Korea Quote by Euny Hong
““Korea has no natural resources and very little arable land. Compounding the problem is that labor costs have risen so dramatically in the last twenty years that the country cannot rely solely on manufacturing as a source of wealth. Korea””
About This Quote
Source Book: Korea: The Impossible Country, 2015
Korea lacks natural resources and arable land, and rising labor costs limit reliance on manufacturing, forcing economic diversification.
In simple terms: Korea has few resources, high labor costs, must diversify.
Key Takeaway
Diversify economy beyond manufacturing.
Themes
economics
resource scarcity
labor
development
Mood
analytical
strategic
Type
economic
geopolitical
When to use this quote
- government planning
- business strategy
- education
- null
Key Concepts
industrial policy
global trade
Questions to Reflect On
- What sectors can Korea develop next?
- How can policy support a transition?
A Different Perspective
Diversification can be hampered by geopolitical tensions and market competition.
