Question

How does globalization and automation affect the middle-class, especially in South Korea?

Answer 1

Answer- South Korea is the 5th largest export economy in the world and one of the most globalized countries in the world. But, before growing into one of the most globalized countries, South Korea had passed through several stages of economic development stages. South Korea's structural shift from agricultural to semi- industrial quite rapidly during the Japanese colonization period.

The impact of globalisation has been uneven across different countries and different sectors of the economy. As a consequence of globalisation the farmers of South Korea initially had to face competition from importers. As a result, farmers were negetively impacted due to the outward-looking development strategy. Koreans always strived in becoming one of the developed countries in order to improveme the future standard of living and South Korea. Apart from the negetive impact on farmers, globalization’s has far-reaching potential benefits in South Korea. Globalisation promoted innovation productivity-enhancing technology transfer in South Korea. The diffusion of knowledge and technology globally due to globalisation generated some  positive network effects through cross-pollination. As South korea is a technology recieving country from globalisation and automation, It has benefitted from advancement in its research and development activities. Globalisation is thus the major reason why R&D expenditures in South Korea have skyrocketed during the past few years. South Korea have also recently emerged as a global leader in electrical, machinery and optical equipment sector as a result of the positive effects of globalisation.