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Korean Auto Industry

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             A Korean Chaebol can also be referred to as a form of "guided capitalism" were the government selects companies to undertake projects and channels funds from foreign loans were the Korean government guarantees repayment in the event of default. To further illustrate the South Korean's influence on the Chaebol, it was not until 1989 that Kia Motors and Daewoo were allowed to re-enter passenger car business, for most of the 1980's Hyundai was the only company allowed to produce passenger cars. Although Chaebols are conglomerates of many companies they are family owned and run under a tight rope. As of the year 2000 the four main Chebol are Samsung, Hyundai, Daewoo and Lucky Goldstar. The top four Chaebol have sales that account for somewhere between 40 and 45 percent of South Korea's Gross National Product. .
             It has been called an "economic miracle", but most agree that it was under the guidance of Park Chung Hee who as president of South Korea from 1961 till his assassination in 1979 that South Korea transformed herself from a backward agricultural economy to the modern society that South Korea occupies in today's global market. Park nationalized the Korean Banks and reinforced the Chaebol system; making strong government ties with the major ones. With the passage of the 1961 Law for Dealing with Illicit Wealth Accumulation, Park arrested a number of the country's leading businessman. But instead of sending them to jail and confiscating their wealth, he made a pact with them. He exempted them if they agreed to invest their wealth in the new industry sectors laid out by the government. And thus the framework for modern industrialized South Korea was born. Government - Chaebol cooperation was an essential part of the success of the South Korean economy growth. The Government provided the blueprint and source of funds and the Chaebol realized the dream. From a trade deficit in 1985 to trade surplus a year later is one of the many accolades the Chaebol have.


Essays Related to Korean Auto Industry

1. Free-Trade Deal Reached Between South Korea and U.S.

North Korea's recent attack on South Korea inspired further work on the three-year old trade talks between South Korea and the United States. ... The free trade deal includes provisions on auto imports, exports and tariffs, the major stumbling blocks from previous negotiations that prevented the president from signing a revised treaty earlier. ... The U.S. would be allowed to keep its 2.5% tariff on South Korean automobiles during the five year period. Historically, the imbalance of exports and imports in the automobile industry was so severe that it accounted for three-fourths of the $...

  • Word Count: 760
  • Approx Pages: 3
  • Has Bibliography
  • Grade Level: High School

2. Case Study: "The New Market Opportunity"

China would be consuming twice the amount of oil the United States currently uses if China ever reaches even the modest per person consumptions level of South Korea. ... That is a quite interesting question, if U.S. government decides to intervene in negotiations between U.S. auto companies and comes to agreement or whatsoever, that U.S. auto companies will not be serving China's auto industry needs, the deck of cards would be more likely to fall into foreign auto makers such as Germany and others. To my surprise, Korea's auto company, Kia, was not mentioned in this article since Chi...

  • Word Count: 564
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3. Cars Then and Now

Other major producers include: France, Germany, South Korea, and Spain. ... Economic importance of the auto extends far beyond making cars. ... In the United States, the auto industry and related business employ about seven million people. ... The developing nation of South Korea attempted to get into the car industry and it was a major success. During the 1990's South Korea exported a third of it car production the the United States. ...

  • Word Count: 1108
  • Approx Pages: 4
  • Grade Level: High School

4. Cars

The US auto industry "sales totaled $205 billion, or 3.3 percent of the total Gross Domestic Product." ... Germany produces 9 percent, Spain, France, South Korea, and Canada each produce 5 percent of the international market in 1997. In the US alone, the auto industry, which includes it's 500,000 car-related businesses, create 12 million jobs. ... The auto industry is also a major source of jobs in the world. ... Auto workers are also among the most highest paid workers in any industry and also the most productive. ...

  • Word Count: 2120
  • Approx Pages: 8
  • Has Bibliography
  • Grade Level: Undergraduate

5. Globalization

More speculatively, foreign competition could drive a country out of industries that for some reason are especially desirable, either because capital and/or labor consistently earn more in those industries than elsewhere, or because the industries yield valuable external economies. ... The answer is, through a change in the industry mix. ... When the dust has settled, the wage differential must rise just enough to offset the effects on labor demand of the change in industry mix. ... Or to put it differently, the skilled workers needed to expand the skill-intensive sector are made available...

  • Word Count: 3449
  • Approx Pages: 14
  • Has Bibliography
  • Grade Level: Undergraduate

6. Gm

Over the years GM has established global partnerships with Fuji Heavy Industries, Ltd., Isuzu Motors Ltd. and Suzuki Motor Corp. of Japan and Fiat Auto Spa of Italy. ... 1972 Gm entered into a joint venture with Shinjin Motor Co. of Seoul Korea to build and market cars in Korea. The joint venture is named General Motors Korea Company, Ltd. ... A further organization of the industry workers can be stated in the New Deal (1935). ... General Motors actually is one of the only auto manufactures worldwide that builds a vehicle to fit every ones needs. ...

  • Word Count: 2039
  • Approx Pages: 8
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7. It's Time to Change America

Tonight, I want to speak about how we move forward, and lay out a blueprint for an economy that's built to last----an economy built on American manufacturing, American energy, skills for American workers, and a renewal of American values. " As Obama promised the nation, he supports the American GMC auto industries, which is of the top industry in the world. ... Also trade agreement between South Korea, Colombia, and Panama, guarantees to bring change in United States. ...

  • Word Count: 787
  • Approx Pages: 3
  • Has Bibliography

8. Ford

The key markets in which Ford is trying to remain a big competitor are Korea, China, Indonesia, Thailand, India, and Central-Eastern Europe. ... One of the major improvements to the auto industry is the hybrid vehicle. ... Being an established auto manufacturer it is quite easy for them to acquire the business of a global market. ... It remains a big player in the international auto industry. ... Fortunately, auto manufacturers have a great deal of control over the product life cycle of each model of car they have in production just by doing any one of these redesigns or additions for the...

  • Word Count: 2682
  • Approx Pages: 11
  • Grade Level: High School

9. Decline Of Unions

The CIO imposed industrial unionism, which organized members according to the industry that they belonged to, regardless of their skill. ... It is agreed by most scholars that unionism peaked at the end of the Korean War. ... Today's economy is largely comprised of the service industry, as opposed to the manufacturing industry of the past. It is hard to organize a union in an industry with high turnover rates and jobs that require self-dependence. ... (United Auto Workers). ...

  • Word Count: 3423
  • Approx Pages: 14
  • Grade Level: High School

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