Accounting Criteria - 1099 Words

Accounting Reporting Criteria Paper Accounting reporting criteria includes many factors and covers many elements. From Fundamental Financial Accounting Concepts, â€Å"accounting is so important that it is often called the language of business. In fact, accounting affects not only individual businesses but also society as a whole† (Edmonds, Edmonds, McNair, Olds, Schneider, 2006, p. 4). Global business requires added consideration in the way of accounting reporting criteria. With heightened consumer protection becoming increasingly important, regulation of American reporting criteria such as The Sarbanes-Oxley Act (SOX) is common to hear or the Security Exchange Commission’s (SEC) requirement of management submitting a financial statement in†¦show more content†¦GAAP procedures, standards and rules change as the needs of society changes. Although must foreign companies convert to the U.S GAAP the person at the foreign company applying the GAAP principles may not be up to date on the rules and re gulation (AICPA, 2008). The differences in accounting procedures make accounting difficult to understand. In addition GAAP standards and terminology of the financial statements and accounting procedures are different in the U.S than in other counties. For example, annual reporting is quite different in foreign countries. The following graph demonstrates such examples. U.K. terminology U.S. equivalent or definition Accounts Financial statements Debtors Accounts receivable Hire charges Rent Stocks Inventories Turnover Sales and other operating income (AICPA, 2008, 19) There is difficulty in interpreting financial statements due to the different terminology of accounting procedures. Even if foreign companies are up to dates with the Generally Accepted Accounting Principles (GAAP) the language can create misunderstanding of data and financial information. For example, foreign companies may translate the language into English; they may not provide any information about the accounting practices and currency. This creates barriers since currency is different in foreign counties as well. More United States companies are findingShow MoreRelatedAccounting Reporting Criteria (Gm and Toyota) Essay examples1273 Words   |  6 PagesAccounting Reporting Criteria (GM and Toyota) Team B Megan Wooliver September 7, 2010 Accounting Reporting Criteria In order to keep up with the times most organizations of today are finding themselves consistently coming up with different ways to keep accounting information personal as well as accurate. Providing good accounting information not only leads to better decisions but also increase in profit. 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Transforming of South Korean Economy and the “Chaebols”’ Riddle Free Essays

Nadezhda Sarelska ID: 10210680317 EMA- Chinese Economy School of Economics Fudan University Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ riddle Political Economy of East Asia Term Paper Professor Dingping Guo October, 2012 Shanghai, China Table of contents: 1. Introduction 3 2. The beginning of Korea 4 2. We will write a custom essay sample on Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ Riddle or any similar topic only for you Order Now 1. Collective will for success of South Korea 6 3. South Korea and modern economy 7 3. 1 Reasons behind Economic growth 8 4. The Birth of â€Å"Chaebols† 9 4. 1 Factors of Development of â€Å"Chaebols 10 4. 2 â€Å"Chaebol† and 1977 Asian Crisis 14 5. Case Study of Samsung Group 15 6. Conclusion and Recommendation 19 . Reference List 21 1. Introduction South Koreas ‘s significant transformation – an evolution from impoverished to high-income economy during three decades starting from 1960s to 1990s is one of Asian phenomena famous as -â€Å"Four Asian Tigers†- a term used to describe the tremendous performance of four Asian economies – Hong Kong, Singapore, Taiwan and South Korea. Between the early 1960s and 1997s, the four Tigers rapidly industrialized and maintained sustained high growth rates (Ref*1). Today, Korea is an example for a market economy, one highly developed country which ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies(Ref*2). In 2010, Korea’s trade volume amounted to US$892 billion, ranking the country the 7th largest exporter in the world(Ref*2). Korea’s shipbuilding sector currently accounts for about 34% of the world’s total shipbuilding orders. As a major auto manufacturer, Korea produces over 4. 2 million vehicles annually. The success of South Korea is often called â€Å"The Miracle on the Han River† and it has been identified by several factors where the presidency of Park Chung-Hee (1961-1979) played a vital role. Under the President Park Chung-Hee’s era, the government played a dominating role in a country’s economy. His policies of shifting away the focus from import substitution strategies towards export- orientated industrialization and technical progress, favored the development of South Korean economy and establishment of a strong business environment appeared with a result of large conglomerates called â€Å"Chaebols†. To be defined as a â€Å"Chaebol†, an organization should satisfy two conditions: it should be owned by family /relatives members and it should have a diversified business operations ( REF*3). The â€Å"Chaebols† have created such a diversification that, as Anna Fifield said in her article, – â€Å"You can be born in a Samsung hospital and end up in a Samsung mortuary† (Ref*4). The giants of yesterday are one of today’s best brands in technology field as Samsung, Hyundai and LG. They and the other â€Å"Chaebols† was the core of Korean spectacular growth and still their success can be accepted as South Korea’s success. How and why Korean’s economy was shaped by historical events and what are the reasons behind â€Å"Chaebol† establishment? What was the impact they have created over South Korean economy and could we say â€Å"Chaebols†are the reason for â€Å"the Miracle on the Han River. â€Å"? Case study of Samsung will be performed in order to give us better understanding of one of the largest and famous â€Å"Chaebol† ever and its influence over South Korean economy. 2. The Beginning of Korea The land of the morning calmâ€Å"–this is the meaning of Korea’s original name â€Å"Choson†. The time of establishment of this country and its exact geographic location is still a matter of scientific research even it often believed that human activity in Korea can be traced far into the Pal eolithic period, about 500,000 years ago (Ref*5). In Asia, Korean’s history is known to be second longest following that only of China. (Ref*6) But there is a belief, according to the Korean legend, that the God-King Tangun – a legendary figure born of the son of Heaven, (which existence is still disputable among scholars) and a woman from a bear-totem tribe founded the Korean nation in BC 2333(Ref* 7). Not many present- day nations can be praised with so long and rich history even this country’s time has been shaped by difficult and frequent invasions ( as many as 900 by some accounts)( Ref*6), wars and influence from its neighbors. The beginning was often said to be the time of â€Å"The Three Kingdoms† – â€Å"Silla† â€Å"Goguryeo† and â€Å"Baekche† where â€Å"Goguryeo† was known to occupy the Northern part of the peninsula from the Chinese border to the Han River, while â€Å"Silla† and â€Å"Baekche† have dominated the Southern regions (Ref. 11). But in 668 AD â€Å"Silla† (668-935) unified the Korean peninsula and start developing a country with an economy, a culture and Buddhist philosophy. † Koryo dynasty† from which the English name â€Å"Korea† originates succeeded â€Å"Silla† in 935 and the country’s boundaries reached level which is very similar to its current size today. â€Å"The Choson dynasty† displaced â€Å"Koryo dynasty† in 1392 and moved the capital to Hanyang-gun (today’s Seoul) in 1394. Soon after Confucianism replaced Buddhist philosophy and was adopted as the country’s official religion and â€Å"Hangul† -the Korean alphabet was invented. Korea’s history was filled with prosperity, but also a lot of suffering coming from external forces like Japan, Mongolia and China and this provoked Korean closed-door policy, famous as â€Å"Hermit kingdom†. In the beginning in 1876, the Japanese forced a series of Western-style trade agreements on Korea, leading to Japan’s annexation of the country in 1910. Due to growing anti-Japanese sentiment, in 1897 King Kojong declared himself to be emperor of the Taehan Empire, an independent Korea (Ref*9). Eventually this move helped Korea to preserve its own language, culture, traditions and sense of identity (Ref*6). However, during the Russo-Japanese War (1904-1905), Japanese forces moved onto the peninsula despite Korean declarations of neutrality and Japan-Korea Protection Treaty in 1905 gave Japan virtual control over Korea. Korea was colonized by Japan in 1910 year, but exactly at that time many modern aspects of Korean society emerged included rapid urban growth and infrastructure, the expansion of commerce, and forms of mass culture such as radio and cinema, which became widespread for the first time. Later had to endure the Korean War (1950-53), but it has achieved amazing economic growth in a short period, dubbed â€Å"the Miracle on the Han River. (Ref* 2) 2. 1 Collective will for success of South Korea During Japanese influence starting 1920 and later (1937-45) – harsh measured reintroduced by Japanese, Korea had to go through a lot of confusion coming from changes in values and social order after Japanese colonial rules was introduced (Ref* 610). During its occupation, Japan b uilt up Korea’s infrastructure, especially the street and railroad systems. However, the Japanese ruled with an iron fist and attempted to root out all elements of Korean culture from society. People were forced to adopt Japanese names, convert to the Shinto (native Japanese) religion, and were forbidden to use Korean language in schools and business. Also the temp of development was rapid and the country’s population was inexperienced and unprepared in economic aspects and knowledge because was coming for monarchy of over 1000years compared to Europe and Japan. Ideological confrontation was visible in Korean society and soon after status of families with long traditions; history and wealth were no more subjects of respect and power, society followed the â€Å"money ideology† which was a way of survival. Soon after the democracy was introduced by USA in August 15, 1945, with the end of World War II, The Soviets and Americans failed to reach an agreement on one unified country and government, so in 1948 two separate governments were established – the Republic of Korea in Seoul called -â€Å"The American zone†, and the Democratic People’s Republic of Korea in Pyongyang, North Korea called -â€Å"The Soviet zone† (Ref* 10). This is how the challenge for South Korea and â€Å"The American zone† has started with era of knowledge, where an investment of fond and solid education and hard work were again respectable, thus offered an equal chance to success to everybody despite their origin and status. The whole society desired a better life and this is how they have adopted the concept that â€Å"economic development is a cultural product representing the collective will of the people† (Ref*6). 3. South Korea’s modern economy In July 1953, after three years of bloody fighting in which around three million Koreans, one million Chinese, 54 000 Americans and several other nations including Turkish were killed, the Korean War ended in a truce with Korea still divided into two mutually antagonistic states – American influenced zone in South and Soviet influenced in North, which were separated by a line called â€Å"De-Militarized Zone† (DMZ). Korea has remained divided ever since(Ref*10). After the official division of Korean peninsula, a modern economy study was introduced by USA in South Korea which was differentiated from Marxism idea popular in Japan. However, after 1965 when Japan and South Korea improved their diplomatic relationships, Marxism prevailed into their economy simply because was more community oriented, instead individualistic – something which was and it is a basic concept of Confucianism which was influenced South Korea in their earlier stages of history. The ideas of individualistic consumer with no intervention of government for business were too far away of Japan’s model of successful rapid grow which later in years South Korea adopted and adapted into their economic situation Table 1 – Comparison between USA and East Asian capitalism 3. 1 Reasons behind Economic growth Mutual desire for better standard of living and a chance for success were deeply rooted into society’s mind, after the country was left in poverty in the end of Korean War in 1953. The significant growth of South Korea’s economy which became independent in 1945 began in May of 1960 – when Park Chung Hee and a group of other military officers of the South Korean army took over the control of the government or â€Å"coup d’etat†(Ref* 11). Soon after that in 1961 Mr. Park Chung Lee became president of South Korea and the strategic planning for economic development started – focusing on lifting up the South Korean economy out of poverty. The strategy Park Chung Lee developed was based on that of South Korea’s nearest rivals Japan rather than Western policy advisers. (Ref*12) Export –oriented policies were implementing as a tool trying to focus the shift into international business. South Korea simply had to survive and find a way to expand economically, but looking outside of its peninsula because with its small and limited land and natural resources caused from its mountainous terrain and climate, as well the small size of the domestic market shaped the Paradigm shift in their economy†. (Ref*13) The emphasis was added on communal productivity, education and quality as Japan did with examples of so called Keiretsu. Another measure was the military-dominated government which installed itself after the coup in 1961 quickly announced an end to the corruption of the First Republic and its intention to use economic growth and development through industrialization to legitimize its authority (Ref* 14) a nd implementing state policies providing the basis for successful late industrialization( Ref*15). Twenty four of the leading businessmen were arrested. The founder of Samsung, Lee Byung Chull, escaped this treatment only because he was out of the country at the time. When Lee Byung Chull returned to Korea he met with Park and agreed to cooperate with Park’s economic development program. Later Lee and other prominent business leaders offered to donate all or a substantial portion of their fortunes to the government. They ended up paying fines but not giving up their businesses (Ref* 15). 4. The Birth of â€Å"Chaebols† In the process of export-led market economy the government ruled by President Park Chung Lee for 18 years reign (1961-1979) decided to work with five- year’s plans, starting the first one in 1962 which was focused on developing the industrial base and setting the stage for South Korea’s economic prosperity. (Ref* 16) After this step, the government encouraged their local, domestic business enterprises to work and expand by choosing which markets must be developed and allow entry only to several of those local companies. To be accepted as â€Å"Chaebol† a company need to be family-owned and usually this type of organization is influenced by growth-oriented family-centered business, where family male has the dominant role in a hierarchy and almost unlimited power to which his subordinates are loyal (Ref*17). This idea of Pyramid frame of working had an origin of Confucianism which teached several concepts as social hierarchy, harmony and â€Å"the concept of saving face†, kindness and care; modesty and diligence. For instance, in Japanese companies â€Å"had more visible mutual obligation which is unlikely to be seen in â€Å"Chaebol† structure, where the boss is superior compared to employees. As an incentive for local companies, financial motivations were offered such as low- interest loan, tax breaks and others simply because all the banks were nationalized as well for the purpose of economic development. This is how so called â€Å"Chaebols† -which literally mean â€Å"business association†, were born into South Korean history. 4. 1 Factors of Development of â€Å"Chaebols† With its fast speed of industrialization, the economy nourished and supported heavily â€Å"Chaebols† which were often â€Å"family-centered† enterprises. Their brands, products and companies diversified quickly and soon they were responsible for the majority of the exported products which simply meant that private owned companies were responsible for biggest share of South Korea economic development. Not only have they expanded in international level, but also started to grow bigger in local land. Brands like Samsung, Hyundai and LG were a measure for quality, technology and innovation. We could say that even today the same conglomerates are still driver force in Korea. Another â€Å"significant economic decision made by government’s planners was to focus market development through export-oriented industrialization â€Å"(Ref* 18). Because of its enough to produce, but less to consume population and still not existing local markets, all efforts were putting into creating international markets where South Korea could have an advantage and generate a profit. The results started to be visible in fast digit rate at average 10% annual growth between 1962 and 1994. The large and fast expanding multinational conglomerates enjoyed strong support from government and good success of foreign markets. While the contribution of agriculture to the economy declined from 37% in 1965 to 3% in 2008, the industrial sector increased its contribution from 20% to 37%, that of services from 43% to 60% and exports remain the cornerstone of this economic development with their share in GDP accelerating from 8% in 1965 to a whopping 53% in 2008(Ref* 13). Table 2 Share of Top 30 â€Å"Chaebols† in South Korea’s GDP Source â€Å"Chaebol Powered Industrial Transformation† by Ahn Choong-yong, Korea Institute of Public Administration and Korea Times. April 2010 All the conglomerates were liberally permitted to access foreign loans promoted by the government to support fast-paced economic development, while in contrast outflows of domestic capital were effectively curbed ( Ref* 19). The Foreign Direct Investment (FDI) was also restricted in order to keep positive economic growth, except in cases where technology and know-how were involved. In exchange of this, all the â€Å"Chaebols† were obliged to fulfill ambitious plans and to develop for the next three decades. This financial help actually protected the companies from bankruptcy and soon they turned on into â€Å"octopus†, regulating and expanding into more and more branches, industries and brands, even not related to their core scope of business; increasing their power and wealth into public level and became too difficult their decisions to be influenced. For example, a ship building company could decide to enter into a market of cosmetics products or pharmaceutical industry. Of course, simultaneously they opened more factories, created jobs and promoted economic boom. Basically they became a voice in South Korea. In this manner they grew so large that the top fifty â€Å"Chaebols† had sales equivalent to almost 94% of the total national GDP by 1984( Ref*20). In fact as a second measure introduced from President Park Chung Lee was diversifying of â€Å"Chaebol† into heavy and chemical industries, simply to be protected from North Korea . ( Ref*21)As we can see on Table 2, their share in GDP increased dramatically from 9,8 % in 1973 to 29,6% 1989 Table 3 The Growth Rate and Total Factor Productivity by country According to International Institute for Management, South Korea is ranked 5th in terms of education level, with 40 percent of the population completing higher education after high school. This movement into very strong foundation of education was resulted of democracy brought by USA , President Park Chung Lee’s reforms, but also Confucianism’s which, was earlier in history, influenced the social mind of South Korea. Understanding that high level of education and qualified human resources are powerful driver of economy and quality was one of the best tools for sustainable growth. Education system which was a resource highly appreciated by traditional values in the society and was a chance for everybody in quest of success. Moreover, South Korean workers work more hours of the day than most countries reflecting 10 to 13 percent increases in productivity per year( Ref*22). The willingness of hard-working and co-operating were very important for the efficacy and quality of the economic boom. Krugman (1994) claims that the â€Å"Four tigers† achieved the rapid growth rate because they successfully managed the resources associated with high employment share to population, efficacy of work, up-graded educational standards and the high rate of investment(Ref*19). Looking into Table 3, it is clear that South Korea achieved the highest grow rate of 8,5% per cent annually from 1960 to1994. Table 4 Domestic Saving per GDP (per cent) Another tool which helped â€Å"Chaebols† to flourish was high-saving ratio, which was initially originated from uncertain life conditions and missing social system. In Korea the social welfare system was not well established (Ref*23). In this kind of situation, similar to China’s beginning, individuals are trying to save as much as they can in order to ensure their future. Furthermore, high savings and investments also contribute to capital accumulation. For example, Kim and Lau (1996) extend their input-analysis which covers Indonesia, Malaysia, Thailand and the Philippines reveal that capital accumulation associated with high domestic saving and investment level significantly contributed to strong growth in East Asia. Also, Collins and Bosworth (1996) emphasize that saving, investment and government policy are the main contributor to high capital accumulation ( Ref. 19) 4. 2. â€Å"Chaebols† and 1997 Asian Crisis The financial crisis that hit Asian countries in early July 1997 was an unexpected situation for â€Å"Four Tigers† including South Korea which were witnessed a rapid and sustainable growth in several decades in row, offering high standard of living into their citizens, high annual growth and successful export economy. They were accepted and perceived as models of economic boom. A lot of foreign investment were flowing and then government help like bank loan , preferential policies and incentives which were used to stimulate the economy through so called multinational companies â€Å"Chaebols† . All this led to excessive diversification, a debt, a difficulty to be measured the credibility of a company and its real proportion due to unlimited bank loan with 0 interest they were given; lack of business transparency, superior managerial behavior and more. All these reasons led to so called† â€Å"Asian Contagion†, this was a series of currency devaluations and other events  that spread through  many Asian markets. As a result of the crisis, South Korea adopted different protectionist measures, government and financial reforms to ensure the stability of their own currency and reforms inside of â€Å"Chaebols† structures. ( Ref*24). 5. Case of Samsung Group Samsung Electronics integral part of is a multinational, family-owned company with headquarters located in Samsung Town in Seoul called â€Å"Samsung Group†. Samsung Group has grown to become one of the world’s leading and respectuful electronics companies, specializing in digital appliances and media, scycrapers, petrochemicals, fashion, medicine, hotels, semiconductors, memory, and system integration. Ref *25). As journalist Anna Fifield said in her article, – â€Å"You can be born in a Samsung hospital and end up in a Samsung mortuary† (Ref*4). They operate in more than 65 different countries as sales and plants; also they are responsible for appointing for more than 170,000 employees worldwide. In 2009 t he company was classified as largest IT Company in world with biggest sales revenue of memory chips, LCD and LED displays. For TV and smart phones devices markets, Samsung is in top position, especially after launching Galaxy 2 Note competing with Apple and theirs I pad mini and I phone. Its growing share in smart phones and tablet’s market is very high with around 20% for the first quarter in 2011 compared to 16, 1% in same time previous year. [pic] Brief history and Economic Overview The Samsung Group was established in 1938 in Taegu, Korea by Byung Chull Lee and its main scope of business was export of fish, vegetables and fruits to Mainland China. In 1951, Samsung Corporation was officially established with name Samsung Moolsan which means â€Å"Three Stars† (Ref*25). The company started to grow and later in 1958 when Ankuk Fire Marine Insurance as well DongBang Life Insurance in 1963 was acquired, the name was changed into Samsung Fire Marine Insurance and respectfully Samsung Life Insurance. In 1969 Samsung Electronics and Samsung Sanyo Electronics were established, but in 1977 they also merged and diversifying started into heavy, chemical, shipbuilding, IT and other industries. The reasons behind such a diversification could be the same between all â€Å"Chaebols† examples, but very true for Samsung. They assumed that if investing into new business or a product will avoid potential risk of a single bankrupt, gaining knowledge for a technology and know-how patents; competitions and bigger market share and another factor could be because of persuading better wealth in order to ensure all the family members. ( Ref* 21) Thanks to its clever moves and business/political decisions Samsung developed excellent domestic and international market and 1974 they bought 50% of share of Korea Semiconductors, which gave them the first place of semiconductor manufacture SWOT ANALYSIS Samsung Group is one of the largest â€Å"Chaebols† in South Korea with world-class quality products and brand. The company has dominance into digital and electronic components markets, with more than 40 existing affiliated companies. Fig. 1 SWOT ANALYSES – Samsung Group STRENGTHS Strong brand and loyal customers; Leader in several markets as IT and electronics; Excellent supply chain; Capital; Confidence; Trustworthy and Credibility; Innovation; Technology level and skilled worker HR; Product Strategy WEAKNESS Serious Competition; High Marketing cost; Managerial Behavior; Centralization; Corruption OPPORTUNITIES Good economic conditions; highly disposable income local market; Government support; International relations and business expanse; Technology development THREATS Patent’s legislations; Regulatory issues; Technological changes; Economic Crisis; China Table 5 Samsung Electronics Marketing Expenses Marketing Mix for Samsung Group – 4P Product Strategy – Samsung’s diversified line of products in 3D market for example which is offering LTD, LED and Plasma TV is one of best positioned into product strategy. Their electronic market is also very good example for product strategy which is one of their strengths in SWOT analyses Focusing on unique products and innovation to compete like 3D Plasma TV with unique design and functionality allowed Samsung to became a leader into this direction. Another very well presented idea of their product strategy is smart phone Galaxy Note 2 which competes directly with Apple’s I pad mini. Among some of the benefits of Galaxy Note 2 is its display, price, Android operating system, Bluetooth, slightly lighter, removable memory, flash, front camera/rear camera and few more. Ref* 26). At the moment this is the best tablet produced by Samsung and as product strategy unique was chosen and improvement inside of the functionality. Price strategy – Samsung strategy according their pricing is being available for more consumers than I pad mini/ I phone, which is persuaded as a luxury and fashionable product, thus its price differentiates – some times even double less expensive. Another factor regarding price is that Samsung produce a big amount of it’s and also Apple’s components’ which results into higher cost and price for Apple’s products on market. Thanks to diversification mentioned earlier we can see that Samsung actually have the advantage to produce by themselves most of the electronic components of their smart phones/ tablets, but also to their competitors, so they became superior in the Pyramid. Promotion strategy: This is one of most weak part of SWOT Analyses of Samsung, because it cost billions of USD in advertisements and promotions which are conducted in three continents – Europe, Asia and USA. 8 billion USD were spending in Europe compared to 3 billion in Asia and 12 billion in North America. Using famous American singer/groups such as Black Eyes Peas into their promotion strategy is adding high cost for the â€Å"Chaebol†. Product Placement: The strategic idea here is that Samsung tablets Galaxy 2 Note are not positioned on the luxury market, but at the same time will not be sold in low-level stores as Wal-Mart. Targeting young people across three continents, Samsung focused on uniqueness, creativity, design and promotion. Apple’s product focuses on luxury and fashionable segment of the market where consumers are ready to pay more premiums. Conclusion and Recommendations Transforming South Korea’s economy was an experiment and example of â€Å"Tiger measures† conducted by the government of President Park Chung Hee in quest of best way to expand the economy in sustainable way and improve the quality of people equally. Focusing on export-oriented economy with solid foundation of education, willingness of hard-work, high saving ratio and allowanc e of private family- own enterprises in national sectors and important industries helped â€Å"The Miracle on the Han River† to become history of success. Chaebols† were and still are enormous part of South Korean Economy, which for three decades created a country -an example for a market economy, which ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies (Ref*2). In 2010, Korea’s trade volume amounted to US$892 billion, ranking the country the 7th largest exporter in the world(Ref*2). Korea’s shipbuilding sector currently accounts for about 34% of the world’s total shipbuilding orders. As a major auto manufacturer, Korea produces over 4. million vehicles annually. The majority of export related goods are produced by top â€Å"Chaebols† companies which appeared in late 60s after government of Park Chung Hee offered them unlimited incentives and industries in exchan ge of economic growth with 10% on average. The impact of those conglomerates was measurable and visible, even though 1997 Asian crisis shaped up them and reformed these â€Å"octopus† inner structures by implementing more transparent policies and less corruption. Nowadays â€Å"Chaebols† are still the driver of South Korean’s income and economy. As recommendation for the largest â€Å"Chaebol† at the moments, Samsung Group- focusing on innovation and technology improvement will be useful, because China is starting to emerge and also other competitors are weak point for Samsung. Combing their efforts could be a good strategy in order to protect South Korean’s reputation and export share. Focusing on domestic market and not being so dependent on export. Or being sure that export is enough diversified to keep the profit. Reducing Marketing cost via cheaper, but creative techniques to attract and keep customers. Because for quality there is always a market! Reference List: . Fogel, R. W. (2005). Reconsidering expectations of economic growth after World War II fromthe perspective of 2004. IMF Staff Papers, Vol. 52 Special Issues, Washington, DC:International Monetary Fund. 2. Published by Korean Culture and Information Service Retrieved October 2, 2012, from http://www. scribd. com/doc/85568568/Facts-about-Korea-Eng lish 3. Retrieved October 3, 2012, from https://www. fsb. muohio. edu/mis399/student/Reading%20files/history-china-korea-japan. htm . 4. Fifield, A. (March 26, 2008). http://www. ft. com. In Korea’s Bulldozer must clean up the Chaebol. Retrieved October 14, 2012, from http://www. t. com/intl/cms/s/0/97182b8e-fb3f-11dc-8c3e-000077b07658. html#axzz2LbBBYYrW. 5. http://www. lifeinkorea. com/information/history1. cfm 6. Choo, Myung-Gun. 2000. Chapter 4: South Korea: the Tragedy of Partition and the Response, in  The New Asia in Global Perspective, p. 74-5 7. https://www. fsb. muohio. edu/mis399/student/Reading%20files/history-china-korea-japan. htm. Retrieved October 3, 2012 8. ,, 9. http://www. lifeinkorea. com/information/history1. cfm 10. http://afe. easia. columbia. edu/main_pop/kpct/kp_koreaimperialism. htm 11. Education, Wikipedia , Retrieved October 9, 2012, from http://en. wikipedia. rg/wiki/Park_Chung-hee 12. Hattori, T. ,1986 â€Å"Comparison of Large Corporations in Korea and Japan, â€Å" in Hakjon Lee and Kuhyun Chung, eds. , The structure and strategy of Korean Corporation ( Seoul, Korea: Bupmunsa, 1986)p. 151 13. November,2010. , The Chaebol in South Korea: Spearheading Economic Growth. ,Thomas White International, Ltd, Retrieved October 12, 2012, from http://www. thomaswhite. com/explore-the-world/emerging-market-spotlight/2010/south-korea-chaebols. aspx p. 2 14. Kae H. Chung, Hak Chong Lee, and Ku Hyun Jung, Korean Management: Global Strategy and Cultural Transformation ( Berlin: Walter de Gruyter, 1997) p. 15. Retrieved October 15,2012, from http://www. sjsu. edu/faculty/watkins/park. htm Sources: †¢ Clifford,  L. M. Troubled Tiger: Businessmen, Bureaucrats, and Generals in South Korea, M. E. Sharpe, Armonk, New York, 1994. †¢ Hee, C. P. To Build a Nation, Acropolis Books, Washington, D. C. , 1971. †¢ Hee, C. P. The Country, The Revolution and I, Hollym Corporation Publishers, Seoul, Korea, 1970. †¢ Hee, C. P. Our Nation’s Path: Ideology of Social Reconstruction, Hollym Corporation Publishers, Seoul, Korea, 1970. 16. Jasper, Kim Crisis and Change : South Korea in a Post-1997 New Era ( Seoul: Ehwa Womans University Press, 2005)p. 7 17. March, 2006. , The Case of Chaebol Cult, Asian Management, Retrieved October 5, 2012, from . PDF version 18. Jasper, Kim Crisis and Change : South Korea in a Post-1997 New Era ( Seoul: Ehwa Womans University Press, 2005)p. 17 19. http://ecostat. wordpress. com/2012/08/19/capital-accumulation-or-total-factor-productivity/ 20. Fields. J. K. , Enterprise and the State in Korea and Taiwan ( Cornall University Press, 1995) p. 35 21. Ahn(2001), pg420and Pn, E. ,†South Korea’s role in a dangerous neighbourhood† http://www. nytimes. com/cfr/international/slot3_021106. html 22. (2006, 03). Korean Economy. StudyMode. com. Retrieved October 15, 2011, from http://www. studymode. com/essays/Korean-Economy-83006. html 23. Choo, Myung-Gun. 2000. Chapter 4: South Korea: the Tragedy of Partition and the Response, in The New Asia in Global Perspective, p. 79 24. Education, Investopedia Retrieved October 18, 2012, from http://www. investopedia. com/terms/a/asian-financial-crisis. asp#axzz29i6XywR2 25. SAMSUNG Group Official WebPage, Retrieved October 3, 2101 from http://www. samsung. com/us/aboutsamsung/corporateprofile/history06. html 26. http://tablets. venturebeat. com/compare/46-123/Apple-iPad-2-with-Wi-Fi-3G-vs-Samsung-Galaxy-Note-10-1 How to cite Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ Riddle, Essay examples

Letter to Macduff free essay sample

A Letter to Macduff Dear Macduff, Oh, what you have missed! I have important news to tell you. A series of events happened at the banquet you failed to attend. The majesty left all of us thanes speechless and suspicious. It is not that I ever doubted your thoughts about Macbeth, but it is now clear to me that he is a guilty man with a conscience filled with remorse. The ceremony seemed as if it were going to be elegant and pleasing. There were an equal number of thanes on each side of the table. The king presented himself honorably as he sat down with the rest of us to â€Å"play the humble host† and announced that Lady Macbeth would keep her state. However not long after that things began to get strange. A dirt and bloody man walked through the doors of the dining room and Macbeth quickly got up and attended him. We will write a custom essay sample on Letter to Macduff or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Suspicious it was, my lord, for Macbeth seem unsatisfied with the news the ruffian delivered and before anything else could be said, Lady Macbeth interrupted and reminded Macbeth of his duties as a host. She seen overly agitated, embarrassed and desperate to get Macbeth away from the doors and back to the feast. She rightly said that a guest must be treated with social rituals and courtesy and must be reminded of how welcomed they are. However as she did this, those looking at his majesty discretely could tell that the bloody man was bringing him bad news and as soon as he heard Lady Macbeth he quickly dispatched the man from the banquet. In all honestly, it looked like Macbeth had someone do his dirty work for him and something went wrong however once he got back at the table he tried to put it aside and the feast began. That wasn’t all! If you had only been there to see what Lady Macbeth claimed was an illness of the king’s infancy. His body was possessed with madness! As he was about to make a toast, he suddenly stopped as if his heart had stop beating and his expression changed from joy to intense fear and the he began to scream â€Å"Which of you have done this? He did all this while looking at the empty chair that was meant to be filled by Banquo whom also did not attend the banquet. And things only became stranger. His majesty continuously repeated he had not done â€Å"it† however he never mention what â€Å"it† was. It seemed that some kind of vision appeared to be accusing him of something. What could he be accused of? You can only imagine that Lady Macbeth tried to ease the situ ation, by saying it was just a momentary fit and to do our best to ignore him, however this was very hard to do. She also demanded the guest not to ask any questions since it would feed and extend the king’s passion. And of course no one did but all of us thanes were filled with curiosity and suspicion as to what was happening. She approached the king and had a word with him where no one could hear but by simply looking at her you could tell she was not content and as the conversation got intense their voices rose and we all heard the king declare that is charnel-house and graves sent back the bodies put in them then our graves would be like the maws of kite. As soon as the king and queen rejoined with their guest, Macbeth spoke and said he suffered from a strange infirmity. He pretended like nothing had happened and demanded wine. He might have fooled himself but not us, as it was obvious that there was more to the story than a simple illness. Furthermore my lord In the middle of the servant pouring the wine, the king began to grow pail and weak once more and then screams â€Å"avaunt and quit my sight! † all of us Thanes were confused since we were not sure if he was talking to us, but then it became clear that he was having another one of his episodes. This time, however, he revealed things our ears were not meant to hear. He confessed that what he was so vividly seeing was a ghost. Lady Macbeth tried once more to brighten the mood of the dinner but too much had been said and we all wanted to hear more. All present at the table looked at each other with one eye and had the other fixed on Macbeth. He seemed so certain that what he saw was real, the fear and remorse in his eyes could be seen from miles away and no one could help but wonder whose ghost he was seeing. Dear Macduff at this point I wouldn’t help but think that maybe it was your father king Duncan coming back for vengeance†¦ Our suspicions grew even stronger by the end of his second episode. He paused, looked at us and asked us how we could see such things and not look pale moreover when Ross asked him with confusion what the sighs were, before the King could reply, Lady Macbeth firmly reminded us that questions would enrage him and then dismissed all of us and demanded to leave at once and not by order of importance. The scene was quite suspicious and most alarming Macduff. This whole ceremony was a disaster that will lead to Macbeth’s fall my lord. Things were said and done at this event that no one thane should have seen or heard. Once we left the banquet you could hear the rumors on the street about the king, how he had gone mad, but those who were knowledgeable, began to think about the things that had happened and began to ask questions about the resent murders. How is it going with you Macduff? After attending the banquet last night, I am certain that Macbeth will go to any length to get what he want so please be careful, watch your back at all times. Hope everything is working out the way you hope. Your noble friend, Lennox P. S. You will not believe that news my ears have just heard. Banquo has been killed by savages. He was found in the wood stabbed to death. I wonder who would want him dead and why. Who will be next? This have gotten out of control around here and it is all because of the tyrant Macbeth. You must hurry and put a stop to this before anyone else gets hurt.