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Republic of South Korea and LG Corporation
INDIVIDUAL CONSUMER ANALYSIS PROJECT
February 23, 2009
The Republic of Korea has been experiencing rapid, and has sustained economic growth since the 1960s. This has resulted in its real GDP per capita increasing rapidly enabling the once low-income country to join the ranks of high-income industrialized nations within a short time span. The majority of this growth can be attributed to knowledge accumulation, rather than to the accumulation of traditional factors of production of capital and labor.
Korea had achieved this knowledge-based growth by investing heavily in education and training, boosting innovation through intensive research and development, developing a modern and accessible information infrastructure, all coupled with a stable economic and conducive government that enabled the knowledge-related investments to flourish. Due to this, Korea has made its transition to a knowledge economy, that is, an economy that uses knowledge as the key engine of growth.
During this time, the Republic of Korea recognized the need to expand research and development of technology. It promotes entrepreneurial spirit.
LG Electronics was once a mediocre company, but has now risen to the second largest producer of electronics used in South Korea and is in close pursuit of Samsung and Sony not only in brand name, but also quality.
The Korean culture has continued many of the traditions and events that came into their culture generations ago. Korea was first inhabited by many primitive tribes. Many were ancestors of the Mongolian culture. Many of the people living in Korea today are related to these first settlers. These tribes united to form a single culture. Since the start of this culture the most important thing has always been the family. All things are done...