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It is important to note that South Korea has been successful in achieving a modern, technologically sophisticated society that is able to project its pop culture or soft power globally. However, it is additionally facing many challenges, some of which might stem from its successes. South Korea grew and developed into a remarkable industrialized nation in a short period of time, but its success made it blind to the inherent weaknesses and vulnerabilities of its system.
An immensely fast and quick economic growth of South Korea was a massive achievement on the surface, but it left major problems unchecked. These issues are emerging at the current moment, which are reflected in youth unemployment, youth suicide, extreme wealth inequality, and the rise of South Korea’s conservatives. The latter is spreading and based on the worship of the idea of meritocracy and misogyny. The concept of lifetime employment led to major growth due to embracing corporate loyalty, but it resulted in a catastrophic failure in 1997, which forced many working South Koreans into voluntary retirement. Shareholder capitalism is additionally responsible for the nation’s failure, which is why it is critical for its policymakers to shift from the American model toward a more European one.
In conclusion, South Korea’s remarkable rise as a prosperous economy sown the seeds of the challenges it faces because the system was primed for rapid growth without ensuring it is resilient to its current failures. The popular culture of the country reflects the massive issues of wealth inequality, youth unemployment, and the failure of shareholder capitalism. South Korea’s success came with the shift from dictatorship to shareholder capitalism, and now, it must abandon the latter and adopt the European model.
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