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Korea Encouraged To Build A Nation Ruled By Law

By March 6, 2017 at 5:11 am
Korea's Economy (Photo : Chung Sung Jun/Getty Images)

Korea has been encouraged to build a nation ruled by law in order to retool its economy while the country is facing political and economic turning point. Jim Rogers, the chairman of Rogers Holdings shared this during one of his interviews.

According to the legendary investor, it is now time for Korea to wind up the typical practices like the collusive links between the politics and the business. He also took note of the important role which the chaebol and the state leadership did to Korea. But it looks like their roles need a complete overhaul for Korea to move forward.

Korea has been engulfed with worst political scandals that involve President Park Geun-Hye and the Samsung Group. Samsung heir Lee Jae-Yong was arrested and indicted for bribery and embezzlement with regards to corruption scandal as per Korea Times.

One of the reasons that have been attributed to this is company and political turmoil and because Korea has got to an inflection point. And in order for the country to go beyond this, Korea should reform the system of its economy which has been originally dominated by few conglomerates.

It has been claimed too that what causes Korea's problems is the chaebol. Though chaebol built Korea's economy, it has been reported too that they have gotten too powerful and that they have gotten corroded.

Rogers then added that to make Korea's economy more competitive and efficient, the government must allow the markets decide the fate of the individuals and the companies. He then remarked that the first thing government should do is to let people fail and to stop propping up these people. That is how the world should work.

The Singapore-based investor also added that there is a possibility that North Korea will collapse in the coming years since the country has been exposed to the outside and external factors. He also likened the country to the Soviet Union and East Germany which collapsed from within.

Jim Rogers also warned Korea that it can be one of the biggest victims if U.S. President Donald Trump will already begin trading wars with the key trading partners. This is the point Korea needs to retool its systems with strict laws.

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