Korean Waves and Economy

Due to my lebih-lebih passion to a Korean girls group called Girls Generation or SNSD, I bought an original CD that cost me around RM 70. Being an economics student, every transaction happened in my life would be my food for thought.

Throughout the world economy history, cultural spread has proven to be one of the best ways to grow business. It is easy to tell the reasons. (I’m using the Korean idols culture example) First, there would be an increase in foreign demand for some types of Korean goods. In this case, albums, DVDs, magazines, comics and whatever goods that printed the faces of handsome and pretty Korean Idols. Of course, this would increase the volume of exports for Korean media industry which also means jobs creation in their motherland. Second, as Korean culture spreads to other countries, more foreigners become interested to visit South Korea and boost their tourism industry.

But the case doesn’t stop there. They know how to utilize the idol’s image to boost other businesses as well. The best example is the use of Korean idols in advertising facial creams, fashion, electronics, snacks and cars. Of course not every product is directly advertised but they cleverly and insert it in dramas, MVs and movies. I can tell you this marketing strategy is effective! Well, the most extreme economics advantage would be in plastic surgery sector. See how beautiful and handsome the Korean idols are. In year 2006, in the movie - 200 Pounds Beauty, they even try to revolutionize the bad perception of having plastic surgery.

In 2008, Korean leaders realised that they could no longer put all their attention into maintaining stability on the Korean Peninsula at the expense of limiting their own foreign policy objectives. President Lee Myung-bak has therefore adopted a new foreign policy approach, the so-called "Global Korea", hoping to move closer to Southeast Asia - a region that has long succumbed to bigger powers. Korea has taken part in the Asean Regional Forum and the "Asean Plus Three" framework. The increasing economic and political presence of South Korea has been largely underpinned by the "Korean Wave", which promotes Korea's popular culture in Asia and beyond. Known as "Hallyu", it is part of Korea's foreign policy mechanism designed to enhance the country's relations.

I’m saying that it is not good or what but I just admire their quick-realize of comparative advantage and creativity in grabbing economy opportunities. In fact, this should be applied in Malaysia. (Aiyo susahlah bang! Nanti Persatuan Pemuda ini dan itu tak kasi..susahlah nak buat culture di sini! Lu tengok, mat salleh nak pakai baju seksi gak concert pun tak boleh!)

Politicians in Malaysia just know how to sing Sorry Sorry by Superjuniors when policy fails:

Sorry Sorry Sorry Sorry

Naega naega naega meonjeo

Nege nege nege ppajyeo…..