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Flashcards in South Korea Deck (11):

What did the country accept from the WTO?

To open their economy to free trade


What did the WTO recommendations require South Korea to do?

Gradually reduce subsidies to its rice farmers


In return what did WTO promise?

Promised aid and entrance into the new world economy


Who were the reforms devastating for and why?

Rice farmers - other countries, such as the US, had continued to subsidise their farmers and the Korean farmers couldn't compete


What happened to famers?

Dropped from 6.6 million to 3.6 million in 12 years


In 2003, what were US subsidised rice exports like?

4 times cheaper than the rice produced by Korean farmers


What is Samsung supporting?

Supporting country's globalisation with its partnerships abroad


What is South Korea the fastest country of?

Fastest country to complete a high speed communications network infrastructure


What 2 car manufacturers have had success in Korea?

Hyundai Motor Co. and affiliate Kia Motors


What is the domestic market like?

Globalisation in the domestic market hasn't yet reached its full potential - still a passive view that internal competition would hurt local businesses


What does the Michigan Model of World Production and Trade (Kiyota and Stern 2007) estimate?

Estimate that South Korean GDP could expand by 12% with most gains record din the manufacturing sector, followed by services