The key feature of globalisation is the integration of national economies. This is reflected by increased trade and financial flows, greater cooperation between countries, the increasing role of translational corporations and international institutions and consequently, the improved importance of external developments for business and government in national economies. .
One of the most intriguing economic stories is the evolution of the South Korean economy. The role of Globalisation in South Korea has progressively diminished barriers between trade and financial flows within the region. Different economies such as South Korea have been affected in various ways by globalisation, depending on the degree of development and the extent to which they are open to the flows of the world economy.
A review into South Korea's recent economic performance gives an insight into the extraordinary achievements of the past decade. South Korea is part of the Asian NIC economies, combined with Taiwan, Thailand and Malaysia. Although a physically small nation of 99,000 Km, it has established itself as an electronics hub domestically and for exportation. Since 1980's South Korea's domestic market has become an emergent source of economic growth. The domestic market is pioneered by the business conglomerates such as Samsung, LG and Kia, otherwise known as the Chaebol. Textiles, clothing and leather production continues to be a major export industry. To the exception of general mineral resources, that remain low, tungsten and anthracite coal remains the most critical source, by volume and value. The major imports are machinery, electronic equipment, petroleum, steel, grains and cereals, transport equipment, raw materials, chemicals, timber and pulp and raw cotton. .
Although the workforce participation rate has increased vaguely to 59.7%, to form a labour force of 21.52 million, there has been an increase in the unemployment rate.