Question

In general terms, discuss the ways in which the change from a centrally planned economy to a more market-based economy has affected career options and standards of living for the elderly, young professionals, unskilled laborers, members of the military, women, and former government bureaucrats.

Answer 1

South Korea is one the Nations that has transitioned from a centrally planned economy to a more market based economy. This has made South Korea a new manufacturing hub for fast moving consumer goods like TV, mobile phones, and automobiles. This prosperity impacted multiple stake holders like:

1. Career options have structurally transformed from agrarian sector to service sector.
2. The standard of living has drastically improved for the elderly and the young professionals. For instance, life expectancy has drastically increased and the infant mortality rate has significantly reduced.
3. The tax revenue generated could be used for the social welfare schemes like vocational courses for the unemployed and unskilled labor.
4. Members of military have been able to purchase new equipment in the light of globalization. South Korea as a nation is also exporting military arms to South Asian nations like vajra k-9 to India.
5. The status of women has drastically improved. This is indicated by their participation in labor Force and parliament.
6. Red tapism has drastically reduced as the economy has moved towards pro market. Bureaucrats are behaving as public servant rather then bring elites.