WRITE A sidebar, along the lines of the sidebar in HK Chs. for one of Essay

WRITE A sidebar, along the lines of the sidebar in HK Chs. for one of the HK chapters - Essay Example But South Koreans were able to surmount their obstacles through creative inputs of their citizens and contribution from International Monetary Fund or IMF. IMF’s bailout package of $57 billion had come with huge conditions. The structural reforms were implemented in the form of massive layoff, shutting off of banks, control of IMF vis-Ã  -vis decision making in tax rates, interest rates of central banks. These had huge cascading ramifications on the people at large. They were force to liberalize their economic policy to facilitate foreign market entry, cutting taxes and drastically reducing government spending at the cost of public welfare. But Korean people were not prepared to take the economic depression placidly. They came to the rescue of their country through personal commitment and proactive participation. This was one of the most unique and exemplary exhibition of patriotism. The citizens of Korea donated gold from their personal collection of jewellery to the movement and collected whopping $2.2 billion from 3.5 million Korean citizens. Huge queue of the enthusiastic citizens could be seen at various collection centres. Eight tonnes of gold was collected in first week (bbc.com) Koreans were very sensitive to their country’s vulnerability to the exploits of IMF which had forced them to liberalize their economy for foreign market. They showed their resentment by reducing their imports by promoting goods made in their country only. They focused on strong manufacturing exports to improve their economic conditions (koreatimes.com). Koreans have been renowned for their love of their country. In 107, when Korea was overwhelmed with national debt of 13 million won1, ‘National Debt Repayment Movement’ had come to the fore and collected 190,000 won. The Korean culture greatly takes pride in their national heritage and likes to be proactive participant in its nation building processes. Through innovative measures and people’s participation, South