Korean Job Discussion Forums

[MHS]

There are a variety of reasons why the perception of the "current economic situation" distorts things. I dont want to get the regular lame posters all involved here. But we can talk about things like "consumer confidence," and how that has a snowball effect and how that effects our lives in a hagwan on a daily basis. People dont get far past headlines.

It's mostly the media at work, there are people in this country who think they can speak english and those who think they can write english, those who think they can use english to actually find buyers for their products and there are those who can't.

Even worse, there are those of us who come from a western background and can't explain why its the reason any of us are here in the first place.

Is Asia the future? How easy is it to turn around a battle ship? Lets bore me.

[conbon78]

I sort of think that Asia is the future because right now, Korea is like 1950s America. They still have a long way to go to be truly developed and become an actual global leader (if that can ever happen). Companies like Samsung & LG have done a great job at really competing in this global market, but many others have not. The housing market here still continues to rise, as it did in the US for so long. Realty is that they have a lot of problems that they will need to overcome before they can really be a real global leader.

With that said...China...since they own most of American businesses, has a chance to become a world leader. However, I feel like Japan has run its course.

Just my opinion.

[Triban]

Conbon hit the nail on the head. Japan is falling, Korea is rising, China is set up to be the new power.

[outkast_3000]

I think that's oversimplified and not getting beyond the headlines, to borrow a phrase from MHS, as to the emerging Chinese dragon.

China is deeply entrenched in the global market, and will have a significant influence in any market transaction that occurs throughout the world - have you ever tried to NOT buy Chinese? Not impossible but tough. However, the strength of China's exports elides some very uncomfortable data within the country. What is at the core of this rapid growth? People. Mountains and mountains of cheap labour - that's what China's core strength is built around. It's the people willing to work pennies to the dollar wages earned in modern industrialized nations. The uncomfortable data for China is that currently 10% of its population is over 60. Think about that, for a population of 1.3 billion, that's 130 million people who are and will need some kind of social welfare system. That's a lot of dependent mouths to feed, and it only figures to grow. By 2030, that 130 million will likely double and reach nearly 300 million - which is almost the population of America. Imagine that many people requiring social aid/assistance since they can no longer work. It's catastrophic, especially when you factor in the replacement rates of the ageing population due to the one child policy. For every one child, two parents, and four grandparents. The fact is, China has long given up on cradle to the grave social security, and it's the children who will bear most of this agony. The common equation bandied about these days in Shanghai is 4-2-1 (4 grandparents, 2 parents, 1 child). As the Economist reported recently, China will very likely be that anomaly of a developing country that gets old before it gets rich. And this is just one huge challenge China faces, as there are a myriad of things going on that continue to undermine this dream-like growth.

China's economy will continue to grow, and they will surpass Japan sometime in the following year as the nation with the second largest GDP, but it's a shaky foundation this growth is all founded on, yet people choose to ignore it.

Sorry, this had little to do with the OP's post, but I couldn't help but inject some reality into the whole "China will become the next great economic superpower" statement. I'm not saying it won't happen, but it's not as written in stone as people might think, and there's an overwhelming lot going against the possibility.

[nero]

Outside of people who are familiar with Korea, Japan still has consumer confidence. a lot of people buying Samsung etc assume it is a Japanese product - in the whole 'all Asians are Chinese or Japanese' mind state.

There was a funny quote about American and Chinese workers being quizzed on China as an 'emerging superpower.' All the Americans said 'emerging?' and all the Chinese said 'Superpower?'

(I think that's how it goes).

It's all in the hands of politicians now.

[Kikomom]

[dirving]