* Date : 2017-11-30
4 Angles Ep.197
20 Years After IMF Crisis
This year marks the 20th anniversary of South Korea's IMF Crisis. Korea made a full repayment of the entire amount of the IMF loans 2 years earlier than scheduled thanks to ordinary citizens who donated their personal gold jewelry in a gesture of support for their beleaguered national economy. 20 years after the crisis, Korea's foreign exchange reserves stand at $384.4 billion, making the country's foreign exchange holdings the 9th largest in the world. Take a look back at the 1997 foreign exchange crisis, the lowest moment in the past 50 years of the Korean economy, and what needs to be done for the future.
Turning Crisis Into Opportunity
During the 1997 financial crisis in South Korea, four in 10 Korean citizens or their family members lost jobs or filed for bankruptcy. Indeed, the breadwinners were hardest hit by the crisis. Although the country paid back the entire amount of the IMF loans in just 4 years, the aftermath continued. Nonetheless, people still kept their hopes up high and managed to get back on their feet. Meet some these people and hear about their dramatic life stories..
Job Preference Shift after IMF Crisis
With unprecedented structural adjustment programs and an employment crisis, the 1997 economic turmoil changed Koreans' perception of "jobs." The crisis also gave birth to irregular workers, ending the lifetime employment system. As a result, this phenomenon led to fierce competition for positions at public institutions with high job security. In spite of the change, some continue to pursue new opportunities in a line of work that most people avoid. Meet the people who are breaking old preconceptions of professions and paving the path for many.
Art Blossom in Mine – Samtan Art Mine
Samtan Art Mine is Korea's first art and culture complex transformed from a coal mine. Established in 1962, it was the largest private coal mine which once flourished as the mecca of the industrial age and provided the public's energy for nearly 40 years. Both the dynamic and poignant histories of the mine are reflected at the site as a museum and art space. Back in the old days, the coal from the mine fueled Korea and now it's time for the arts from the mine to become a new driving force of Korean art and culture.