Working Aboard In Korea Essay

5835 words - 23 pages

Working Aboard In South Korea Introduction For this assignment, South Korea is selected as the country for the family to transfer.Economic System Economic system based on private ownership of the means of production, in which personal profit can be acquired through investment of capital and employment of labor is called capitalism. Capitalism is grounded in the concept of free enterprise, which argues that government intervention in the economy should be restricted and that a free market, based on supply and demand, will ultimately maximize consumer welfare. Based on the policies of South Korea, it shows that Korea has flourished under a free market economic system.Land The Korean Government has very strict policy on the use of land. The Korean Government also very concerns about the acquisition of lands by the foreigners. During 1961-1979, Park Chung Hee gains power in a military coup and becomes President; he installs a law that forces foreigners to seek government approval for continued ownership of land. In 1993: The law about government approval for ownership of land by foreigners is abolished; however, many other restrictions for foreigners remain. In 1998, Korea passed the Foreigner¡¦s Land Acquisition Act. The purpose of this Act is to prescribe the requirements for foreigners land acquisition within Koreans territory. In 1999, the Land Management Division of Korea issued a Guide for Foreigner¡¦s Acquisition of Real Property.Capital Control Capital control use is measured according to how consistently and intensively controls are used in the following categories: a) regulation of incoming foreign investment and restriction on percentage of foreign equity, repatriation, remittances, and foreign transfers of foreign capital and its earnings; b) regulation of and restrictions on foreign borrowing-through minimum maturity levels, interest rate ceilings, quotas, prior approval, and Government guarantees.Foreign Direct Investment In recent years, the government has focused on liberalizing the country¡¦s foreign investment regime. Consequently, it has become generally easy for foreigners to establish a business in South Korea. A new foreign investment law implemented in November 1998 substantially opened the market to foreign investment. According to the Embassy of Korea, ¡§Restrictions on Foreign Direct Investments now only apply in cases where the maintenance of national security, public order, public health, environmental preservation and social morals are threatened¡¨. As of March 2000, out of a total of 1,121 business sectors, only five are completely closed to foreign investment, and an additional 23 are partially closed.Banking sector The Korean Government tightly controlled the banking sector, ensuring the allocation of credit was firmly in line with the national policy goal of domestic industrialization by Korean enterprises, which prohibited foreign firms access to the...

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