User:Sylvia Gozali/draft

History
Globalization derived from Europe colonization of continents; Asia, Africa and Americas where it was not been developed, however, during Second World War globalization had been established worldwide. Globalization can be defined as uneven processes that focus on transforming current social conditions of nationality into a connected network. Furthermore, globalization creates united and aligned world through combining existing and new practices. Globalization affects wide-range of life especially economic aspects of the world as globalization has a purpose to outsource social network and existing connections to build exclusive connections between countries. Moreover, Globalization phenomenon started in western region where it would eventually spread to Asia region during the 1990s when Asia economic crisis took place. Thus, Asia countries’ viewed globalization as the key to overcome financial distress and eventually adhere western culture which is also known as westernization.

Asia-Pacific globalisation
Asia economic growth during 1980s was accelerated due to the inflows of foreign investment while during 1997 and 1998 a major setback took place as US dollar appreciating compared to yuan which led to financial distress in Asia and also affecting South Korea where similar debt structures were also recognised. Korea economy showed short-term foreign debt that was threefold higher and kept increasing compare to the exchange reserves this eventually caused the government to signed a bailout packages with IMF as the country was currently unable to repay the appreciation of dollar loans to the debtholders as it was indicated to save the country from collapsing.

Miracle eventually emerged in Asia region after the declining economic followed by revival which made Asia countries especially the Four Asia Tigers to evolved and made influenced in global market which also known as East-Asian Miracle. The revival was influenced by western industries that adopted of open economy. This triggered government to take reformation approach that established the connection between openness to growth. Furthermore, this was executed with black-market and presence monopoly in exports whilst reformed traditional approach.

Reformation act was first started in Japan in which leading other East-Asia countries to adopt new policy of integrated international market that would establish connection of Asia regions with the other part of the world namely becoming globalised country. When Japan changed its economic policy, other East-Asia countries were as well shifting from a relatively interventionist policy to a liberal and outward-oriented direction. This movement created external and internal forces that created positive outcome of stabilising the country’s economy while moving to a less restrictive trade regime. This made Asia-pacific regions became attractive towards the International investors whilst increased the region’s GDP.

Neo-liberal globalisation
Economic crisis during 1997-1998 had created economic regression worldwide including South Korea. South Korea high debt-equity ratio followed by low profitability due to inconsistency in corporate governance which was the major obstacle. Government had to reform the country’s policy to elevate South Korea condition that was highly supported by many parties especially IMF, chaebols and with addition of domestic political, ideational and social conditions. Korea GDP has shown a satisfactory growth from a regression to approximately 13% growth during the 7th quarter since financial crisis started. Furthermore, during the 21st century in which Lee Myung-bak governance globalisation became the core policy in which Korea promoting Global Korea as a slogan. This policy encouraged internationalisation, participated in global movement and provided international assistance whilst attracted inward foreign investment. Moreover, South Korea applied neo-liberal globalisation as it is a concept that based on market-oriented ideas with loosen capitalism and accounts for the “free” market concepts. Deepening globalisation had been used to overcome crisis, under-develop technology, and low-labour cost to be a modern, globalised and market leader and the policy will drive Korea to be a globalised country. The neo-liberal policy was implemented to Korea as there is agreement with IMF during the financial crisis where South Korea must make a legal agreement to follow IMF regulations to reconstruct South Korea when bailout packages was carried out.

Meanwhile, there was major change in working capital in South Korea after the neo-liberal policy was implemented a new type of working class were introduced; contingent workers. Contingent workers are freelance workers that has affordable wages and limited rights gaining corporate awareness. Contingent workers had a significant growth accounting for 34% of total employment in the market. Korea’s government agreed to implement contingent workers in exchanged for worker’s right whilst increased unemployment rate. Hence, due to the flexibility in the market, corporates made reformation in workers structure by replacing existing workers with contingent workers, this showed that government bargain with corporate were not succeeded. Hence, increased the number of unemployment rate due to corporate influence over government. Separation of parties between standard workers and non-standard workers were inevitable as difference protections and eligibilities between both parties creating borders. Contingent workers, consisted of one third of total labour, had not been provided with social protection and welfare. Thus, Korean labour faced challenges and new opportunities caused by globalisation.

Cultural/Social Development
Since South Korea has started globalisation, Korea’s economy focus shifted to media and cultural content during 1990s Korea culture and gain popularity during 21st century. South Korea culture was favoured by other Asian’s countries especially for television drama that has captured Asian viewers. One of the most successful television dramas that promoted Korea is Winter Sonata. It has become popular in Japan as 38% of the Japanese population watched the drama. Winter sonata had captured Japanese viewers with well written script, chemistry and Korea’s scenery that built the popularity for South Korea’s culture and film development. Furthermore, this phenomenon increased foreign enthusiasm to visit South Korea town and cities which called Hallyu (Korean Wave) tourism. The Hallyu phenomenon happened due to globalisation as it involved liberalisation of markets and deregulation of culture segment. Hallyu has been part of globalisation process on the way every country adapted to the changes. South Korea has been relying on manufacturing where government saw potential prospects on exporting cultural products which had gained popularity.

As a part of Hallyu phenomenon South Korea’s music industry also shown a dramatic enthusiasm from public showing an increase of approximately tenfold in 5-year span from USD 20 million during 2008 to USD 230 million in 2012. This made cultural exports has become South Korea’ major income. On the other hand, Korea’s music has undergone cultural hybridity during globalisation as the nation’s indulged western music characteristics combining with local culture as an act of modernisation.