Increasing globalization of Korean economy- Group 1

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1. Description

With opening financial capital market as a starting point, Korea economy has been undergoing globalization which in turn brings out many ramifications in other fields.

2. Enablers

- globalization as a mega trend in the world

- growing economic interdependence with other countries

- high contribution of export in Korean economic development

3. Inhibitors

-resistance of domestic capital

-some ardent nationalists and anti-enterprise sentiment in current administration

4. Paradigms

globalization is truly a mega trend, engulfing the whole globe. There are not many countries that can resist this powerful flow. Korean economy is not exception as well. in fact, globalization of Korean economy becomes inevitable owing to the increasing interdependency with other nations. Making block economy based on region is a stepping stone towards real globalization and in that respect, by 2015 FTA among Asian countries (such as Korea, Japan, and China) is provable. FDI and other forms of mingling international capital in Korean economy will be also likely.

5. Experts


6. Timing

1995 Word Trade Oranization

1997 IMF crisis related to East-south Asian economic crisis in late 1990s

7. web resources