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Experimental Exercise2 - MIGNECO

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Experimental Exercise2 - MIGNECO

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cjzgdhc2kf
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Mia Migneco

Dr. Tolan

MGT- 5130-X1

23 February 2025

Experimental Exercise 2

Throughout the past decade, South Korea is one of the many countries that has faced

significant political and legal developments. However, I believe that many of these series of

events are great examples of the strengths and challenges that the democratic system faces. In

2016, the country was hit with a major scandal involving their then-President Park Geun-hye,

who was their first female president. The scandal involved allegations of corruption, cult

activities, bribery, and abuse of power which led to massive public protests and outrage. This led

to extensive legal proceedings which ultimately resulted in the impeachment by the National

Assembly in December 2016. This was a monumental decision in South Korean politics as it

showed the country's commitment to the rules of their law and held their hands and leaders in

power accountable for their actions (Griffiths). In May 2017, the removal of Park led to the

election of Moon Jae-in, who focused on issues during his presidency including improving their

relationship with North Korea, economic inequality, and pledged to reign in the power of

chaebols, “sever the ties between business and government” (Ray). More recently in 2022, Yoon

Suk-yeol was elected as the current president. With him in office, his goals had a different

approach compared to his predecessor. Throughout Yoon’s presidency, he’s attempted to build

stronger relationships with the United States and Japan. Throughout his presidency, the public
has complained that their cost-of-living crisis is worsening. Additionally, the president is also in

danger of facing impeachment as he recently passed a martial law, which many deem as a threat

to the general public and an act of a dictator (Si-jin). As of January 26, Yoon has been arrested

for passing this law and had their first appearance in court on February 20, 2025. The trial itself

can last up to six months if Yoon is found guilty he could spend several years in prison. South

Korea has had a drastic evolution in the past decade regarding its politics and legal endeavors.

South Korea’s political and legal situation has had a significant influence on its business

operations which influences the country’s international trade relations and alliances as well as

shaping their own internal economic policies. South Korea has maintained many alliances

throughout the years some of the more notable ones being the United States and Japan. These

alliances are beneficial for numerous reasons including the economic benefits. The U.S.-Korea

Free Trade Agreement (KORUS FTA) went into effect in 2007 and because of this according to

the Office of the United States Trade Representative South Korea was the United States’

seventh-largest goods export market and the sixth-largest supplier of goods in 2019. Some of

South Korea’s core industries include electronics companies like Samsung and LG, and

automotive companies like Hyundai and Kia. While they do have manufacturing facilities in

other countries since their headquarters are located in South Korea the majority of the business

and manufacturing operations are done there. The South Korean government has been working

on Chaebol reform to increase transparency and reduce corruption with the goals of improving

the corporate government and reducing a monopoly control of the economy. Chaebol began an

uprising in the 1960s and is an English transliteration which means a wealthy family business or

monopoly (Boyle). With the election of Moon Jae-in in 2017, the then President focused on
reforming chaebols and reducing the power of the wealthy elite. South Korea's political and legal

situation has played a crucial role in shaping its business operations.

As of this month, according to the article “South Korea Seeks Exemption from Trump

Tariffs”, the acting South Korean President Choi Sang-Mok is requesting an exemption from

United States President Donald Trump’s tariffs. Choi is hopeful Trump will consider negotiating

with them since South Korea has invested more in comparison to any other country in the United

States within the past two years. Choi has been monitoring the United States’s agreements with

other countries like Japan and China. Specifically, Choi has requested that South Korea be

exempt from the U.S. tariff on steel and aluminum (Reuters).

Other countries have responded in various ways to the news of the United States tariffs taking

effect. China has responded with retaliatory tariffs, while the European Union was willing to

discuss trade deals and the potential of lowering tariffs. Many economists are speculating that

Japan and South Korea may get exceptions due to their strong roles in supporting the United

States economy. As of February 21, 2025, President Choi has yet to speak directly with President

Trump to discuss these matters (Reuters).


Works Cited

Griffiths, James. “South Korea Presidential Scandal: What You Need to Know.” CNN, Cable

News Network, 31 Mar. 2017,

amp.cnn.com/cnn/2016/11/02/asia/south-korea-president-scandal-explained.

Ray, Michael. “The Moon Presidency.” Encyclopædia Britannica, Encyclopædia Britannica,

inc., 19 Feb. 2025, www.britannica.com/biography/Moon-Jae-In/The-Moon-presidency.

Si-jin, Lee. “What to Expect at President Yoon Suk Yeol’s Criminal Trial.” The Korea Herald,

19 Feb. 2025, m.koreaherald.com/article/10423821.

“South Korea Seeks Exemption from Trump Tariffs | Reuters.” Reuters, 21 Feb. 2025,

www.reuters.com/markets/asia/south-korea-seeks-exemption-trump-tariffs-2025-02-21/.

“U.S. - Korea Free Trade Agreement.” United States Trade Representative,

ustr.gov/trade-agreements/free-trade-agreements/korus-fta. Accessed 23 Feb. 2025.

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