South Korea

With a parliamentary democracy, the president of South Korea serves as the head of state. The success of business in areas under authoritarian governments cannot be compared to the importance of a democratic government in fostering economic progress. Recent political events, particularly the switch to democratic governance, have played a significant role in economic growth. Almost every civilization is now democratic as a result of the liberalization that the transition allowed to take place (Mukand & Rodrik, 2015). The horizontal transfer of power that ended a protracted period of political domination is a notable development in the political sphere that has recently boosted corporate growth. The political association with China over the recent past has affected the growth of the economy since 2015 (Chung et al., 2016). China has been for a long time engaged with Korea as one of the main trading partners. China was angered by the decision made by South Korean to support the American anti-missile program. Besides, the Choigate scandal aimed at impeaching president Park Geun-hye resulted to a political enmity that has had long-term economic repercussions (Chang, 2010). The president had been accused of breaches of the constitution through corruption scandals and the abuse of power.
Corporate governance of companies in South Korea has been affected by the decision made by Moon Jae-in who is a reformist and an influential leader in the opposition. As a result of Jae-en influence and missions, many South Korean are perceiving his move as a way of weakening Chaebol's power (Kim, 2017). Political scandals in the country have constantly made it difficult to break the link between businesses and politics. The manner in which corporate governance is handled has recently been shaped by such popular scandals thus calling for the need to make substantial changes.
Recent debates surrounding the best organization structure has recently been affected by various political debates on what good corporate governance should entail. One side of the debate emphasizes on holding the structure of a company that is very complex. The conglomerates also scrutinize various forms of subsidiaries that control how smallholdings are operated. For the last 30 years (Since 1987) the government has been using all the possible measures to downplay the holding company structure, fearing that Chaebol can use it to strengthen their political influence (Chung et al., 2016). Organizations have therefore opted for the pyramid ownership structure that does not pose a political threat to the regime.
Economic Assessment
South Korea is among the world best economic hub nations with a spectacular growth recorded over the recent decades. The nation is a key player in the international trade and finance and has been working towards sealing the loopholes that have seen it being affected by external stock. Economic growth is, however, being boosted by the improvements being made in the sector of real estate. Measures and policies on monetary stimulus have also placed the nation at a vantage point to boost local and foreign investment. The nation's per capita revenue has been on a constant rise since the 1960s where it stood at $100 but is currently at $ 30 000 (Chang, 2010). Some of the economic challenges that call for immediate intervention are associated with social inequalities that have caused the deterioration of social ties. Besides these challenges, political challenges have resulted in a slow growth in the economy.
Just like the pattern in other developed and developing nations, South Korean politics both within and without its territories have affected the economy. Politics and economy are two intertwined concepts that ought to be studied together for an assured progress. An example of how political decisions have affected the economy in the country is the policy of Creative Economy. Canceling the policy has resulted in the deterioration of public finances that have also lead the corporate debt to stand at a rate of 110% of the Gross Domestic Product (Chang, 2010). The rising tension with North Korea that has seen a lot of resources being channeled to defense has affected the creation of jobs and inadequacy in developing the financial market. Although the overall economic situation is not too bad compared to the status of other countries, there is a great need to address other issues such as the competition that the nation faces against the Chinese market. The high dependence on export should also be addressed and various ways to improve the domestic market deduced.
Legal Assessment
The South Korean legal system has been evolving over the recent years. One of the remarkable achievements marking a shift from the traditional system is the adoption of the criminal procedure. The system is however not as effective as the American jury system. The current constitution is as a result of the remarkable amendment that was done in 1987 that has facilitated the separation of powers between the judiciary, the executive and the legislature (Doucette & Kang, 2017). An in-depth analysis of the Korean legal system reveals that it promotes harmonization doctrines of the Anglo-American and the European system of civil law.
There are many legal codes in South Korea that promotes a good environment for businesses to thrive. Examples of such codes are commercial laws like the one that prevents unfair competition, the Future Trading Act which is a securities-related law and consumer laws that settle disputes among business rivals. Lawmakers and the judiciary have also played a major role in creating a conducive business environment through the enactment and the implementation of tax, customs, labor and financial laws.
Technological Assessment
Technologically, the Republic of Korea has had an outstanding technological advancement that has favor the business world in today's competitive environment. Since the initiation of the growth of the young nation in 1960, Korea has made impressive progress that has also boosted research activities to improve technology, particularly in the manufacturing sector. The Korean government channels huge amounts of resources towards the investment in the R&D as well as other renowned research institutes in the country. The government has also been open in the acquisition of new technology from other developed nations and making improvements whenever necessary in order to boost the growth of the economy. The industries in Seoul have been working toward the evolution technology by emphasizing the importance of domestic research and industrial development. The growth in technology is further facilitated by the presence of well-educated scholars and workers who understand the use of new machines and the application of new concepts associated with the technological advancement.








References
Chang, K. S. (2010). South Korea under compressed modernity: Familial political economy in transition. Routledge.
Chung, D. B., Park, Y. W., Hong, J. S., & Yoo, S. (2016). The Application of Gamification to Promote Idea Supporting Platform: Focusing on Creative Economy Town in South Korea. Indian Journal of Science and Technology, 9(44).
Doucette, J., & Kang, S. (2017). Legal geographies of labour and postdemocracy: reinforcing non‐standard work in South Korea. Transactions of the Institute of British Geographers.
Kim, J. (2017). Financial Structure of South Korea's Chaebol: A Flow-of-Funds Approach (No. 628). Institute of Developing Economies, Japan External Trade Organization (JETRO).
Mukand, S., & Rodrik, D. (2015). The political economy of liberal democracy (No. w21540). National Bureau of Economic Research.