional Financial Architecture
• Building a Common Infrastructure for Cyber
  Economics in Northeast Asia
• Legal Institutions for a multi-faceted hub
  project
• Cultivating an Open Mindset

17
Conclusion and QuestionsCultural understanding
and collaboration the key to global success

• Thank you for your time and interest in my
  country!