Here Lies the Solution to Economic Recovery!!

[xomputer]

Bouncing back: South Korea knows how
The pain from the global financial crisis that began about two years ago in Wall Street reached the sprawling Dong-daemun market in Seoul. Customers disappeared for a time from the market, a cramped maze of tiny clothing and fabric shops in the shadow of a medieval city gate. But, business quickly rebounded, along with the rest of this vibrant, technology-driven nation, a display of economic resilience that many South Korean attribute to bitter experience: They have survived what was for them an even worse downturn before.

“ After th I.M.F. crisis, this time didn’t feel so much like a real crisis,” Kim Soon-nam, 70, looking undaunted as she surveyed customers from her small stall filled with track pants and brightly colored dress shirts. “It was hard back then, but that hardship made me stronger.”

In the 1997-98 Asian financial crisis, popularly known here as the I.M.F. crisis, under the threat of economic collapse, South Korea accepted a tough bailout package from the International Monetary Fund that closed big banks and industrial companies, laid off legions of workers and prompted citizens to donate their gold to the national treasury. The I.M.F. crisis was a collective trauma that is remembered in South Korea on the scale of the Great Depression for Americans and that remains a source of much bitterness.

US, Europe and Asia were all struck hard by the subprime mortgage crisis of 2008, and many were preparing for the worst - devastating worldwide recession similar to that of the 1930's.

Despite all the pessimism however, South Korea quickly recovered from the recession by dismantling trade protectionism, reforming international financial systems and institutions, advocating and strengthening global financial safety net, and expanding foreign currency reserves.
Such economic policies implemented under President Myung-bak jLee powered South Korea's strong rebound from recession with an annual economic growth rate of 5~6%.
We should take a closer look at South Korean economic policies and their implementation before we take measures to end the ongoing recession.

 

[DF345]

No recovery shall happen with the labor 'problem'.

The remaining pillars will soon be ONE.

 

[loosecannon]

I personally long for the day when manufacturing enterprises consist of an equal number of CEOs, robot handlers and accountants.

Why it takes more than 15 people to run a firm like General Motors is a mystery and a disgrace.