SHOPPING IN THE REPUBLIC OF KOREA

Large modern shopping malls are replacing smaller, traditional groceries in the Republic of Korea. The present paper analyzes this phenomenon and recommends a laissez-faire public policy response. Alterations in selling format to consumers are only the tip of the iceberg in terms of changes in the economy. They are always occurring, at least in healthy economies, and, always, roadblocks are placed in their way. For example, Wal-Mart is prohibited from opening stores in a few communities. Uber and Lyft have been met with great hostility from established taxicab services. Economists even offer a generic term for this phenomenon: restrictions on entry. The present paper is a case study of this occurrence. It focuses on the Republic of Korea, and mainly considers grocery stores. But this small story is emblematic of what takes place in numerous countries all around the world, and many industries. We recommend a laissez-faire public policy approach to this phenomenon. If the new ways of doing things do not violate anyone’s rights, now laws should be passed interfering with the new ways of engaging in commerce. But is this not unfair to the people engaged in the old industries that are withering away? Not a bit of it. The horse and buggy industry, for example, was populated by entrepreneurs who earned a good living before the advent of the horseless carriage. Why should they be guaranteed profits when their offerings are no longer accepted by the public? And the same applies to automobile manufacturers, should their products ever be supplanted by even better means of transportation.

What Makes Companies to Survive over a Century? The Case of Dongwha Pharmaceutical in the Republic of Korea

Considering their significant impacts on national economy, local communities, employees, suppliers, and other stakeholders, firm survival is an important goal for most companies. However, firm longevity is not an easy result to achieve, and it becomes more difficult as business environments shift dramatically. The average life span of companies listed in Standard and Poor’s 500 was 61 years in 1958, but it fell to less than 18 years in 2016. Nevertheless, more than 3000 companies over 200 years old still operate in Japan, mostly family inherited small and medium enterprises (SMEs), and Germany has many centenarian companies, especially in the manufacturing industry. However, in the Republic of Korea, with over 4000 years of history, there are no companies older than 200 years and only seven companies with over 100 years of history. Centenarian companies in Korea are very limited, and even after surviving over 100 years, they continue to face severe challenges they need to overcome in order to survive. However, it is not clearly proven what factors affect the survival of companies for over a century. Since SMEs contribute to the economic development and survival of a country, it is important to investigate the secrets of their longevity, which has become even more difficult than ever. However, as there is very limited research on firm longevity, the findings from this case study of Dongwha Pharmaceutical, balancing the continuity of tradition and innovation, provide significant implications and practical guidelines for Korean SMEs for their survival and sustainable management, which is an economic and business aspect of sustainability.

Green Technology for Industrial Development in Colombia

Colombia's economy is the fourth largest in Latin America. Though there has been significant growth in modern industries, most industries are still driven by agriculture and commodities. The main challenges Colombian industries face include becoming more energy-efficient, modernizing processes and organizational structures, and reducing their environmental impact. In the meantime, the Republic of Korea has made significant efforts to fuel its economy through innovation, and there is also a similarity in terms of both countries' interest and commitment to use ICT as a basis for their growth. This chapter presents a project that is a pilot test of adaptive transfer of “green” ICT technology innovation developed by specialized agencies/private sector in the Republic of Korea, to be applied to a host of Colombian industrial sectors volunteering to participate with the purpose of improving production through environmentally friendly technology.

First record of Melanitta fusca in the Republic of Korea and update on Northeast Asian records

We report the first confirmed sighting of the globally Vulnerable Melanitta fusca (Anatidae, Anseriformes) from Yeongil Bay in Pohang in the Republic of Korea. Based on the review of the literature and published checklists of two separate databases (Birds Korea and eBird), we consider this to be the first record of M. fusca on the Korean Peninsula and only the third or fourth record of this species in coastal East Asia.