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Homemade Eggnog



6 eggs
2 extra egg yolks
4 cups whole milk
3/4 cup heavy cream
1/2 cup plus 2 Tablespoons of sugar
1/4 teaspoon salt
1 Tablespoon vanilla extract
1/2 teaspoon grated nutmeg
1 cup bourbon/ or rum


1. Start by whisking the eggs, egg yolks, sugar, and salt in a large pot until well-blended. Keep on whisking while you slowly pour in the milk until it is completely mixed-in.
2. Next, turn your stove burner to the lowest possible setting and place pot on burner. Continuously whisk ingredients for 25-30 minutes or until the mixture reaches 160°F and will coat the underside of a spoon. (Be patient... it will take a while to heat up and then it thickens quickly, so keep an eye on it and remove from heat as soon as it gets thick!)
3. Next, remove the mixture from heat and strain it into a large-sized bowl, making sure to get out any pieces of cooked egg.
4. Now stir in the bourbon/rum, vanilla, and nutmeg, and transfer your mixture to a covered dish.
5. Refrigerate the mix for at least 4 hours before proceeding.

Finally, when you're ready to serve your eggnog, grab the heavy cream and whip it well. Now just fold in the chilled mix, pour, serve and enjoy!

Makes 12-14 servings.

For non-alcoholic eggnog, simply follow the instructions for steps 1-3. In step four, simply substitute 1 cup whole milk for the bourbon/rum and proceed with the remaining instructions.

courtesy eggnogrecipe.net

* I found nutmeg at Kim's Club... so far, that is the only place. I got my cream at Home Plus. (If you can't find nutmeg, try using cloves or cinnamon. Start with just a 1/4 tsp and work your way up based upon taste.)

A 1,000 day party (Seoul) - WARNING: personal details and NSFW

Friday, December 17, 2010 was my 1,000th day in South Korea. For the nitpickers out there, I spent exactly one night on Japanese soil doing a visa run; not counting that day makes my 1,000th day Saturday the 18th instead. No biggie.

This milestone, however, was just a pretext for getting some awesome friends together for the Lady in Red's birthday. The plan was to get some lunch in Gangnam, head to a friend's birthday party, then check out a poetry night in the Noksapyeong area.

That all went well, with one shameful exception: Butterfinger Pancakes, you disappoint me. Sure, I knew arriving with a party of 10 on a Saturday afternoon would likely involve a wait, and there was - an hour. Over we went to Krispy Kreme for some coffee and conversation - including some great catch-up conversation with blogging friends and their wonderful spouses.

Arriving back at Butterfinger Pancakes, we were told to wait 5 minutes. This, of course, comes after I said we'd take smaller tables instead of getting everyone around one big table - Butterfinger Pancakes doesn't exactly have a lot of room for huge tables. After 30 minutes watching several other groups enter - and other groups get seated - we moved on to Dos Tacos. After some hesitation, we found plenty of room in their basement (for those in Gangnam, enter the basement by walking down the stairs next to the ground level's entrance). A shout-out to Steve from the Qi Ranger and his beautiful wife Jo, Dustin from Rip City to Seoul / Neh Magazine and his cute lady Whisper, Roboseyo and Wifeoseyo, my co-worker Celeste and her friend Maddie - thanks all for coming out.

This is what you get when you try to play Scrabble with those timeless 'Happy Birthday' candles.

Round two was elsewhere in Gangnam at another birthday party - a friend of the Lady in Red's turning... um, 27. Happy birthday, Diane - a cheer for combining youthful energy and sass in a effervescent outfit.

Round three involved heading up to the nascent Kyungidan area (that's near Noksapyeong station and within walking distance of Itaewon in case the name is unfamiliar to you Seoulites) for some poetry. Not just any poetry, mind you, but an event billed as the 'Jingle My Bells Erotic Poetry Christmas Party'. Presented by some of the same people as the recent Encyclopedia Show, it's a good sign for the artistic community that Carmen's filled up quite nicely despite being a fair distance from the subway / bus stops.

It's here where the story turns NSFW - click away if there are kids around to see your jaw drop.

As you might expect an erotic poetry party to be, more than a few choice descriptions would be censored or left unpublished elsewhere.

After the event started, David presented some of his darker and more morbid words - the latter poem actually got a brief encore by request of the host.

She should be legendary, but Heather Hong has to settle for titillating a crowd of a few dozen for now. While one of her poems was a welcome repeat from the first Seoul Encyclopedia Show (it's hard to forget the line about 'I want to sweatf*ck your talisman'), another featured the sentiment that 'love handles mean f***-me-harder'.

Looking a bit like one of the Boyz II Men, Andre suggested a gentleman's approach in his first poem - 'I'm confessing and suggesting that you bless me' was one line repeated multiple times - and a more aggressive approach in the second. 'When a man is using his tongue...', went one line, when 'Where?' rang out from the crowd.

I'll write a separate post about things I've learned over the past 1,000+ days, but for now, suffice it to say that it was an awesome Saturday. It may not have featured some exotic Korean destination, but it was definitely fun and full of friends.

Creative Commons License © Chris Backe - 2010

This post was originally published on my blog,Chris in South Korea. If you are reading this on another website and there is no linkback or credit given, you are reading an UNAUTHORIZED FEED.


 

to slowly retrieve what was lost

1. deactivate facebook account

2. leave apartment squeaky clean

3. turn cell phone off

4. pack only the necessities

5. memorize the 108 bows

6. concentrate completely on what i will absorb the next 4 days

7. let go

Ps. Don’t be worried, might sound like I am disappearing, but some sort of longing for quietness and separation is something I need to seek. I will be safe, here. And I will be back soon.  Meanwhile, send me an email. Next best form of distant communication.

Sincerely,

britt

Feature: THE GAMING SHELF

Hello Readers,

This past weekend was a bit of a disaster. I can't give you any details, but I can tell you that what I witnessed fueled the fire inside of me to to strive even more for a good life, a life that I can be content with, a life that I can feel good and happy about.

I guess I reminded myself that it's better not to settle for anything, even when NOT settling means that your life will be more difficult for a while. All of you out there reading this now, NEVER GIVE UP!

Anyway, enough of that.

I'd like to introduce you to a friend of mine.

His name is Taylor and he's pretty much one of the coolest people I know.

Taylor, who has been an author for "Blistered Thumbs" for a while now has finally started his own web series. I used to be quite a video game nut (back in the day, haha) and while I don't play much anymore I enjoy the topic from time to time, most of the time the 'blah blah blah' of constant video game chatter really turns me off to bringing it up in conversation, but this guy is really knowledgeable and the few talks we did have on this subject were really really interesting.

Taylor is not your average video game nerd. Actually, after meeting him the first time I never would have guessed the guy played video games, or even OWNED a video game. Imagine my surprise when I started seeing his game reviews posted up on his FB page.

Because Taylor is the only one who has ever been able to refuel my video game passion he has not only my absolute gratitude, but also a special place on Auggie Talk.

SUBSCRIBE TO HIS YOUTUBE SITE HERE

Welcome to THE GAMING SHELF



Check him out, subscribe, and leave a comment!

Until next post,

~A.

S. Korea Takes a Step Backwards by Levying a Tax on Foreigners' Bond Holdings

South Korea Needs to Decide:  Developing or Developed? 
The primary challenge facing South Korea is, in fact, an identity crisis of sorts.  Subjugated by larger nations in the past, Korea has fought and won its war versus nationwide poverty.  No longer is South Korea one of the world's poorest nations. No longer is South Korea a war-torn nation whose children had to forgo their education while escaping artillery fire.  Samsung Electronics, LG Electronics, Hyundai Motors, Posco (Pohang Steel):  these are globally-recognized leaders now, all originating from a country of only 50mm people with limited natural resources.  The Seoul Gyopo Guide has been created to foster one central theme:  Korea has deserved its place among a very few privileged nations, but its social and legal structure must match its fully-developed economy.  This is the critical step necessary in order to be fully recognized by the other leaders of the free world. This is not an easy task, and will not happen overnight.


New Proposals for a Tax on Bonds is Totally Wrong and a Huge Step Backwards
When there are steps taken backwards, then they must be pointed out.  Recently, the Korean parliament re-introduced the notion of a levy on fixed-income investments on KRW-denominated bonds.  This is the type of knee-jerk reaction that Korea has often displayed when there is a foreign influx of capital.  The very point of capital movement is the idea that money goes away from unattractive opportunities to attractive opportunities.  In order to be considered a long-term investment opportunity, however, the laws should not change quickly back and forth depending upon market conditions.  Prices of investments should change due to the market conditions, not laws.  In fact, it is not the tax itself which is the problem.  Many other nations have had similar measures in place.  It is the notion that the law is subject to change on the whim of parliament due to market pressure or political opinion that is the problem.
One might counter-argue that the Bank of Korea changes its mind frequently by changing policies.  The answer to this counterargument is that when the Bank of Korea changes interest rates, then that is a market price.  That is the standard global practice, and the Bank of Korea is fulfilling its duties.  However, when the BOK changes the rules or capital inflows, that is a different matter entirely.  The Seoul Gyopo Guide has criticized the BOK when it has announced that it is considering such steps.

Korea's Changing Policies Confuse Long-Term Investors
Korea has been guilty of this practice on the international stage in the past.  One of the Seoul Gyopo Guide's favorite examples was the Lone Star - KEB debacle.  The Korean government approved, and then attempted to nullify a private equity's buyout of the then-paralyzed Korea Exchange Bank.  One interesting point:  Japan had the exact same situation when Ripplewood Holdings, a U.S. private equity firm bought the Long-Term Credit Bank of Japan, and eventually renamed it as Shinsei Bank.  While the case gained a lot of attention, legal barriers were not instantly erected by the Japanese Diet (parliament) to block that takeover.  Therein lies the problem:  Korea's legal structure and its whimsical policies confuses long-term investors, who can be dissuaded from investing in Korea over the long haul.  As a result, foreigners who are interested in investing in Korea have almost no other choice than to invest in liquid markets, where investors can change their mind rapidly.

Even at Home, Koreans Are Confused
Korea has been guilty of this practice in its own domestic market as well.  It is a well-known fact in Korea that the taxation of residential real-estate has fluctuated from administration to administration, and sometimes within a single presidential administration.  In fact, current thoughts are to weaken the real-estate taxation laws in Korea, because the market has been relatively weak compared to other financial assets.  The lagging real estate market is a drag on consumer sentiment, and thus, consumer demand for products is lower than it would otherwise be.  It is another example of how changing policies confuse investors, even Koreans residing inside Korea.  It is no wonder that foreign investors are confused.

Korea Isn't Brazil, nor China
The counterargument against the Seoul Gyopo Guide's claims above could be that other "emerging" economies, like Brazil's or China's also have a similar set of ever-changing rules.  While those countries do have changing rules, it is clear that foreign investors could invest even more if those nations' legal structure were more stable.  In addition, Brazil and China have two natural advantages that South Korea does not enjoy, natural resources (Brazil) and an enormous population (China).  Therefore, those two countries have the luxury of being able to say to the rest of the world, "Take it or leave it."  Korea does not enjoy these luxuries, and as a result, the changing rules in Korea are more likely to result in the choice, "leave it."  By that same token, Korea is no danger of being compared to Russia, who intentionally, selectively didn't pay foreign borrowers on its national debt.  Korea isn't and shouldn't be compared to this almost-unbelievable example.

Other Aspects of Life are Affected by Korea's Legal Structure
Other, lesser known, aspects exist in which Korea does not adhere to international standards of law.  For example, Korea has not adhered to the Hague Convention on Child Abduction in the past.  That has only recently changed.  Eighty-one other nations around the world had signed this agreement before Korea adopted it.  There have been many well-publicized stories regarding this type of controversy in Korea.

Conclusions: Global In Name Only?
Perhaps the most over-used word in Korea is the word "global."  Global this, global that.  Its companies have produced and delivered products around the world.  There is zero doubt about that, and it has occurred at breakneck speed, relatively speaking.  A plot of land (a huge amount of money then) on the large Tehran-no (street name in the Gangnam district of Seoul) at the end of the Korean War in the 1950s which was worth around $10,000 would be worth no less than $300,000,000 today (with building, obviously).  Its laws have not changed at the same pace:  there are justifiable reasons for that.  Nevertheless, the laws and the procedures need to evolve so that Korea can take even further steps to cement its position in the first world.  The "developing world," or "emerging market" labels no longer fit Korea.  Other countries are considering new withholding tax measures as well.   However, those other countries are Indonesia and Thailand.  Those two countries' economic development are not anywhere close to South Korea's.  They are not valid comparisons, and yet even the influential Financial Times mentions South Korea and those two other nations in the same vein.  If the laws are reliable, stable, and can be understood to be so by foreigners, then and only then will Korea be global. The recently-considered tax on foreign holdings of KRW-denominated bonds is a definite step backward towards this end.


Sex and the University, Part 3: University Students’ Cohabitation Culture

( Live Together, 2007. Source )

Much to my regret later, I never properly met any Koreans in New Zealand before I first came here.

But by coincidence, a Korean woman replaced me in my last flat after I left. And as my ex-flatmates soon gleefully reported, she was the perfect flatmate, paying her share of the rent without ever actually spending so much as a single night there.

Glee rapidly turned to genuine concern though, as she completely disappeared a week after moving her stuff in, not answering her cell-phone at all for 2 weeks.

Alas, once she was back from her trip home(!), she explained she was actually living with her Korean boyfriend at his place. But, lest she be caught with him by her parents back in Korea somehow, she needed a separate address and home phone number, and a pretend bedroom just in case they made a surprise visit.

And once they were in the loop, then naturally that was fine with her flatmates, and she would end up spending less than, say, 4-5 hours a week there for the next 6 months.

( Source )

Of course, I’m sure she had good reasons for what she did. And even 10 years later, openly cohabiting is a big taboo in Korea, testament to which is the fact Korean portal sites like Naver require age verification for you to search for anything related to donggeo, “동거”, the Korean word for cohabitation, placing it on a par with pornography and so on.

Granted, along with pregnancy, couples are generally forgiven if they have already made arrangements to marry, or at least do so shortly after being discovered.  But as a Seoul-based friend who wrote his MA thesis on them frequently lamented, that means it can be near impossible just to find cohabiting couples, let alone ones willing to talk about their experiences with a researcher.

Still, that’s not to say that they don’t exist, and fortunately amorous Yonsei University couples at least don’t seem to need to go to quite such extremes to hide their living arrangements, as the third of four articles on the “Sex and the University” theme from the Yonsei Chunchu (연세춘추) campus newspaper explains. Not really giving any background on the subject though, if you haven’t already then I recommend reading this short introductory article I wrote for the Korea Times before starting here, and it also has a list of links to many other related posts for anyone further interested.

Update: Strangely, the internet searches work fine if you add an extra term, and hence there’s unrestricted access to info about the 2007 movie Live Together (donggeo-donglak; 동거동락) in the opening image for instance, which sounds great to watch with your partner on a cold winter night and a bed not far away interesting. Anybody seen it already? It’s also known as Happy Together, and yes, that is indeed a dildo mosaiced out at 0:42.

And without any further ado, thanks again to Marilyn for translating the article:

지금 사랑하는 사람과 살고 있나요? Are you living with the person you love?

원주캠, 신촌캠, 신림동 고시촌…요즘 젊은 세대들의 동거문화를 엿보다

Wonju campus, Shinchon campus, Sillim-dong gosichon [area where there are many people studying for Civil Service or other exams] – a look at the young generation’s cohabitation culture

『개인의 취향』, 『풀하우스』, 『옥탑방 고양이』….

모두 미혼남녀의 동거를 소재로 한 드라마들이다. 이런 드라마들은 동거생활의 알콩달콩한 면면을 보여주며 화제를 불러일으켰다. 미디어의 영향일까. 동거를 바라보는 대학생들의 시선은 관대한 편이다. 실제로 성의식 설문에 응답한 우리대학교 학생 중 43.6%가 “동거를 할 의향이 있는가”를 묻는 문항에 “그렇다”고 답했다. 그러나 동거에 대해 긍정적으로 생각한다는 것과 진짜 동거를 하는 것은 다른 법. 직접 학생들을 만나 실제 대학생들의 동거생활과 이에 대한 인식을 들어봤다.

Personal Preference, Full House, Attic Cat – all dramas about unmarried men and women cohabiting.  These dramas have caused a stir by portraying the cute side of cohabitation.  Does the media have influence [on us]?  University students’ views on cohabiting are on the tolerant side.  When asked, “Are you interested in cohabiting with a partner?”,  43.6% of students at our university who participated in a survey about attitudes toward sexuality said “yes.”  However, there is a difference between having positive views of cohabitation and actually cohabiting.  We met students and heard about real students’ experiences and perception of cohabitation.

( Source )

매지리 동거족, 말하지 않아도 알아요

Cohabitation in Maejiri, known about even though they don’t talk about it

우리대학교 원주캠퍼스의 경우 학생 대부분이 타지방생이다. 그래서 통학생은 거의 없고 대부분 기숙사에 살거나 인근 지역인 ‘매지리’에서 자취한다. 상황이 이렇다보니 매지리에는 동거에 관해 다소 관대한 분위기가 형성돼 있다. 동거 사실을 공공연히 밝힐 정도는 아니지만 동거족이 많은 것은 알 사람들은 아는 사실이다. 실제로 매지리의 한 아파트에서 남자친구와 살고 있는 전아무개(23)씨는 친구들에게는 굳이 동거 사실을 숨기지 않는다고 말했다. 매지리에서 동거는 크게 문제시되는 사안이 아니기 때문이다. 그녀가 살고 있는 아파트에서 만난 김아무개(24) 커플은 완전한 동거 형태는 아니었지만 ‘거의’ 함께 살고 있다. 김씨는 기숙사생이지만 남자친구의 방에서 지내며 기숙사에는 거의 들어가지 않는다. 매지학사의 경우 기숙사비가 비싸지 않은 데다 집으로부터 의심을 피할 수 있기 때문에 들어가 살지 않더라도  일단 신청해두는 것이다. 김씨는 “이런 원주캠퍼스의 특징이 비교적 자유로운 동거 생활이 가능한 분위기를 조성하는 것 같다”고 말했다.

Most of the students at our university’s Wonju campus are from other areas. There are almost no students who commute from home, and most live in a dormitory or live independently in ’Maejiri’, a neighboring area. Because of that, an atmosphere of tolerance toward cohabitation has developed in Maejiri.  It’s not to the point where people publicly reveal their cohabitation, but it is an open secret that many people are doing it.  One Ms. Jeon (23), who actually lives in an apartment complex in Maejiri with her boyfriend, says that she doesn’t feel the need to hide the truth from her friends.  She says it’s because in Maejiri living together is not a very problematic issue.  In the same apartment complex, a Ms. Kim (24) and her partner are not quite in a cohabitation situation but are “almost” living together. Ms. Kim lives in a dormitory, but stays at her boyfriend’s place and hardly ever goes to the dorm.  In the case of the Maeji school,  a place where the dormitory fee is not expensive, students enter the dorm to avoid suspicion from home, so even though they don’t live there, it’s important to apply. Ms. Kim said, “One special feature of the Wonju campus is that it seems to create an atmosphere in which comparatively free cohabitation is possible.”

( Source )

존재하지만 눈치 보이는 신촌

Sinchon, where it occurs but they care about others’ opinions

그렇다면 신촌캠퍼스의 상황은 어떠할까. 우리대학교 뿐 아니라 인근에 여러 대학이 밀집해있는 신촌의 경우 대학생들의 수 자체가 클 뿐 아니라 대학 간 커플도 종종 보인다. 그러나 동거를 대하는 학생들의 태도는 앞서 살펴본 매지리와는 사뭇 다르다. 신촌의 동거 커플들은 동거를 한다는 사실에 대해서는 크게 심각하게 받아들이지 않았다. 그러나 상대적으로 매지리에 비해 타인의 시선을 의식하고 있었다. 이아무개(22)씨는 여자친구와의 동거를 진지하게 고민해봤다고 했다. 그러나 그는 동거를 좋지 않게 보는 사람들의 시선이 신경 쓰여 망설이다 결국 단념했다. 지방에서 올라온 김아무개씨(21)는 그와는 조금 다른 경우로, 현재 신촌에서 여자친구와 함께 살고 있다. 김씨는 “처음엔 혼자 살았는데 어느 때부터 여자친구가 놀러오는 빈도가 잦아졌고 얼마 안가 동거를 제안하게 됐다”고 말했다. 그러나 둘 다 집에는 전혀 알리지 않았고 그것이 반드시 필요한 절차라고는 생각지 않는다고 했다.

So then how is it done in Sinchon?  In Sinchon, where not only our university but several others are clustered, not only is there a large number of students, but also couples who go to university are often visible.  However, the students’ attitude towards cohabitation is quite different than that seen in Maejiri above.  Sinchon’s cohabitating couples don’t take living together very seriously.  Compared to Maejiri, though, they were more conscious of others’ views.  One Mr. Lee (22) has seriously considered cohabiting with his girlfriend.  But because some of the people whose views he cares about think that cohabitation is not good, the plans fell apart and he finally gave up.  A Mr. Kim (21), who came from outside of Seoul, was in a slightly different situation; he is currently living with his girlfriend in Sinchon.  He said, “At first I lived alone but at some point my girlfriend started coming over a lot and not much later I asked her to move in with me.”  However, he said the two have certainly not told their families, and he doesn’t think that it’s absolutely necessary to do so.

( Source )

장래 약속한 동거커플 많은 신림동

Sillim-dong, where there are many cohabitating couples who’ve made promises for the future [about marriage]

신림동 고시촌은 함께 살며 고시를 준비하는 동거족들이 많은 지역이다. 이진아(25)씨는 자신의 고시촌 입주 당시를 회상하며 “큰 문화적 충격에 휩싸였었다”고 말했다. 동거하고 있는 커플들이 생각보다 너무 많았기 때문이었다. 주위 몇 집만 둘러봐도 동거 중인 커플들을 쉽게 볼 수 있다는 것이다. 이씨는 “공부에 전념하느라 연애할 여력이 없을 것 같은데 의외의 현상이었다”고 말했다. 또 다른 고시촌 거주 고시생인 김지영(28)씨도  비슷한 얘기를 전했다. 김씨는 “결혼을 약속한 남자친구와 함께 살며 공부하는 친구가 있다”며 “고시공부로 인한 외로움을 달래고 경제적인 부담도 줄이려는 것”이라 말했다. 김씨는 “같이 고시를 준비하는 고시촌 동거 커플들은 특히 장래를 약속한 사이가 많은 것 같다”고 덧붙였다.

The Sillim-dong gosichon is an area where there are many people cohabiting while preparing for major exams.   While recalling moving into the gosichon, Lee Jin Ah (25) said, “It was a big cultural shock.”  It was because there were many more cohabiting couples than she had thought.  It’s that looking around at just a few of the nearby houses, she can find many cohabiting couples.  Ms. Lee said, “It seemed like they would be too busy studying to have energy for romantic relationships so it was an unexpected situation.”  At another gosichon residence, Kim Ji Young (28), who is preparing for an exam, also had a similar story.  She said, “I have friends who are studying while living with boyfriends they have promised to marry,” and “It soothes the loneliness caused by studying for a major exam, and lessens the financial burden too.”  She added, “It seems that many of the couples cohabiting in the gosichon and preparing for a major exam together have made special promises about the future to each other [are engaged].”

( Source )

(Part 1, Part 2, Part 4)

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Filed under: Korean Demographics, Korean Education, Korean Sexuality, Sexual Relationships Tagged: 동거, 동거동락, 동거하다, 연세대학교, 연세춘추, Yonsei Chunchu, Yonsei University
  

 

Seoul Trip: The DMZ and North Korea

This is from the tour I took, in late September, of the demilitarized zone (DMZ) that is located along the boarder of North and South Korea. I am so thankful I got a chance to go before the missile strikes. Despite that fact, I was still incredibly nervous, considering that it is one of the most highly militarized areas on Earth. Please pray that everything stays peaceful between the North and the South!

Seoul Trip: The DMZ and North Korea from Jamie Lomazzi on Vimeo.

Jamie Lomazzi

The Year in Review: Is Lee Myung-Bak the President of the Year?


South Korea Has Accumulated Impressive Gains During 2010
As native Koreans would be glad to share with foreigners, Korea is far from perfect.  Nevertheless, the branches of government have navigated exceptionally difficult conditions very well during 2010.

Here is a partial list:
a.  Korea's economic growth was the greatest amongst OECD members during the 2nd Quarter 2010.
b.  Korea's official unemployment rate has steady at a low 3.7%.
c.  Foreign exchange reserves, the world's sixth largest, are near an all-time high at $290.23 Billion.

Circumstances Have Favored South Korea
Many of the positive things that have happened to the Korean economy are the result of circumstances alone.  Here is a partial list of those circumstances which has benefited Korea.
a.  Governments around the world have stimulated their economies which has resulted in continued economic demand for Korean-made products.
b.  The strength of the Japanese Yen has made Korean-made products cheaper, which has greatly helped Korean corporations (chaebol). 
c.  China, the world's most populous nation, has continued its torrid economic growth.

It has been a nearly-ideal situation for Korea:  its largest trade partners are relentlessly attempting to avoid Japan-like deflation by continually stimulating their economies with monetary and fiscal measures.  Korea's largest potential market, China, continues to grow unabated as the Chinese government is trying to develop China into a modern economy.  Japan, the nation with the majority of direct competitors to Korean corporations, are saddled with sagging domestic demand and a currency which has made their products expensive relative to Korea's in international markets.

The South Korean Government Has Acted to Strengthen Its Hand
While it may be suggested that South Korean President Lee Myung-Bak has merely been in the right place at the right time, there is little doubt that the President Lee and other governmental agencies have taken steps to provide for Korea's citizens, as well as to improve Korea's stature on the world stage.
a.  Korea has only gradually reduced its fiscal stimulus programs because it has remained cautious regarding the sustainability of the global economic recovery.
b.  Korea and the U.S., finally, have agreed on a Free Trade Agreement, which should improve the quality of life in Korea, and reduce inflation for Koreans.
c.  The Bank of Korea has acted to keep the Korean Won relatively cheap in order to keep its export growth strong.  While this has longer-term risks, this has helped Korean corporations in the short run.
d.  Korea's emergence on the international stage was made obvious by its hosting of the G20 Seoul Summit in November. Even if you do no believe that much was accomplished, the fact that the meeting was hosted in Korea demonstrates its continuing importance on the world stage.

Korea Still Faces Fundamental Challenges
While Korea has enjoyed, as a nation, economic conditions which are superior to almost all other OECD nations, fundamental problems exist which cannot be solved overnight.  In addition, only dramatic policy changes would have any effect, and the side-effects may be undesirable to many.  Here are just a few lingering issues.  Each issue itself is worth a post, which you will be able to find here at www.seoulgyopoguide.com in the future. 
a.  The value of real estate continues to disappoint owners.  The value of real estate has actually declined in Seoul over the past two years, whereas in Hong Kong and Tokyo, prices have entirely recovered (Hong Kong) or are still recovering.  This is not occurring in Korea.  That is a problem because people's belief about their wealth is tied to the value of their homes.  Real estate represents a greater percentage of a Korean's net worth than most other countries in the OECD.  One reason the Bank of Korea is reluctant to increase interest rates?  Increased interest rates leads to lower real estate prices, something that could lead to less consumer spending in Korea.
b.  The increasing average age of the Korean population may weigh on social programs.  Many Koreans do not believe that the Korean National Pension Service will be able to help those who currently work, when they retire.  Assuming that Koreans want the Korean Pension Service to survive, the choices seem to be either higher taxes, or lower entitlements.  Fundamental changes to the structure of the Korean pension system may be more feasible in Korea when compared to the U.S., where the system has been in place for a much longer period of time.
c.  Underployment will continue to be a problem, as has been posted here.  The bottom line is that Korea is over-educated, given the number of skilled workers needed in a nation of only 50mm.   Comparisons among Korean workers are drawn using increasingly irrelevent criteria.  How to resolve this will be the topic of a decades-long debate.
d.  The private tutor (hagwon) system threatens the Korean family and the Korean economy.  It isn't the goal of this article to discuss whether or not Korean students should study so hard, or if Korean parents should attempt to send their children to multiple hagwons per day.  What is clear, however, is that the average Korean family spends too much of its disposable income on the private tutor system in Korea.  That means less consumer spending and increased stress on the Korean family.
For those that have studied economics, a dollar spent on the hagwon system does not have the same multiplier effect on the Korean economy that other consumer spending has.  For example, if a student spends $200 a month on a hagwon, that money is used to pay the rent and  the teacher of the hagwon.  However, that same $200, if spent on a consumer good, such as food, then the entire support system (e.g. a restaurant, its workers, the farmers of ingredients, etc) is far larger.  In short, the money used in hagwons has a definite "dead end" to where the money goes.  Money used elsewhere, The Lost Seoul contends, would have a greater, wider economic impact.
The hagwon system has been criticized for encouraging a greater separation among people of different economic classes.  The government has publicly raised this concern.  Recent attempts to try to standardize the questions for the college entrance exam in Korea have been widely (and justifiably) criticized due to the lack of thorough planning and poor execution of implementing the new system.  However, the fact that the government is attempting to do so is a step in the right direction.  Hopefully, these types of measures will be ultimately successful.
d.  Inflation.  Currently, inflation is much higher than is being reported in governmental figures.  Everyday Koreans will tell you this.  Being energy and resource poor, Korea will be face increasing inflationary pressure as a result of the demand for resources because China's demand will not fade.  Currently, the Lee administration has acted in some way to accelerate Free Trade Agreements.  However, as long as the Korean Won is held lower than is justified on international markets, import prices in Korea will remain very high, contributing to higher inflation. 

Conclusion:  Korea Needs the Next Generation of Leaders
Korea is resembling the United States more everyday: complaining about the government has become a national hobby.  At some level, the government has failed for one reason or another.  However, when compared to its counterparts in other nations, the Lee Administration has performed admirably.  The question now is how to solve the longer-term problems, without upsetting the delicate balance that currently exists.  In order for the younger generation of Koreans to take the reins, careers in government and public service must be more prestigious and frankly, better compensated.  It is no coincidence that another widely-commended Asian government, Singapore's, attracts some of the brightest from the best universities in Singapore.  Singaporean officials are among the most well-compensated officials in the world.  Korea must cultivate those in their 30s and 40s to prepare to become the policymakers for the future.  If Korea can do this, then it can solidify the hard-won gains since the end of the Korean War.
While President Lee's early years were difficult due to the global financial crisis, the fact is that Korea, and President Lee has deftly dealt with the situation.  It can be said that Korea's position in the world economic order has improved quite a great deal since the onset of the crisis.  As stated above, some of that is the result of favorable circumstances.  Nevertheless, it is a fact that when things go well, the leader is given a great deal of the credit.  In this case, President Lee and the Korean government deserve many of those accolades.


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