South Korea has progressed faster than most nations, and besides international projects especially in the Middle East, South Korea is constructing many prestigious projects at home. The Songdo International Business District is a planned central business district of around 6 km built on reclaimed land, 65 km west of Seoul. It is connected to Incheon International Airport by a highway and is part of the Incheon Free Economic Zone. Schools, hospitals, office buildings and all requirements will be built and will be replicas of famous architectural places such as America’s Central Park and the Canals of Venice. Continue reading “Songodo – the Free Economic Zone in South Korea”
This paper discusses trade and economic growth from the Solow model perspective. The paper attempts to describe how savings, population growth and technological advances affect economic growth. It argues that free trade can boost production effectiveness and living standards.
The technological progress of the Solow model has a new variable of labor efficiency, assumes that technological progress is labor augmenting, and increases labor efficiency at an exogenous rate (Lerner, 1952). In addition, the technological progress of the Solow model starts with a stable returns to scale production function Y = f (K, L).
The strategic and financial lessons emphasized are crucial for students to understand, especially in the new globalization era. Strategic management will become increasingly important in the education of business executives in the 21st century because of its dynamic competitive landscape due to increasing globalization and rapid technological changes.