Collectivism in Korea Literature & Language Essay Paper (Essay Sample)

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Collectivism in Korea
Collectivism is an integral part of Korean culture. The culture of collectivism among the Koreans harmonizes and unites them. Besides, it enables them to fight disasters such as drought and famine because they work together. Various events describe Korea as a collective country. Primarily, the 1996 financial crisis proved this fact as the entire nation participated in settling the foreign debt.
In 1996, Korea experienced the greatest financial crisis that resulted in depression of the country’s economy. At that time, the whole Asia was involved in a huge financial crisis that affected several nations including Thailand, Southern Asian countries, Korea, and Singapore. As a result, it led to the collapse of the economies of all the affected countries (Holmes).
In 1997, the crisis affected the entire Korean nation leading to massive losses in businesses and in the country’s economy. The prices of products fluctuated leading to a high cost of living. During that time, people shifted from urban areas to practice agriculture in the countryside. Moreover, some local banks collapsed while others restricted their services to accepting deposits only. Besides, government’s failure to find a solution made the foreign investors pull almost $18 billion out of the country (Holmes). Additionally, thousands of people lost their jobs. Thereupon, a considerable number of families lacked adequate basic needs such as food, shelter, and medical care.