New Globalization as an Exogenous Factor in the Formation of the Foreign Trade Policy of the Republic of Korea

Abstract

The article reveals the content of the "new globalization" concept and characterizes the readiness of the Republic of Korea (RK) for a new technological order. Based on the analysis of the values of different indicators (KOF Index of Globalization, Digital Evolution Index, Digital Adoption Index and a number of others), the conclusion about the high dynamics of Korean society integration into the new global economy is made. South Korea is among the leading countries in terms of digital implementation in business and public administration. The country has a well-established system of e-government, which, among other things, allows it to export the system to other countries of the world. The procedure of customs clearance of goods has been optimized, the "single window" technology has been introduced, public procurement is carried out only through electronic bidding. The traditional close relationship between the state and the chaebols makes it possible to successfully transfer the policy of digitalization into business practices. As a result, digitalization has a positive impact on the development of Korean foreign trade: on the one hand, it allows to increase exports due to the growth of goods and services of the IT sector and related industries, and on the other hand - to reduce the time and money spent on logistics, customs clearance and on the interaction between government agencies.

The Globalization of Economic Ties and Developments in Mongolia’s Position

“…Crucially, financial globalization is a key factor strengthening the relationship of economies around the globe, since it is based on new means of data storage, processing and control, e-money, offshores, unlimited power of the U.S. Federal Reserve System, petrodollars, official and unofficial transnational financial institutions, including stock markets and international organizations, and the ideology of neo-liberalism [10][11][12]. Production enterprises operating in the real economy increment the percentage of intangible assets in their asset portfolios.…”