@JoshS0112
How many times must we see a "too big to fail" business do just that, and fail? History truly is a never ending time loop.
@armorbearer9702
It's never a good sign when a country has companies that are "too big to fail". No private company should be protected by the government from failing.
@josuemanuelparejacontreras6004
props to koreans for fitting two dystopias on a single peninsula Edit: bro, some people just can't get a joke š
@explosivereactionstv7414
It most certainly doesnāt help when your worth in a country is based on going to a certain university or working for one of the three biggest companies in said country or when everything is basically in one mega city or when the working environment is basically designed to make you as busy as possible to the point where having kids is incredibly unreasonable. Wait i just described basically most of East Asia
@atownofbigheads
Lots of young people here in Korea are moving away from jobs in these conglomerates and getting into blue collar jobs becoming disillusioned with the hyper competitive rat race. So Korea is trying to attract foreign workers by offering scholarships to their universities but the process to get a long term visa is still ridiculously difficult .
@Homer-OJ-Simpson
I remember 1980ās was āmade in Koreaā then 1990s was āmade in Taiwanā and then 2000ās was āmade in Chinaā. Iām guessing 1970ās was āMade in Japanā
@Descriptor413
As usual, letting just a small handful of companies dominate the market will just lead to long term instability down the line. Here in the US, we learned this after the 30s and forgot it in the 80s, which is why things are getting so shaky now. Sadly, the same is true in Korea and other nations as well. Like any monoculture, letting only the big trees dominate while choking out the little trees just leads to an empty field when the big trees eventually fall.
@ģģė
In Korean history, it survived frequent foreign invasions, but the country always declined and collapsed due to political turmoil.
@lim5212
This video doesn't cover it, but the bigger issue than corporate debt is household debt. With rising real estate prices and subsequent speculation, the household debt ratio is higher than in any other country. (Though it's not statistically ranked first, that's because South Korea's debt measurement excludes lease deposit costs.) The government is currently working hard to control the situation, but if real estate prices stop rising, it will lead to a very difficult situation.
@Scythwolf
But to be fair: every major player has major problems right now. Like... Literally there is now power left without huge cracks...
@R202X
Good point to not just compare SK to NK, but also China and Japan. SK was indeed lucky in timing their rise between Japan and China, and thankfully they were ready to seize that opportunity.
@sivx17
Well South Korea ate Japans lunch, then China did the same to them. Thats how the global economy works. Even China is slowing down, losing manufacturing business to Vietnam and Mexico. You cant be the top dog forever. Thats why innovation in technology is crucial. Taiwan hit the jackpot with its chip industry. South Korea is just another country in the world offering the same goods to everyone that can be obtained in other countries for cheaper. Their innovation has stagnated.
@privatechannel1059
I had two samsung ads in this video
@martinthomas2520
Thereās definitely less people in the Christmas spirit these days here in Korea. In fact, thereās even more hatred and sadness as a result of the current economic situation weāre all living in, not just Korea aloneā¦..
@GeoAddiction
I've just come from the TV video about South Korea. And now this video. Really a lot of things that you don't get to see directly about the country. Thanks for the video!
@val-schaeffer1117
Competition to get into these corporations are so intense that people spend more productive energy for being accepted than in being economically productive; and then they treat the jobs as "welfare jobs". This is a phenomenon common in Indian civil services as well.
@theburden9920
After the crisis in 1998. The Korean model is basically exporting a lot of goods to China the fastest growing economy at that time. But when China moved up the value chain. South Korea lost their market share in their largest export market
@kanyil
Plaza Accord "to ALLOW the Japanese Yen to rise" because Japanese manufacturing was becoming too efficient - heh. Surely you meant "Force".
@matthewdean8070
The problem is, if you start making good money, The ruling class will take you to court and say you're not smart enough to run your own business, Courts will hand your business over to them, they will then make their son-in-law the CEO, he'll pay himself 98% profits and you'll get a tinny cut of everything you built.
@EconomicsExplained