During the period when I’m travelling, I have an above-average interest in the history, society and culture of the places I’m visiting. This article on Korean society transformation from a conservative, savings-oriented focus to an imitation of American consumerism caught my eye.
Her conclusion is supported by a mountain of data and a chorus of concerned economists. The household savings rate in South Korea will have plummeted from a world-beating 25.2 percent in 1988 to a projected world low of 3.2 percent in 2010, according to the OECD. Government policies have encouraged borrowing, while Korea’s aggressive culture has supercharged spending on signifiers of success, whether they be Ivy League degrees or Louis Vuitton handbags.
I guess we won’t find any discounts shopping around Seoul.
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