一口气了解韩国经济
Summary
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Q & A
韩国经济的快速腾飞有哪些主要推动力量?
-1、朴正熙的经济导向政策,重视出口与工业发展。2、大企业财阀(韩国企业集团)的兴起和政府支持。3、教育和劳动力。4、美日等外资的输入。
朴正熙执政期间韩国经济增长率达到多少?
-朴正熙执政期间,韩国经济年均增速达到10%左右,最高一次达到11.5%。
财阀制度对韩国经济发展的正面和负面影响分别是什么?
-正面:1、政府扶持大企业集团加快韩国经济工业化。2、大企业的竞争力提升韩国整体产业实力。负面:1、扭曲市场经济,压制中小企业的发展。2、与政府高度勾结,导致腐败现象盛行。
20世纪90年代以后,韩国GDP为什么能继续保持较快增长?
-1、经济基础雄厚,金融危机后较快恢复。2、成功转型至技术和服务业。3、企业如三星、现代汽车等在国际市场具备竞争力。
韩国为什么生育率极低?
-韩国人将大量精力投入到教育和工作中,压力过大,没有时间和精力生育,且担心子女将来也需要承受巨大压力,所以选择不生育。
三星如何能在韩国站稳脚跟60多年?
-1、不断创新和转型,抓住各个时代机遇。2、擅长利用政商网络获得政府支持。3、积极与美日资本合作,吸收先进技术。4、强大执行力,战略布局国际市场。
韩国银行体系的主要问题是什么?
-1、银行违背市场经济规律,政府过度保护和担保导致缺乏竞争力。2、因政府支持,银行过度放贷给不适合的企业。3、导致严重的房地产投机和杠杆过高。
韩国首尔大学有什么重要意义?
-1、韩国最顶尖的大学,被称为SKY之一。2、大多数韩国学生的教育目标就是进入首尔大学等顶级高校。3、进入三星等顶级企业的主要途径。
韩国的教育热潮有哪些问题?
-1、学生压力过大,学习时间过长。2、家庭开支的巨大经济负担。3、统一的教育方式压制个性发展。4、教育成果与快乐指数矛盾。
朝鲜战争后南北韩谁经济实力较强?
-朝鲜战争结束后,由于北韩获得朝鲜半岛大部分的重工业基地和矿产资源,所以一度经济实力明显强于韩国,韩国曾有人偷渡到北韩谋生。
Outlines
📈 韩国经济的起飞与挑战
这一段介绍了韩国自1960年代以来令人瞩目的经济发展历程。尽管韩国在60年代是世界上最贫穷的国家之一,但在接下来的30年里,其经济以每年10%的速度增长,成为世界第12大经济体。这一飞跃得益于如三星和现代这样的世界知名公司的崛起,以及韩国娱乐产业的全球影响力。然而,这段也指出了韩国经济发展中的一些问题,如财阀系统的统治、政府与企业之间的勾结和腐败问题,以及韩国人民在发展过程中面临的幸福感低下和自杀率高等社会问题。
🚀 经济策略与朴正熙的影响
第二段深入探讨了韩国如何在朴正熙的领导下,通过明确的经济策略和政府对特定产业的支持实现快速发展。朴正熙通过实行以出口和工业为主导的经济模式,促使韩国经济迅速崛起。同时,这一时期韩国政府与财阀之间的密切合作,为韩国经济的快速发展奠定了基础,但也埋下了日后问题的种子。此外,教育和外资的引入,尤其是美国在越南战争期间对韩国的支持,对韩国的经济发展起到了重要的推动作用。
🏛 财阀体系的形成与弊端
第三段讨论了韩国财阀体系的形成及其对经济和政治的深远影响。朴正熙政府通过对特定企业和产业的支持,促进了财阀如三星、现代的崛起,这些财阀成为韩国经济发展的重要支柱。然而,随着时间的推移,财阀体系开始显示出其负面影响,包括对政治的过度影响、市场竞争的扭曲和腐败问题的加剧。这段还指出了教育体系的作用,以及外资,特别是美国和日本资本对韩国经济发展的重要贡献。
📉 经济危机与改革挑战
这一段分析了韩国面临的经济危机,以及为解决这些危机所做出的努力。1997年亚洲金融危机对韩国经济造成了重大打击,迫使韩国政府从IMF获得巨额贷款并实施银行业改革。这段还讨论了韩国银行业的问题,包括其对财阀的依赖以及房地产市场的问题,特别是“全租制”对经济和社会的影响。
🏫 教育热潮与社会压力
最后一段探讨了韩国社会对教育的极度重视以及其带来的社会压力。高度竞争的教育系统导致学生和家庭承受巨大压力,为了进入顶尖大学和大型企业而不懈努力。这种压力不仅影响了个人的幸福感,也导致了一系列社会问题,如低出生率和高自杀率。这段还指出,尽管韩国经济在表面上看起来依然强劲,但这些社会问题揭示了其发展模式的潜在弱点。
Mindmap
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Highlights
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Transcripts
Hi,
Today we’ll talk about one
very interesting country
South Korea
During 1960, South Korea was
one of the poorest country in the world
Their GDP is only one third of North Korea
However in the next 30 years
their economy grew
at a rate of 10% per year
GDP growth rate soared
With world-renowned companies
like Samsung and Hyundai
The entertainment industry has also taken the world by storm
It became the 12th largest economy in the world
But South Korea is also dominated by the Chaebol
Collusion between government and business is rife with corruption
There aren't too many presidents who haven't been involved in bribery
Has the lowest happiness index
in the developed world
highest suicide rate
lowest fertility rate in the world
How does it develop so fast while at the same time
the citizens become so unhappy
What makes South Korea
an economy that is so strange
From 1910
Half of the Korea
was colonised by Japan
until the end of WW II in 1945
Korea was divided into two
by 38 degrees north latitude
and formed North Korea and South Korea
From 1950 to 1953,
The three-year Korean War broke out
South Korea's opening hand
could not have been worse
being colonised for over 30 years
and experienced war
almost all their industrial facility
were destroyed
It was the poorest country in the world at that time
GDP per capita was only $67
one-thirtieth that of the United States
They were even poorer than North Korea
That 38 degree line
may look even in terms of size
but North Korea was given
most of the mineral resources
and heavy industries
About 80% of electricity generation
comes from North Korea
Meanwhile at the South
they basically are left with only agriculture
It's maddening
So at that time
some South Korean wanted to sneak into
North Korea because they were too poor
A decade before South Korea independent
they were called as First Republic
South Korea was under
dictatorship of first president
Syngman Rhee
Do you think this is the time when
South Korea begins to rise?
No
Syngman Rhee’s government didn’t try
to improve basic infrastructure
So how did South Korea survive then?
Most of their foreign reserve
and 80% of their government’s income
were from US
Due to over-dependent
on overseas capital
this distorted economic situation
became a source of
a phenomenon we mentioned
few times before
Crony Capitalism
Collusion between government and business
Everything depends on money
This also fosters many
companies with government links
like Samsung and LG
The first batch of Chaebol in South Korea
We all know that South Korea's chaebol system
is at its peak
but at the time it was still at the early stage
let’s take it slowly.
In sum, during Syngman Rhee’s time
South Korea economy
was not improved
The real GDP growth rate per capita
was only 2%
In 1961
There was a general called Park Chung-Hee
There was a general called Park Chung-Hee
launched a coup and
ruled South Korea for 18 years.
When you hear Warlord
it sounds like a suppressed economy
Let me tell you this
Park Chung-Hee is different
You must remember
his name because
this is an important figure
for South Korea
From 1961, during his reign
South Korea’s economy begin to develop rapidly
From a country relying on the relief of the United States,
to
one of Four Asian Tigers
This development is known as the Miracle on the Han River
Park Chung-Hee was the founder of
Miracle on the Han River
You might think that
today’s content is putting
Park Chung-Hee on a high position
Afterall this is a dictatorship
All kinds of suppression, arbitrary exclusion of dissent and so on
were still a problem
However today
we’ll talk on the economy side
He did lead South Korea
and made a comeback
So most South Koreans
are still thankful to Park Chung-Hee
The reviews have been pretty positive
Although Park Chung-Hee
was not economically savvy
but his vision was unique
and has long-term view
He took the problem at the root
He knew that with South Korea’s
precarious situation
everyone had eyes on him
The internal political situation is also extremely unstable
In his words
you can only live like a beggar
depending on US
This certainly won’t do
To stabilise the politic
and fight against North Korea
They need to develop the economy
Stability in economy
Independent in economy
So he really focused on economic development
and vowed to pull South Korea
out of poverty
In January 1962
Park Chung-Hee proposed
the first 5-year plan which
established the overall development direction of South Korea
and that is export-led
and industrial-led economy
Although there were many problems
while executing this plan
but their GDP rate
achieved 8.3%
Export growth rate reached 29%
The next 5 year plan
was even greater
Average annual GDP growth rate
reached a staggering 11.5%
With the gradual accumulation of Korean technology
at the end of Park Jung-Hee era
including Chun Doo-Hwan era
South Korea successfully transitioned to heavy industry
Like steel, shipbuilding, mechatronics
they are top exporters in the world
it is really
The first 5 year plan proposed by Park Jung-Hee
Export and industrial led
were deepened all the way
Looking at the
global situation at the time
especially South Korea’s
geopolitical position
their policy in focusing on
export and industrial is not strange
This was what Japan was doing
The point is how do you execute the plan
fast and accurately
once you have the target
Almost every 5 year plan
has exceeded the goal.
this is the difficult part
also the point where I think
Park Chung-Hee is incredible at
So how did he do it?
I conclude that
He benefited from two pillars and one push
Let’s look at the first pillar,
This is actually
does not conform with
free competition, survival of the fittest
as often said in economy
Park Chun-hee was a warlord after all
He didn’t practice
policy support
or encourage SME
and hoping one giant will emerge
in few years’ time
He set a target
distribute it to a few specific people and
specific companies to execute it
For example if he wanted to develop fertilizer industry
then he will find the most capable
and most obedient company
like Samsung
He will give full policy support
and preferential on loan
Just get on this big project
and develop fertilizers factories
so that South Korea can enter
self-sufficiency state the soonest
On one hand, Samsung really has strong capability
on another
they have the strongest policy support
so Samsung managed to establish
largest fertilizer company in the country
See this precise regulation
is actually
highly efficient for
Park Chung-Hee’s government
Responsibility is also very clear
If they want to develop one industry
just find a company
or one person in charge
to manage it well
So under this model, it foster
a large batch of mega corporation
which is the first pillar of
Park Chung-Hee economy theory
Chaebol
This officially opened
the pandora box of Chaebol system
What is a Chaebol
are all big companies Chaebol?
Not really
There are many big companies
Many countries have big companies
But when we mention Chaebol
the first country comes to mind is South Korea
So definition for Chaebol
is not as simple as just big
Lin concluded that
the real chaebols have two major characteristics
: one is that they are
One is it’s familial
So these South Korea Chaebol
are actually controlled by family members
at the same time closely linked to government
A mega corporation
Doesn’t it
sound similar to Japan’s
Zaibatsu
actually there are some similarity
but the biggest difference is that
Zaibatsu’s core
is a giant bank
expanding business
South Korea’s Chaebol they don’t have bank business
Banking Industry
had been under Park Chung-Hee’s control
This is one of the way he could
control these
Chaebol
Actually when he first reign
one of the thing he did
was to punish
Chaebol in Syngman Rhee’s era
He punished many of them and
even jailed 51
of those business tycoons
One of them included
head of Samsung Lee Byung-chul
However after communicating with Lee Byung-Chul
Park Chung-Hee changed his attitude
180 degree
He decided to work with chaebol
and use them more than ever before
So each important industry in South Korea
are slowly being controlled by these Chaebol
The largest ones are
Samsung, LG, Hyundai
Hanjin, Daewoo and etc
The government has the chaebol in tight grip
through their banking system
Government decides whom they should loan money to and
interest rate is decided by the government
So these chaebol of course
would suck up to the government
because Chaebol needs government support
to get capital and policy
Government needs
Chaebol’s money and influence
to help them control and
oppress competitors
The trading of power and money
on and off the table became
more and more common
collusion between the government and the business
When you hear the word collusion
definitely not a very good word
But for people like Park Chung-Hee and Chun Doo-Hwan
military dictatorship
they wanted to develop economy
through this kind of collusion
because their target is very clear
that is to develop economy
so Chaebol with full government support
needs to come out with good result
if not they’ll be removed
or not getting any support
someone else will get it instead
So during that era
The Chaebol in South Korea
had been constantly changing
In 1965
Top 100 companies
only left with 22 companies
after a decade
Since then, large Korean companies
have maintained such a turnover rate
There are some companies that are strong
and have certain means
have managed to developed well for the past 30 years
For example, in South Korea there’s someone
called Chung Ju-yung
He has very strong capability, focus on infrastructure
He helped US military and Korean government on
some infrastructure projects
like constructing buildings, bridges and etc
Park Chung-hee realised that
he is very efficient
and always finish ahead of schedule
So he decided to
fully support Chung Ju-yung
and let his company become
the giant in South Korea infrastructure industry
This company later became
Hyundai group
In 1967,
Park Chung-hee learnt from
their neighbour Japan
to start automobile industry
so he asked Chung Ju-yung
bro, do you want to get into automobile industry
Chung Ju-yung said okay let me try
So he established Hyundai Motor Corporation
Due to their outstanding performance
they’ve been getting full support from government
becoming top chaebol in South Korea
This is just an example
In many of the ever-changing chaebol in South Korea
Four of them keep growing
and became top four chaebol in South Korea
Samsung, Hyundai, LG, SK,
Take note here
There are two misconception when we
talk about chaebol
One is that you may think that
chaebol is equal to monopoly
actually it’s not like that
Park Chung-hee was aware how monopoly
could be destructive to an economy
Although he still fully support certain corporation
but in overall he still supported competition
Try not to let an industry be monopolized
by only one company
This is why
these chaebol
keeps changing
Another misconception is that chaebol equal to corruption
Collusion between government and business
could only means corruption right
but there’s a difference
Corruption generally means
a system in overall is corrupted
from top to bottom
whatever you do needs money
this is corruption
but it’s not the case with South Korea at the time
There are some major transaction
at the top level decision making
Later of course
slowly developed into something else
we’ll talk about this later
we’ll talk about this later
We were talking about chaebol system
and how it is the pillar to South Korea
rapid rise
Actually
there’s another invisible pillar
that is education
You know that South Korea and Japan
as well as China at a later time
have all experienced miraculous economy development
I believe education
is one of the very important driving forces behind it,
or can be said
one of the most important driving forces.
You can see that
When the country is underdeveloped
when income per capita is very low
the quality of the population is very high and
and education level is high
this means you can find
high quality but cheap labour
in these countries
so they become
world factory
This is highly related to culture
I don’t know if you noticed that
compared to other countries in the world
East Asian culture focus more on education
If you can nurture a college graduate
you can be proud
If you can be a professor
then you’ll be the pride of the family
Social status is important
doesn’t matter how much you earn
We’re getting far
It was like this for South Korea at the time
After war ended
Education level
began to increase rapidly.
During Park Chung-hee era
he established
The development strategy of building a nation through education
one fifth of government budget
goes to education
Moreover they are hardworking
you can use one tenth of the cost
to create 2.5 times production
of US workers
using South Korean workers
It’s impossible if they don’t rise with this
We’ve talked about the two pillars
The big push is actually foreign capital
We mentioned earlier that
during Syngman Rhee era
they actually
rely heavily on US support
US is no fool
they can’t keep
sending money to South Korea
during the late Syngman Rhee era
we can already see
that US was reducing the monetary support to South Korea
During Park Chung-hee era
he was not happy with South Korea getting money
from US
the early days, he even restricted
foreign capital including those from US and Japan
to enter South Korea
Then why did I say
the push for Miracle on the Han River is foreign capital?
This is because
there was a very important war
Vietnam war
Vietnam war
From 1955 to 1975
a war that lasted over two decades
South Korea provided over 300,000 soldiers
to support US
this can be counted as
using power of entire nation to help US
so as compensation
US government compensate South Korea with
large amount of monetary support
technical support and order
Many infrastructure project in Vietnam
was given directly to Hyundai
including infrastructure projects in Middle East
was handed to South Korea specifically Hyundai
under US support
This is why
Hyundai can rise so rapidly
Because Hyundai
covered the infrastructure projects in Middle East
that they managed to escape
the strike of
two oil crises on the 80s
South Korea, a country that is
a pure oil importing country
and export-led nation
While US and EU was heavily impacted during oil crisis
South Korea should be affected as well
but in the 80s
They maintained
10% of GDP growth rate
due to one reason
that is oil crisis caused
Middle East to earn so much money that they invested in building infrastructure
the money was earned by South Korea
Dubai’s Burj Khalifa
Kuala Lumpur’s Twin Tower
Taipei 101
were all constructed by Samsung Group
These are some of the
best construction projects in the world
can you see how competitive South Korean companies are
We were talking about foreign capital from US
actually for South Korea
another big foreign capital is
Japan
Although historically
South Korea and Japan have been having animosity towards each other
but in the face of economy development
and of course money
they would work together
South Korea
opened up investment channel for Japan
That was during
the era of Japan miraculous economic rise
The demand was certainly huge
Japan was world factory
and South Korea was small World factory
at the same time was Japan’s factory
In sum
From 1962 to 1979
throughout entire Park Chung-hee’s era
South Korea absorbed capital and technology
from US and Japan
as well as production model
It is definitely the most direct booster
for its economic development
From 1961 to 1987
27 years of military dictatorship
South Korea GDP per capita
grew from
less than a quarter of global GDP per capita
to double the global GDP per capita
It’s no wonder it’s being
called as miraculous
Due to pressure from many sides
to reinstate democratic presidential election
the democratic election of the president
and enter democracy era
At that time, the whole world was promoting
liberalisation and encourage competition
South Korea followed the trend
and welcomed another rapid growth
During the first 5 year plan
Average GDP was at 10%
GDP climbed to the 15th place in the world
Sounds amazing right
But this time South Korea was already
eroded from the bottom
bit by bit
and spread to every corner of the country
This goes back to the chaebol
This goes back to the chaebol
Chaebol was already rampant since the beginning
so why does the erosion begin later?
This is a bit different
during military dictatorship
chaebol cozied up with warlord
and warlord gave benefits to chaebol
just transaction at the top
now that they are entering democratic election
everything changes
Probably South Korean was traumatised
by dictators and colonizers,
this time the legislation stated that
the President can only sit for 5 years
and cannot be re-elected
In other word
For each President
no matter they are good or bad
they only get 5 years
the seat is not even warm yet and they’ll have to go
This can certainly prevent dictator
but the President
keeps changing
the only one that remain unchanged is
the Chaebol
Before this Chaebol had
to care what
Park Chung-hee and Chun Doo-hwan think
pressured by the warlord
Now they’re gone
the financial system no longer regulating them
the government also changes every 5 years
so they won’t form a strong government
However chaebol remain unchanged
so they can use bribery
to manipulate elections
If the president
got elected on his own merits
then he could possibly fight
the chaebol
If he got elected
with the help of chaebol throughout election
or that he couldn’t possibly get elected
without chaebol
then there’s no way
he would sanction
the chaebol during his presidency
Almost every South Korean President
were exposed with
their family or themselves taking bribe
The people called this as
curse of Blue House
During military dictatorship
although chaebol has great influence
but corruption wasn’t that bad
however during democratic period
the chaebol extended their hands
to every corner
in the government
and even inside judiciary department
Chaebol’s grip on the entire nation’s
economy
as well as policy and judiciary system
are getting stronger
You see before 1985
chaebol continued to change
but after 1985
The Four chaebol
hasn’t changed till now
ever standing
You don’t need to know the details
to be able to imagine
how much shady business inside there
In terms of economy
Chaebol’s power grew
stronger than ever
In 1990, the output value created by 5 chaebol
Samsung, LG, SK, Hyundai, Lotte
has occupied two third of
total national GDP
There’s nothing you can do with these corporations
Even if you are determined to restructure it
you can’t do much
because South Korea’s economy
relied on them
so these chaebols
are expanding even more rampantly
Using the liberalisation of financial market
to increase leverage and borrow as much as possible
they even expanded a lot of subsidiaries
As South Korea
liberalise their market
Another problem began
to slowly surface
and that is their banking system
We mentioned many times how important
banking system is
Actually during military dictatorship
Park Chung-hee was quite clever
he used the banking system
to control these chaebol
and control the bank on his own hands
and control the lifeline of the economy
In long-term this strategy
has a huge negative impact
The banking system
had been protected and guaranteed
by the government
which reduce their competitiveness
causing money to be given to people
who shouldn't be getting it
Those who really need to borrow money
won’t be getting it
So what would these people do
They developed a very new
financial model
called Jeonse model
This is the cause
of South Korea’s real estate crisis
happening this year
This thing
is related to banking system
we’ll talk a little bit about it
In normal rental
tenant pays to landlord monthly
say $5000 rental fee
but in Jeonse model
If the house is valued at $1 million
tenant wanted to rent for two years
then they’ll have to pay
say $600,000
as deposit
In these two years
tenant don’t have to pay rental
and two years later when tenant wanted to move
landlord will give back all $600,000
So what is the relation between
Jeonse and bank?
If I have a property
I can get money from the bank through mortgage
but due to bank’s inefficiency
they don’t loan money to these people
they use Jeonse model
to get a mortgage from a tenant
this is a rather novel way
but the problem is that
as a landlord
I spent $1 million to buy a house
when it’s rented out
I’ll get $600,000
this will cause
Serious real estate speculation
Look at South Korea’s debt-to-GDP ratio
keeps climbing up
even surpass 100% mark
What does this 100% means?
US, a country that loves to play on leverage
during the peak of subprime mortgage crisis
the ratio didn’t even reach 100%
now it’s at 74%
You can see
Jeonse model widened the leverage in South Korea
What is the nemesis of leverage
interest rates hike
For the past two years, South Korea suddenly increased interest rates rapidly
the leverage couldn’t hold
In a year, house prices fell by 30%
turnover rate dropped by 70%
.Of course
Jeonse model is another big topic
we won’t get into details today
We’ll talk about it in future
Alright, the relatively backward
banking industry
apart from causing Jeonse model problem
caused another direct problem
In 1997
The financial crisis swept Asia
Southeast Asian countries collapsed one after another
The market thought that
a strong economy like South Korea
won’t be affected much
but it fell hard
The capital wanted
to try striking on it
who knew that these chaebol
actually depended heavily on taking loan
their subsidiaries are not earning profit
They managed to survive through very low
bank loan
The bank used to be supported by government
so they were recklessly loaning out money
now that the strike hit home
banks and many chaebol
faced capital chain crisis
This brought
the entire South Korean economy under the water
South Korea had to borrow from IMF
$58 billion
This is the largest loan IMF had ever
given out at that time
Of course
after 1998 financial crisis
South Korea did reform
the banking industry in large scale
But the banking industry
tends to have
butterfly effect
So you can only reform it step by step
and the step cannot be too big
So until now
compared to
other developed economy
South Korea’s banking industry is their weakness
On Chaebol side
everyone thought
the ever standing chaebol wouldn’t fall
After financial crisis
there are 55 corporations bankrupted
One of them includes
South Korea’s second largest chaebol Daewoo
It was also the largest bankruptcy in
South Korea's history at the time.
And Samsung Motors, which was just established
also completely collapsed.
This become Samsung’s
most embarrassing
failure case
South Korea’s GDP
fell by 5.1% in 1998
Many chaebold had to
severe from
their subsidiaries
Some foreign capitals
and companies
that were doing well
took the opportunity
For example
Hyundai acquired Kia
and monopolise South Korea’s automobile market
However South Korea’s economic foundation
is strong in overall
their capital flow
recovered very fast
after the financial crisis
the overall size of the chaebol
did reduced compared to
before 1997
but their overall position are unshakeable
Currently in South Korea stock market
In top 50 companies
47 of them are chaebol
Actually after financial crisis
South Korea’s economy development
have been quite fast
although not as fast as during Miracle on the Han River
with double digits growth
but they are also successfully transformed to
technology and service industry
Companies like Samsung, Hyundai, LG
not only competitive domestically
even in international market
they are able to compete
The sectors that these chaebol are involved in
are actually South Korea’s strength industries
like electronics, ship building
automobile, chips and etc
South Korea GDP per capita
grow to $35000
catching up with Japan
From the data,
South Korea’s economic miracle seems to be continuing
Behind all these numbers
Just like we mentioned earlier
Among developed countries, South Korea has
the highest suicide rate
lowest happiness index
and longest working hours
Actually these are
the consequences of Miracle on the Han River
that are slowly emerging
One of the cause of these problems
is the chaebol’s control
on politics and economy
that causes class stratification in the economy
The powerful chaebol
distorted and suppressed market competition
From a short-term overall point of view
this doesn’t seem to be a big problem
the chaebol indeed are developing fast
but in long-term
many South Korean ordinary workers
their choices are limited
It’s like all their target
are incredibly unanimous
Attend good high school
get good grades to go good university
work hard to get into the top four chaebol
and work harder to get into management
Regardless it’s from culture
or from the entire system
South Korean have an excessive
pursue towards education
There’s a term called Education Fever
Education Fever
This term is specifically used to describe South Korean’s
students’ life
is basically filled with examination and tuition
Over 95% of the students
participate in extra classes
in Koreans, it’s called Hagwon
For South Korean family
one fifth of their expenditure
goes to these extra classes
Many South Korean high schoolers
have to get up at 5 or 6 in the morning to go to school
after school ended
they have to take self-lesson till 11 or 12 in the night
Not only that
they have to go to Hagwon
and studied until 2 or 3 in the morning
Their ultimate target is
to get into the top 3 school in South Korea
Seoul National University
Korea University and Yonsei University
In short SKY
All students work their ass off
just to get into SKY
Do you think when you get into SKY
you can finally relax
in your dream
You are still walking on tight rope
because after you graduate
you need to try your hardest to get into
the top 4 chaebol
Every year Samsung will
conduct a test for the graduates
About 100,000 people showed up for the test
And in these 100,000 people
only less than 10% of them will be selected
If you can get into Samsung after you graduated
your family will be so proud of you
After you get into companies like Samsung and Hyundai
you still have to
work your way through the corporate ladder
slowly climbing your way up
South Korea has the longest average
working hours of any developed country
Not only long working hours
similar to Japan
you have to go socialise after work
and they have a drinking culture
most of it are semi compulsory
This stratified social ladder
makes South Korean
spend all their life working very hard
Whatever you do
there’ll be a unified standard
everyone fighting to go through the same bridge
Although GDP goes up
but their people are under a lot of pressure
Working hard in education and at work
bring a lot of pressure
and negative emotion for South Koreans
This might not reflect in economy data
like GDP, unemployment rate
in economic data such as GDP, unemployment rate, and inflation,
but its impact is way bigger for modern South Korean
especially their younger population
I randomly asked a few
of my Korean friends
all of them felt the same way
living in South Korea is too depressive
There’s always that one unified standard
that restrain you
everyone is on a rat race
the society is filled with hostility
the rat race and low happiness index
lead to another
serious problem,
which is the decline in birth rate.
Everyone is so busy at work
they don’t have the extra energy
to give birth and care for their children
Even if they choose to give birth
parents will have to worry for their children
whether they can enter SKY, enter Samsung
Better not give birth at all
South Korea’s birth rate is only 0.84
Normally birth rate needs to be slightly more than 2
to ensure population remain unchanged
below 1.5 is considered as
low birth rate
South Korea’s 0.84 is the lowest in the world
You can imagine the pressure behind it
Take a look at South Korea’s population structure
We're looking at this again
the bottom is rapidly decreasing
If we compare their birth rate
with Japan
the shape is familiar right
the only difference is the time
Look at Japan’s population structure
The big part is age 70 - 75
This means there was a population boom
around 70 to 75 years ago
That happened to be after WW II
The era where Japan’s economy was rising
everyone was giving birth
Look at South Korea
The big part is age 60s
This was during the 1960s
during Park Chung-hee’s dictatorship
the beginning of Miracle on the Han River
Did you notice
from population structure
you can basically guess
a country’s history and economy
Looking at South Korea’s population structure
it looks nice currently
the middle part is big
they are all at working age
creating GDP
There are very few old people and children
that need support
With such population structure
it’s no wonder they can develop so fast
In another 20 – 30 years
when new born number drastically decreasing
When these young people enter old age
this is not optimistic
South Korea is an economic body
that is rather strange
A booming economy with high suicide rate
High technology and innovation but controlled by chaebol
Among these chaebol
one that we are most familiar with
also the one
we mentioned most today
Samsung
It is a
very incredible company
it has been standing since
South Korea independence
Presidents, warlords come and go
but Samsung is still here
60 years ago they were at the top
now they still are
It’s not a big deal for a company to last 60 – 70 years
but to remain at the top for so long
it’s really rare
So now many
calls South Korea as Republic of Samsung
How did they
stand at the top, manage the warlords
How did the three generations of Samsung leaders
fight for legitimacy
How did the Samsung leader got sentenced many times
yet released once and once again
Stay tuned for next episode
The Dark Giant: Samsung
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