Monday, August 22, 2011

South Korea's dependent economy

South Korea's dependent economy


The south Korean economy is indeed a dependent economy and a modern version of a colonial economy. Lets briefly survey some facts.

South Korea's external debt is $370 billion dollars (or $7,400 per head of population and its internal debt is $319 billion dollars. South Korea's debts are actually much higher than at the

the time of the IMF bailout in 1998.

South Korea belongs to the imperialist controlled IMF , World Bank, World Trade Oganisation ,the G20 and APEC.

It is a number of shackling economic agreements with the US and recently conclude a so called "Free Trade Agreement ". South Korea is a playground for the transnational corporations of international monopoly capitalism. Here is a by no means exhaustive or list of foreign companies in south Korea.

US-owned companies:

General Motors
Ford
IBM
Microsoft
Hewlett Packard
Exxon Mobil
Energizer
Chevron
Bank of America
Citibank
Metlife
J P Chase Morgan
Bank of New York
Coca Cola
Pepsi Cola
Johnson & Johnson
McDonalds
Burger King
Pizza Hut
Kraft
Hilton Hotels
7 Eleven
Jones Lang LaSalle
Starbucks

Japanese-owned companies:

Aichi
Casio
Kubota
Mitibushi
Tokyo-Mitsubishi UFJ bank
Sumitomo Mitsui Banking Corporation
Mizuho Corporate Bank
Toshiba
Sony
Nissan
Honda
Toyota
Lotte
NEC
Sanyo
Mitsui
Nikon
Canon
Sanrio
Fujitsu
Hitachi
Family Mart
Sharp
Sanwa


British companies:

SC First Bank
HSBC
Barclays Bank
Tesco
BP
CBRE
Marks and Spencer
ICI
German
Deutsche Bank
BASF
Netherlands
Shell
Italy
Fila

French-owned companies:

Renault
BNP Paribas


All these firms suck out billions out of south Korea every year and make the south Korean people becoming slaves of foreign Capitalists and its domestic cohorts.