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Lotte World is South Korea in a nutshell - bizarre
yet familiar. Lotte World in Seoul is the world's largest
indoor amusement park and it has its own ice skating rink,
hotel, swimming pool and the Disney-clone Lotte World Adventure.
At Lotte World you can experience the quick thrills of bungee
jumping, rides as bizarrely themed as Sinbad the Sailor and
the French Revolution whilst on Adventure Island; a
haunted house and gyro swing than simulates the sensation
of being blown away by a tornado on Magic Island; and
a traditional Korean Folk Museum. You will be
greeted around the theme park by cats and bears who carry
a striking similarity with America's Disneyland walking cartoons.
A number of giant animal characters that cross Disney with
Jenga walk around the park, the main character being Lotty
who "is always with us with his kind heart and bright
dreams".
Chaebols - the super powers
Lotte World is owned by Lotte - one of the chaebols, the
major companies that dominate Korean life of which Samsung,
Hyundai and Daewoo are the best known. They employ
millions, the top 30 chaebols account for 50% of the GDP (gross
domestic product - a measure in the change in the market value
of goods, services and structures produced in the economy)
and you can't visit South Korea without escaping them. In
the recent past they have been held accountable for pitching
Korea into recession, but the Korean success story owes a
great deal to their lasting successes. As a symbol of Korean
modern culture and Seoul's vibrancy, Lotte World is the best
you can get.
Economy highs and lows
The Korean economic miracle is captured explicitly in Lotte's
success. As one of the Four Dragons of East Asia, South
Korea has achieved an incredible record of growth. Three decades
ago, its GDP per capita was comparable with levels in the
poorer countries of Africa and Asia. Today its GDP rating
is seven times higher than India and a staggering 13 times
higher than its neighbours in North Korea and comparable to
some countries in the EU. This success through the late 1980s
was achieved by a system of close ties between the government
and business, including directed credit, import restrictions,
sponsorship of specific industries, and a strong labour effort.
The government promoted the import of raw materials and technology
at the expense of consumer goods and encouraged savings and
investment over consumption.
The Asian financial crisis of 1997-9 exposed certain longstanding
weaknesses in South Korea's development model, including high
debt/equity ratios, massive foreign borrowing, and an undisciplined
financial sector. By 1999 it had recovered financial stability,
turning a substantial decline in 1998 into strong growth in
1999. Seoul has also pressed the country's largest business
groups to swap subsidiaries to promote specialisation, and
the administration has directed many of the mid-sized conglomerates
into debt-workout programs with creditor banks. The major
economic challenge for the next several years presumably is
the maintenance of the pace of market reforms to restore the
old growth pattern.
When you are in Seoul, if you get the chance swing past Lotte
World. |
