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To be precise the issue is that capitalism will always optimize for "most profit" and little else, simply due to the design of the capitalist "machine". Koreans
by Fauntleroy 3y ago
To be precise the issue is that capitalism will always optimize for "most profit" and little else, simply due to the design of the capitalist "machine". Koreans are simply very very good at capitalism, and the result is a society where most will barely scrape by, constantly working, while those at the top reap massive profits. If you've been paying attention, you can see the same exact thing here in America, with a little more wiggle room due to the wide range of cost of living throughout the country.
- bobthepanda 3y agoThe other thing is that Japan and Korea have heavily state sponsored capitalism; bank capital and other resources are overwhelmingly allocated to large conglomerates as an industrial policy, which strangles small and medium size businesses that actually employ most people and thus reduces wages across the economy. Samsung Group is 20.3% of South Korean GDP, and that’s just one of the chaebol.
- Fauntleroy 3y agoFinally, a commenter who actually knows something about Korea.
- wsc981 3y agoNorthern Europe and Canada as well. Perhaps all of the “Western” world.