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Flashcards in South Korea Deck (11):
1

What did the country accept from the WTO?

To open their economy to free trade

2

What did the WTO recommendations require South Korea to do?

Gradually reduce subsidies to its rice farmers

3

In return what did WTO promise?

Promised aid and entrance into the new world economy

4

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

5

What happened to famers?

Dropped from 6.6 million to 3.6 million in 12 years

6

In 2003, what were US subsidised rice exports like?

4 times cheaper than the rice produced by Korean farmers

7

What is Samsung supporting?

Supporting country's globalisation with its partnerships abroad

8

What is South Korea the fastest country of?

Fastest country to complete a high speed communications network infrastructure

9

What 2 car manufacturers have had success in Korea?

Hyundai Motor Co. and affiliate Kia Motors

10

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

11

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