Elements of Economics Sewan KIM

Chicago has the 5th biggest population that Korean immigrants live in. According to the census record in 2014, there are approximately over 64,196 immigrants. However, unfortunately, the rate of Korean immigrants in Chicago area is decreasing in a few years and it keeps on decreasing.

Korea is one of the fast growing developed countries in the world and they have achieved this economic success within one generation. As quick as the Korea economy has grown, many of experts are expecting that they rapidly will be faced and experiencing economic difficulty. I personally agree with this rumor is because as fast as the country of Korea has developed, nowadays, we are constantly noticing that Korea economy has been going downhill and experiencing disharmony within a country.

A Former South Korea president, Ms. Geun-hye Park was the first female president of the nation and she is the daughter of the former Cold War military dictator Chung-hee Park. Ms. Park have been drawn into the corruption scandal and abuse of the power which Ms. Park allowed Ms. Choi Soon-sil to access classified documents. Ms. Choi who was a lifelong friend and had close relationship with Ms. Park, used her authority to extort millions of dollars from major South Korean firms, and got advantages for her family and also used some of the money to pay for her daughter's equestrian training in Germany.

In recent weeks, hundreds of thousands of protesters have taken to the streets in Seoul, and the protest held for week after week. In last month, Ms. Choi Soon-sill was charged with abuse of authority and coercion and she admitted. After seeing Ms. Choi was being charged, more protester were taking to the streets each weekend to demand Ms. Park resignation. She has apologized in three televised addresses to the nation, but has refused to step down. On March 10, 2017, a first in the nation's history, a South Korean court removed the president Ms. Park.

With the political crisis coming to a head, there is now a sense of stagnation and the big conglomerate companies such as Samsung, Hanjin and Hyundai in Korea are facing challenges. Recently, Samsung Electronics released a new Galaxy Note 7 smartphone, but they had to cancel it few weeks later because it kept catching fire and many people died caused of the accident. Hanjin, one of the world's biggest shipping lines, collapsed last years falling demand in a slowing global economy and has filed for bankruptcy which have been cutting thousands of jobs.

I think the country's inventiveness is at risk and now it is a time to put more attention on economic growth. During the last three decades, Korea have made remarkable progress in terms of economic development and human rights, but many people think that we are now at a crossroads. I think this total collapse somehow brings about a positive change in South Korea, and a change of administration at the next election within a month will be a fresh start by truly living in the 21st century. I believe it can happen again because we already have witnessed that the nation has gone through so much changes in such a short period of time and succeeded. We have a vibrant democracy and we can overcome these economical and political crisis.


worked cites

Fiona, P. & Alex, M. (2016). South Korea's bizarre political crisis: what you need to know, ABC News. Retrieved from http://www.abc.net.au/news/2016-12-01/what-you-need-know-about-south-koreas-bizarre-political-crisis/8082392

Choe, S. (2017). South Korea removes president Park Geun-hee, NewYorkTimes. Retrieved from https://www.nytimes.com/2017/03/09/world/asia/park-geun-hye-impeached-south-korea.html?_r=0

The Korean Economy – the Miracle on the Han River, Korea. Retrieved from http://www.korea.net/AboutKorea/Economy/The-Miracle-on-The-Hangang

Cyrus Kharas, Javier Penalva, and Augusto Uribe. (2014) Miracle on the Han River, Vanderbilt University. Retrieved from as.vanderbilt.edu/gped/documents/2016_0922_Kwon-Miracle_of_the_Han_River.pdf

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