The Collapse Of Asia s Economy - 2611 Words

In the years following the collapse of Asia’s economy in 1998, South Korea turned to alternative exports to assist in both the restructuring of the nation’s financial strength and it’s reputation in international markets. As a result, pop-cultural exports such as films, television dramas, pop music and celebrities associated with these forms of media discourses have found growing popularity in China, Hong Kong, Taiwan; as well as many other East and Southeast Asian countries. This growing popularity of pop-cultural exports has proved to be a tool in constructing a contemporary national image and encouraged the emergence of the ‘Korean Wave’. According to Huang (2009) ‘Hallyu’ or the ‘Korean Wave’ refers to the â€Å"...popularity of South Korean culture in other Asian countries† however, with the increased availability of digital media and the increase of social networking, the definition of Hallyu has grown to includ e Western Societies. The emergence of Hallyu came out South Korea s economy collapsing during the 1998 financial crisis in Asia, when GDP plunged and caused a turbulent period of financial insecurity within the public discourse. As a nation, from the early 1960’s South Korea enjoyed a sustained level of economic growth which would average at approximately 10% per year according to Koo (2007). However, during the later months of 1997, South Korea experience a fierce economic downturn; with the nation experiencing a shortage of foreign currency reserves and as anShow MoreRelatedThailand: Collapse of an Economy1441 Words   |  6 PagesThailand: Collapse of an Economy Introduction It is interesting to learn that the environmental heart of Southeast Asia, is no other than Thailand. The Kingdom of Thailand is considered to be much more than a lively, energetic tourist spot. Actually, it is one of the major economies in the district. 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These loan conditions and policies structured by these international financial power institutionsRead MoreInternational Monetary Fund And The World Bank1561 Words   |  7 PagesInternational Monetary Fund and The World Bank, though has a good purpose of their existence, they have come under lots of criticisms as to how they use the leverage of being in a position of helping poor countries to either recover from economic collapse or give them debt relief an d economic boost from loans they give out to them to impose policies and condition that those poor countries has to implement. These loan conditions and policies structured by these international financial power institutionsRead MoreAnalysis Of The Asian Crisis And The Asian Model1122 Words   |  5 Pagesbanks during bank runs. Many firms had risky investments and low reserves because they believed that the government would bail them out, but Lehman Brothers, the fourth-largest investment bank at the time, was allowed to fail. According to Wade, East Asia looked to foreign investment to provide the capital needed for investment. When the foreign investors left to invest in greener pastures, East Asian companies and banks were left with debts, but with no new capital to pay off their loans. The flowsRead MoreInternational Monetary Fund And The World Bank1679 Words   |  7 PagesInternational Monetary Fund and The World Bank, though has a good purpose of their existence, they have come under lots of criticisms as to how they use the leverage of being in a position of helping poor countries to either recover from economic collapse or give them debt relief and economic boost from loans they give out to them to impose policies and condition that those poor countries has to implement. These loan conditions and policies structured by these international financial power institutionsRead More The History of Capitalism Essay1371 Words   |  6 Pagesexpanded, mercantilism expanded with it, spreading into the Middle East and Western Europe. Due the localizing nature of European economies this enabled mercantilism to expand and was not part of the European culture. Thus by the fifteenth century, when the Roman Empire began to retrench so did mercantilism (â€Å"Hooker†). In contrast to Europe, the Arabic economies grew around a thieving mercantilism. They lived on trade routes between three magnificent empires: Egypt, Persia and soon after theRead MoreThe Asean And The Private Sector1455 Words   |  6 PagesThe ASEAN and the Private Sector The presence and influence of the private sector in Southeast Asia have never been strongly felt in the present time since the market collapse in the early 2000s. Governments and regional associations scurried in saving their economies by providing massive interventions in spending and funding. Much of the crises became the woe of the public and the private sector became more averse to business. Rohde (2011) posited that â€Å"restoring of financial confidence led toRead MoreJapanese Imperialism During World War II1415 Words   |  6 Pagesvarious parts of Southeast Asia. Unfortunately, over the course of a decade, Japan only taunted the world with their idea of self-sustainment and colonial expansion. The underlying principle to their failure was the theory of Imperial overstretch, as Hook explains, â€Å"a pattern in which great powers have consistently expanded their foreign commitments beyond their ability to remain economically solvent and militarily secure† (Hook 2014, 12). Throughout my analysis of the U.S.’s responses to Japanese actionsRead MoreThe Battle Of The War On Southeast Asia1645 Words   |  7 PagesFrench Indochina, the Empire of Japan displayed power over the colonialists from the Battle of Malaya to their occupation of the Andaman and Nicobar islands. The prelude to Japan s war on Southeast Asia was its concurrent war against China which had started in 1937. As a result of this invasion, culture within Southeast Asia was changed. There are varying other factors to include when identifying how this occupation changed what was currently then known as the Dutch East Indies, which includes the somewhat