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| Is Korea the Hub of Asia? |
| Yes. Korea is the center of the Asian commerce world. |
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| No. It's a shrimp between two whales. |
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| No, but it sure is Dynamic and Sparkling (tm) ! |
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| Not yet, but it will be eventually. |
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| Total Votes : 13 |
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superacidjax
Joined: 17 Oct 2006
Location: Seoul
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 Posted: Fri May 08, 2009 8:18 am Post subject: Hub of Asia -- why Korea isn't (yet) |
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This is an old (2004) article but wow! does it ever capture the problems with Korea's attempt at being a sparkling Hub of Asia.
http://www.atimes.com/atimes/Korea/FC06Dg05.html |
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Julius
Joined: 27 Jul 2006
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| Posted: Fri May 08, 2009 11:12 pm Post subject: |
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An incisive article.
What always strikes me is how the reasons for Korean failure are plainly obvious to outsiders, but never to Koreans themselves. |
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cangel
Joined: 19 Jun 2003
Location: Jeonju, S. Korea
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| Posted: Sat May 09, 2009 5:33 pm Post subject: |
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| Korea has what every business wants: location, location, location. As the article points out, being situated between China and Japan, Korea's in an ideal position. Unfortunately, and also stated in the article, there's just too much red tape. I do sympathize with small business onwers as I know all too well how import regulations and VATs etc., by the government can really put the kibosh on importing to the ROK. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sat May 09, 2009 9:36 pm Post subject: |
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| cangel wrote: |
| Korea has what every business wants: location, location, location. As the article points out, being situated between China and Japan, Korea's in an ideal position. |
Well, I don't understand this. It isn't like Japan and China are so far apart that a middle port is needed. The ROK won't have ports like Singapore. Nor does a close proximity to the 500 million strong pool of cheap labour in China benefit Korea, though it does benefit Korean firms that can offshore production.
Korea needs to open her economy. Maybe not as much as Hong Kong or Singapore, but goods are ridiculously expensive in the ROK. They'd be wise to think small now. Expand/build a R&D base that builds comparative advantage, improve post-secondary education to raise the standard of the skilled workers. Etc. The ROK doesn't need to be the hub of this and that, she can just grow and increase the standard of living at a reasonable pace. Delusions of grandeur will only serve to take policy makers eye off the prize. |
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Hater Depot
Joined: 29 Mar 2005
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| Posted: Sat May 09, 2009 9:43 pm Post subject: |
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| But mises, all of the political incentives lie in delusional promises. Changing post-secondary education, liberalizing the economy and reducing trade barriers would require taking on very powerful entrenched interests. It's much easier to get elected on LMB's stupid 40-5 or whatever slogan. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sat May 09, 2009 9:53 pm Post subject: |
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I agree.
I believe the ROK's political economy has taken it as far as it can go. The export/protection ISI model can help you develop but plateaus, it seems. |
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