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Economic Miracle Market South Korea: A Blueprint for Economic Growth in Developing Nations PDF

290 Pages·2016·2.07 MB·English
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Preview Economic Miracle Market South Korea: A Blueprint for Economic Growth in Developing Nations

Dieter K. Schneidewind Economic Miracle Market South Korea A Blueprint for Economic Growth in Developing Nations Economic Miracle Market South Korea Dieter K. Schneidewind Economic Miracle Market South Korea A Blueprint for Economic Growth in Developing Nations 1 3 Dieter K. Schneidewind Faculty of Economic Science: International Management and Communication Justus Liebig University Giessen Giessen Germany ISBN 978-981-10-0613-5 ISBN 978-981-10-0615-9 (eBook) DOI 10.1007/978-981-10-0615-9 Library of Congress Control Number: 2016932330 © Springer Science Business Media Singapore 2016 + This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Springer imprint is published by SpringerNature The registered company is Springer Science+Business Media Singapore Pte Ltd. Register of a Few Korean Expressions aigu, aiju An expression of surprise, or astonishment amhaeng eosa Secret supervisor of the king Arirang Popular song; also name of many institutions baedal Distribution system Baekje Old kingdom baksu Shaman borigogae Permanent poverty, period of poverty Bueyo Historical place in Korea bujang Head of department buk North bulgogi Grilled meat chaebol Economic conglomeration chaengi Narrow-minded specialist chajang Manager, below head of department Choson Old name for Korea Daehan Minguk Official name of South Korea daejeonggyo Male, macho behavior daekgeul Chatting on the Internet do Province donghak Eastern teaching; term for revolutionaries eum Yin (female) galbi Meat dish gibun Feeling; mental state gimchi Fermented side dish gisaeng Traditional, high-class restaurant Goguryeo Old Korea, including Manchuria gokkam Persimmon Goryeo Old Korea gu City district gukhoe National assembly v vi Register of a Few Korean Expressions gun County gwajang Head of a unit gyejang Team leader Gyeongbok Royal palace at Seoul haenyeo Female mussel diver hagwon Cramming school Han Term for “Korean” hanbok Cloth for Korean women hanguel Korean alphabet hanja Chinese pictograms hansik Korean food hoejang Chairman hwangje Emperor ingan Seal for real estate transactions inhwa Human harmony isa daeu Manager, above department head jeonmu Senior board member jigwon Qualified employee jikgu-jok Web user jolbu Newly rich woman Joseon Name of dynasty, also for Korea keyul Name for a modern chaebol kkangpae Type of gangster organization makgolli Rice liquor meot Cool, relaxed, elegant mudang Female shaman nam South nunchi Empathy perioe Korean toothpaste brand pojangmacha Fast food cart ppalli ppalli Hurry up pungsu Feng shui saemaul undong The new village movement sahwa Literal purges in Korea sajang President samguk Three kingdoms samguk sagi The annals of the three kingdoms samguk yusa Testimonials of the three kingdoms samgyeopsal Pork belly samil undong Independence movement sanmu Board member seonsaengnim Master Shilla Old kingdom Register of a Few Korean Expressions vii si City si sang pil bol With the carrot and the stick siksa Meal Sirhak Teaching of practical learning songbang Business branches taekbae Delivery to target ulzzang (eoljiang) Divine beauty waegu Japanese pirates yang Yang (male) ye Moral standard, law eosin Goddess Yi Dynasty (1392–1907) Preface During the time of my educational upbringing, as well as in my business life, I have been associated with Germany in manifold ways. Therefore, I am delighted that Prof. Schneidewind has ventured on writing a book on my homeland, which sheds light on various features of my fellow citizens, the national economy, and the business management of our rapidly growing state. In the 1970s of the proceeding century, my own enterprise, the Dong-A Pharmaceutical Co., Ltd., collaborated on a license base with the German business group of Wella. This relation turned into a joint venture, which developed quickly to the market leadership in its specific market segment in Korea and almost immediately produced positive figures. Later, Wella took over our capital shares. The cooperation was always based on mutual trust, and all the numerous prevailing difficulties were smoothly cleared upon in fruitful dialogues. Both, Dr. Schneidewind, who served as an executive board member of his German headquarter and who had formerly worked for a long period of time in Asia, and Mr. Nolden, his managing director in Korea, who commanded a fluency in Korean language and was well associated with our country, showed great understanding of my homeland and its inhabitants. International business is always accompanied by frictions and unforeseen events, for which textbooks do hardly provide solutions. However, if the investor shows understanding for the chosen guest country and with patient cooperation on both sides, a successful business relation is, in general, possible. Besides the business activities, we enjoyed to foster harmonious and amicable relations, which also contributed to a personal and cultural enrichment for both sides. Even though our business relation ended years ago, we still meet occasionally and I appreciate that Dr. Schneidewind has even widened his interest in my home country and, by now, has even moved to Seoul. It was a particular pleasure to read his book manuscript. I cordially thank him for the excellent research work on my country, which I greatly admire and assess. There is still a shortage of published papers on Korea and her business environment. Using the title Economic Miracle Market South Korea, Dr. Schneidewind’s work has not ix x Preface only shed light on economic facts but also shed light on the Korean history, culture, and society. Some representations are new and highly interesting not only for me but also for most Koreans. Korea investigated from the point of view of a foreigner offers a new, refreshing perspective. Therefore, I sincerely wish the sub- mitted book project the well-deserved success!1 Kang Shin-ho 1A curriculum vitae of Dr. Kang is attached at the end of the book Acknowledgements First of all, I would like to thank Mr. Detlef Nolden, for his extensive, invaluable help when writing the manuscript and later supervising it. For many weeks, we have worked together in Zwingenberg, my former residence in Germany, as well as in his residence in Witten at that time. Mr. Nolden graduated from the Ruhr University Bochum with a master degree in Korean sciences and also studied eco- nomics in Bochum. Later, he was a temporary student at the University of Boston and at INSEAD. He worked 19 years for Wella in Korea, the last six years as CEO of the local daughter company. Today, he lives with his Korean wife at the lovely Baldeneysee in the vicinity of Essen/Germany. I owe a sincere “thank you” to the former chairman of the Federation of Korean Industries, Dr. Shin Ho Kang.2 He wrote the preface to this book and encouraged me to write a volume on some aspects of Korea. My gratitude goes to a friend of Dr. Kang, Prof. Dr. Chongkoi Choi, Emeritus of the Seoul National University, who went through the complete text and provided some inputs and replenishments. I dedicate this monograph of an East Asian country also to my academic tutors, Prof. Dr. Dres. h.c. Willy Kraus, formerly lecturing on the subject of Economic Development and Economy of East Asia at the Ruhr University Bochum and also Prof. Dr. Ehrenfried Pausenberger, formerly lecturing on the subject of International Business Administration at the Justus Liebig University of Giessen. Both always showed a keen interest in the development of the Asian Pacific area and frequently traveled there. 2Dr. Shin Ho Kang was twice chairman of the Federation of Korean Industries and is the managing owner of the leading pharmaceutical manufacturer in Korea since 1967, Dong-A Pharmaceuticals. He formerly served as an advisor of external economic relations to a Korean president. At a con- ference of German business leaders and scholars in Berlin, he scintillated with a lecture given in German. He proves his vitality at a rather advanced age by learning the Chinese language and also still plays many rounds of golf. He is the coeditor of a dictionary of Korean–Chinese–Japanese– English. In his home country, he is highly respected because of his always modest behavior and his social engagement. This gentleman delivered the following curriculum vitae, which is not at all a typical for a top representative of the Korean business society (selection). xi

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