Change is a constant. The ability to change at a rate greater than or equal to that constant helps separate successful companies and countries (Kotter, 2012). The US and South Korea serve as examples of countries that have underwent transformational changes the last 50 years. While the US continues to become more specialty oriented, South Korea has completely reinvented itself from the depths of economic futility ("South korea’s education," 2013).
While the US GDP has slowed, it remains a highly sought after trade partner (in part due to consumption and economic well-being). South Korea serves as an example of how economic integration can transform a country. They have done so using their abundance of natural resources to spurn GDP growth. This growth has been reinvested back into their social and economic systems, specifically education. Doing this has created a highly educated and talented pool of human capital available for a fraction of the cost versus other countries (Tai-Hwon, 2014). This increase in human capital has further increased foreign direct investment (FDI) facilitating continued growth of trade with other countries. All this transformation has occurred while starring down democratization of the country and continued tensions with North Korea.
There are a number of intricacies associated with establishing trade partners and trade boundaries. Formal institutions such as governments and world councils establish rules of the game in an effort to create stability. This analysis will evaluate the U.S. economic institution in relation to the rest of the world and compare its growth with another growing country, South Korea. The analysis will highlight important trade partners o...
... middle of paper ...
...eir social and economic development. Both the U.S. and South Korea represents success stories of countries that leveraged economic integration to accelerate its GDP growth rate. This has kept cost down, allowed for utilization of surplus products and foster more peaceful relationships with trading partners.
Gerber, J. (2011). International economics. (5th ed.). Upper Saddle River, NJ: Prentice
Hall.Kotter, J. (2012). Leading change. (1st ed.). Boston MA: Harvard Business Review.
South korea’s education system. (2013, October 26). The Economist, Retrieved from http://www.economist.com/news/leaders/21588373-there-are-perils-country-having-all-your-children-working-too-hard-one-big-exam
Tai-Hwon, K. (2014). Population change and development in korea. Asian Society, Retrieved from http://asiasociety.org/countries/population-change-and-development-korea
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Since 1980s, the world is greatly influenced by the globalisation effects. In a global perspective, advanced economies are more likely to favour the liberalisation theory, which seems to be dominating the world’s economy. In order to compete with other developed countries, European Union(EU) strive to enlarge and synchronise itself. Over the past decades, the globes have witnessed the continuing evolution of the EU, which has been consolidating its integration process with the reality of the common market, such as the Amsterdam Treaty and the adoption of Economic Monetary Union(EMU).... [tags: Europe Economy Economics Tourism Essays]
4072 words (11.6 pages)
- Since the advent of the subprime crisis in 2007 that it is commonly believed to have led to the Great recession and to the present global financial crisis, these issues have been subject to much research. In fact, no one can claim that the Great Recession and the global financial crisis have been under-researched. In fact, the new world recession has been analysed from different angles and perspectives. Historians, economists, financial experts, psychologists, anthropologists and other experts in academic, financial, economic and other fields of research are still analysing the contemporary global financial crisis.... [tags: Economics, Global Markets]
1023 words (2.9 pages)
- In today’s world Asia is an economic power house due to the two largest and most populated countries in the world, China and India. “In the thousand years from 500 to 1500, Asia was an astonishing, connected and creative place. It had the five largest cities in the world, all at the heart of great empires. A few, such as Delhi, Beijing and Istanbul remain major cities today” (Gordon. Pg. Vii). The history shows that these two countries have always been the centre of attention and desired by many invaders for wealth and power.... [tags: Economy, Religion, Culture, Politics]
1392 words (4 pages)
- Introduction A student received his offer letter for the admission into GMBA course, he was working in Australia, so did quick calculation and came up with an amount that he was required to transfer in USD (US dollars) for admission fees. After two months, when he went to the branch of National Australian Bank to transfer the money to Citibank Dubai, he was surprised to know that he need pay around 35% more than his initial estimate ,due to increase in USD to AUD(Australian Dollars) conversion rate.... [tags: Economics Economy]
1365 words (3.9 pages)
- Spain has made an enormous economic improvement in recent years, but it still is behind most of Western Europe. Despite the fact that industry has grown a lot since the 1950s, the country still has problems in trading. Spain mainly trades with Germany, France, Great Britain, and Italy. They mainly export machinery, motor vehicles, wine, food products, fruit and pharmaceuticals. Major imports include machinery and medical equipment while also major fuels, chemicals, foods, manufactured goods and medical instruments.... [tags: Economics]
2291 words (6.5 pages)
- The creation of quick transportation such as cars, trains and planes as well as the internet has linked much of the world together, and one thing that was linked with the technological advancements was the economy. As globalization continues countries slowly become specialized in the global economy. In which each country is no longer self-sufficient and must rely upon each other to provide for the countries’ needs. Through smaller outlets for economic globalization has occurred in the past through trades with foreign nations, but trading system that covers the great distance and necessary goods that economic globalization is unprecedented meaning that the consequences of economic globalizati... [tags: Developed country, Developing country]
1009 words (2.9 pages)
- Chapter 1 1. How can globalization and international economic integration be measured. Measured by: trade flows, factor (labor and capital) movements, and similarity of prices. Also people flow is part of the four criteria 's economist measure. 2. In what ways is the U.S. economy more integrated with the world today than it was a century ago. US trade (imports) more with foreigners than a century ago. US is also less integrated in labor by it being less mobile due to passport controls and work permits.... [tags: World Trade Organization, International trade]
910 words (2.6 pages)
- Economic development is an interdisciplinary, multi-fascistic discipline. In which practitioner’s identify how: to expand, advance, and augment a nation’s economy. Furthermore, practitioners of economic development seek to investigate what influences a nation’s growth potential. As a whole, the discipline explores the how & what, and searches to answer the why. Moreover, besides the underlying textbook definition of what is economic development. I consider the study of development to be a subject offering tools to current & future generations, which grants new growth opportunities to those individuals.... [tags: Wealth Knowledge, Agriculture]
1767 words (5 pages)
- Mobility and Employment Apart from the urbanization that is taking place across all nations, the management theory of organization structure has also evolved drastically over the past century (Hall et al., 2012). Historically, centralization was once the dominating way of structuring an organization, which was denoted by the division of labour and its efficiency in completing the assigned tasks in separated and departmentalized functions, whereas a decentralized organization empowered her employees with decision-making across different level of organizational hierarchy.... [tags: mobility, employment, transportation, economic]
981 words (2.8 pages)
- I. Global Art Market Overview 1. The Art World and The Art Market For the recent last decades, art market has become very popular with a boom in total sale revenue worldwide. People start to participate and pay attention to the art world more interactively and frequently. For example, art institutions have gained more admissions than ever before; museum visits surged globally and more people are willing to pursue an art-related career. Generally speaking, art world is broader than the art market.... [tags: Art World, Art Market, ]
1593 words (4.6 pages)
- Individuals With Disabilities and Especial Education
- Life of Petrarch by Ernest Hatch Wilkins
- Symbol and Ironic References in The Story of an Hour
- The Personified Dream: The Great Gatsby by F. Scott Fitzgerald
- The Gun Control Debate: Is it a Violation of the Constitution?
- The Study of Modernism and Globalization