Word: parkes
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...Much of a Good Thing the problem with the tiger economies is that, four decades on, the spirit of Park Chung Hee is alive and well. While the mix of products may have changed from sneakers and stuffed toys to microchips and flat-panel TVs, the tigers remain heavily reliant upon exports to power growth. And like any addict, they're now experiencing the pain of rapid withdrawal as factories close and millions of workers across the region lose their jobs. Homelessness is on the rise in South Korea's capital, Seoul, where at 2 a.m. each night the city...
...Even at cut-rate prices, there will still be fewer chickens to fry. At the Hsinchu Science and Industrial Park, home to many of Taiwan's flagship technology companies, more than three out of four workers are currently taking unpaid leave at least one day a week. Ryan Wu, chief operating officer of job-search website 1111 Job Bank, says that conditions at Hsinchu have never been so dire in the park's 29-year history. Wu says that two years ago, the companies that job hunters most often sought out using his service were microchip makers and electronics manufacturers...
...second layer of diversification requires reducing overall dependence on trade by promoting domestic consumption and expanding service sectors. Park Chung Hee's growth model discouraged investment in domestically focused sectors and consumer spending - both of which could provide a cushion to Asian economies in global downturns. Vestiges of his biases remain, to the detriment of the South Korean economy. For example, South Korea hasn't developed the kind of social services, such as day-care centers for the children of working parents and homes for the elderly, that would relieve some of the financial burdens on working-class families...
...tigers really want to thrive in the future, the answer might lie in rejecting another legacy of Park Chung Hee: the idea that governments alone can successfully engineer high economic performance. Jim Walker, an economist at independent research firm Asianomics in Hong Kong, argues that politicians still intervene too much in their economies instead of allowing market forces to work. "What governments need to do is start trusting their own people rather than hoping the West is going to get it right all of the time," Walker says. For the tigers to keep roaring, they may need to find their...
Taste is a disappearing commodity. Today a Russian oligarch or a Park Avenue hedge-fund manager might still have the bucks to buy Saint Laurent's Matisse, but the real investment is in something far scarcer: Saint Laurent's eye, his love of beauty and mannerisms and the exotic dream world within which he lived. As Christie's Giovanna Bertazzoni said of the viewing, which was open to the public, "it gives ordinary people the experience of what it might be like to actually own works of this quality." Perhaps the greatest and last gesture of good taste came from...