how the IMF CRISIS impacted three generations of korea

half this video is me putting ‘economic’ before every word and hoping that makes me a credible economist.
(update: i finished thie drama, and man did that ending taper into disappointment...)
~1:54 - the imf or ‘asian financial crisis’
~7:11 - the gen-x and millenial youth
~10:12 - post-covid (gen-z)
~12:39 - post-war or “silent generation”
ig: @soeuninseoul
~
links & references to ALL the great resources who gave me inspiration/information:
VisualPolitik's video on the Asian Financial Crisis:
• The 1997 Crisis: The G...
- • South Korea's Growing ...
- • Conquering a crisis: T...
- • Video
- • What is behind South K...
- • We surprised a Korean ...
-www.britannica.com/biography/...
-www.cis.org.au/wp-content/upl...
-www.koreaexpose.com/imf-econo...
-www.ft.com/content/3858dde1-9...
- • South Korea's Growing ...
-www.businessinsider.com/squid....
-my parents/grandparents and their stories ;)
image credit:
-tvN (Twenty Five Twenty One)
-www.economist.com/finance-and...
-blog.siasat.pk/ordinary-south...
-www.koreatimes.co.kr/www/news...
-english.hani.co.kr/arti/engli...
-www.nasdaq.com/articles/how-g...
-www.elibrary.imf.org/view/boo...
-www.koreaherald.com/view.php?u...
~
Ted-Ed (bless their soul) videos to help you become an economist like MEEEE
-what causes an economic recession?: • What causes an economi...
-what causes economic bubbles?: • What causes economic b...
-how does the stock market work?: • How does the stock mar...
~
tags:
twenty five twenty one, nam joo hyuk, kim tae ri, kdrama, korean drama, korea, korean culture, imf, imf crisis, asian financial crisis, recession, depression, covid, coronavirus, covid-19, elderly poverty in korea, seoul, south korea, international monetary fund, economy

[@VonFonda]

I always found it so weird how the Korean language and culture overall emphasises respect for the elders, but then there are so many elder homeless people at the same time 😬

[@FullMetalRoby]

Right? I too find it super weird. I live in Italy and here there is not such a thing as " don't talk back to me because I'm older/your senior" and overall nobody care about age and the respect for elders (at least to such extent), but yet you don't see people older than 68 work, and if they do is because they want to, not because they need to

[@nathalie9199]

Due to South Korea's extreme westernization/globalization and economic boom in the span of only a few decades after years of Japanese rule and a consequent civil war that bled the nation, many aspects of Korean culture such as this were instead replaced with more materialistic ones for the sake of survival. This also explains many other social issues in Korea, where the old and the new tend to clash.

[@homosapien9526]

@@nathalie9199 not only that as someone stuck with toxic family, I see it more as many younger people getting financial liberation from their controlling unconditional filial love and respect expected of their culture, despite how nice or toxic their parents/parents in laws were to their children. I'm surprised how this issue parallels increased divorce rates since women finally gained agency.

[@azmodanpc]

@@FullMetalRoby Italian welfare and pension system is really advanced and in some families pensioners are able to sustain economically their children and grandchildren. Korea's pension system is much less generous and elderly people have to work or become homeless. Many companies went under during the 97 crisis and thus theirs pensions.

[@alainkhoanguyen3098]

Because East Asian Confucianism was best for producing hypocrites, by design, just like Islam and Catholicism. It's a feature, not a bug. And yet the sheeples still refuse to wake up....

[@BrandonB...]

As an Econ major, it's rare that I see anyone who doesn't specialize in Economics take on an Econ topic, and put so much effort into it. Moreover, you made it relatable to people's lived experience. Great job!

[@tonysoviet3692]

Great video, but her background has a seal from the School of Economics, so I think she's pretty qualified.

[@soeuninseoul]

@@tonysoviet3692 that’s my dad’s LOL

[@acemaster-es8bq]

😂😂​@@soeuninseoul

[@yiyunzhuo5991]

My parents were 25 in 1998. Maybe I ought to ask them about their personal experience, it was in Singapore. My dad had watched 25 21 without saying much, except that the drama really reminded him of his youth.

[@doodoofard69]

I asked about mine as well. Realistically, the AFC didn't hit Singapore as badly when compared to other countries (e.g. it was the trigger for Suharto to step down in Indonesia). Unless you were a business owner, or played with stocks, as a regular employee back then, you really wouldn't be affected as much since we had a really strong financial reserve and could take the hit easily.

[@seekittycat]

My first memories of the economic crisis was my parents taking me to breakfast before school. I was super excited because it never happened before. We had egg and spam noodles. I didn't realise it at the time but both of them being able to have breakfast with me means they both don't have jobs anymore.

[@darjeelinngg]

I really appreciate how you relate personal experiences to these important topics, it provides a unique perspective that isn't easy to find. It's so refreshing to hear your + your family's story when it feels like we're oversaturated with western narratives that are overly academic and detached, like there are real humans involved here and real material consequences for regular people even to this day

[@Bibimbap-cd7tc]

Turkey is also going through something similar to the imf crisis, but worse. Our government is trying to take the same steps korea took (goldhunting) in 1998, our currency is worth lower than ever, inflation rate is nearing 110% and as turkish youth, we are also going through the same trauma korean youth did back in ‘98

[@mattevans6752]

Not gonna lie, this was indeed informative and interesting! Global economics isn't exactly something I'm versed in, and for me personally, giving it a more human touch makes it more accessible and interesting. Between learning about how it affected individuals vs. learning about how it affected companies, I'll take the former.

[@babymetalpink]

Thank you for covering this topic. Where I live there are many elderly people collecting boxes from the trash areas. They spend their whole entire day doing this just to get by. It breaks my heart because you can physically see how worn out they are. Some of these people genuinely seem lonely too. In my heart, I hope it changes but I don't know if it ever will. You did a great job discussing this topic and relating it to the drama.

[@user-zy3cp7ou3k]

the fact i was just watching 25 21 when the notification arrived

[@crispyatom]

As an Indonesia we got hit by the 1997-1998 economic crisis as well (might hit the hardest), I wasn't born yet at the times, the senior member of my family refuse to talk about it, my mother said our joint family business had to defunct as the worth of our business debt suddenly skyrocketed from about the worth of a decent Benz, to the worth of a house. As my family is Chinese Indonesian, they needed to flee the country to avoid riots to Singapore for three weeks, as rape and looting to non-pribumi (not native) was everywhere, when they came back my grandparents house had been robbed, taking so much of our fortune. The crisis were amplified because instability caused by political crisis brought because people were tired with Soeharto's 32 years corrupted reign and decided to put him down.

[@tdcblue3900]

I wasn't born yet either during asia economic crisis, just born around that era and not asking much about this either Just TMI but when I watched about Gwangju Uprising, I had dejavu of Trisakti incident when college students went for demonstration and 4 students ended up got killed in process. The background story is pretty familiar to me.

[@tinodafuq4219]

I think this only happened at Jakarta, cz at my hometown (east java) all my chinese neighbour is fine. Everyone stay low cz everyone is hungry too. But my grandparents say that crisis at 1960s is worst than 1998, my uncle must go war at west papua to feed our family.

[@WallaceRoseVincent]

@@tinodafuq4219 Thank for sharing, Tino! 😊

[@isthatachicken]

So well put, I clicked into this not realising I was going to learn so much😅

[@soeuninseoul]

i didn’t think there’d be so much to say! 😅

[@isthatachicken]

@@soeuninseoul it was very well put actually and there was a balance in facts, personal recollection and linking the cause and effect (why do I sound like a lecturer? Idk😂😂 but I really did learn something here). Idk if I'll ever go but it helped me understand SK a little better because the work environment seems tense and I was always so ??? about it😅

[@soeuninseoul]

@@isthatachicken haha yeah i wouldn’t want to work here either…it really depends on the people and how sensitive you are (noonchi), but the overall culture can feel a bit suffocating to someone who hasn’t experienced it.

[@campilove]

I loved this video and also 25-21 (absolutely one of my favorites series ever). I feel like this topic it's really hard for me bc my country is dealing with something similar rn. In 2018 our government took the biggest loan in history up to this moment from the IMF, supposedly to pay existing debts, and now the economic experts say that we will continue paying this debt for years and years down the line. It's absolutely insane. I'm 19 y/o still trying to find my first job and it's just so hard. I can no longer see a future living here and it's heartbreaking and terrifying to even think about migrating.

[@soeuninseoul]

😭 i really hope you’re able to find hope & opportunities wherever you are. it’s a rough time (esp post-covid) to step out into the world…if there is any chance to live abroad i pray the process will open up 🙏🏻❤️

[@ma_teri_a]

Wow, the world is crazy. While I was listening to your family's story I felt like you could easily be talking about my own, I swear...and I'm on the other side of the world haha. I guess such thing says a lot about generations growing up all around this interconnected world. I'm glad the algorithm brought me to your chanel. I'll keep watching :)

[@soeuninseoul]

glad to have you here! the world is def getting smaller haha :)

[@casualsuede]

I worked in Korea during the IMF Crisis at one of these chaebols. I am also from Canada so I went to Korea for the opportunity. The way that the IMF is portrayed in 2521 is very much how I experienced it (I only watched the first episode). For me, the IMF crisis was way overblown on the news, as if the sky was falling. For me (I was a young 23 year old at the time), the time was not as crazy as the media made it out to be. I think working for one of these companies sheltered me from much of the crisis. Having said that, I feel that how Korea is now, is much worse for the average Korean. While the IMF crisis was traumatic for many people, the feeling was that the whole country was in it together and would get out of it together. Now, it seems like people my age are in it for themselves and the youth have been pushed to the side. So, while this issue on the news 24/7, I feel that the situation is more insidious than it was in 1996~1999.

[@lilystoyanova4900]

As someone who's always HATED studiong history (because you're always told one side of the story and often lose all context 🙄) I love how videos like this, some dramas and books set in a historical setting make me interested not only in that country's story but also about my own. I'm from bulgaria and it feels like as much as everyone complains or is sentimental about the past, no one actually talks about it? I feel like Korea and Bulgaria actually had some common issues (some of which came from opposing sides because of who was influencing us etc) that a lot of western countries didn't go through. So yeah, thank you for not only educating me about your country but also making me interested in my own. Edit: I was born in 2001 so everything basically up to 2010 is considered history for me, given how little awareness I had as a child as well, but especially 20th century stuff (50s-90s)😅

[@kristinesharp6286]

The seniors working the fields and the wet markets make me sad. What is worse is the elderly men all served their country. They are veterans for pity sakes.

[@Cloud-gj7gf]

Sri Lanka is going through this right now😭😭😭

[@soeuninseoul]

😭😭😭 so many similar situations!

[@WarLoqGamer]

I'm watching this, from Argentina, a country that had a similar situation to Korea in 2001... It's an interesting thing to see

[@dashingtherouxthesnow4017]

Great video Soeun! Maybe one of your best non-vlog ones yet - you explained things really well :) It's really sad to see how overwhelmingly negatively the decisions of corporations are affecting people who had absolutely nothing to do with their poor choices - reminds me of the Great Recession. Taxpayers ended up bearing the brunt (as usual) and those responsible for the crisis got off scot-free! Our generation (and Millennials) are gonna have a horrific time of it, I fear. I don't know the situation in Korea, but in the UK, young adults are incredibly jaded because of the bleak-looking future we have - predatory landlords making housing absolutely inaccessible to the working class (and even a good chunk of the middle class), jobs not paying nearly enough for people to live on, little-to-no social mobility, etc. It's quite tense, it feels like something's brewing, because people will only take so much for so long. Brexit also screwed us over because many of us wanted to leave the UK, but now it's incredibly hard to leave (unless you're rich or have great luck with an overseas-based company), so we're stuck here pretty much. I've noticed that a lot of Korean media (of which I consume an unhealthy amount haha) does a great job of portraying the harsher sides of life for some Koreans. The social commentary is largely unmatched in a lot of stuff I watch - IMO, Korean cinema/TV is up there with the best for social commentary, especially to do with poverty. I'll add this to my IMDb watchlist :) Also, sorry to hear about your family's experience with the IMF crisis - it was brave of you to talk of your family's perspective on the crisis, and we really appreciate it!

[@soeuninseoul]

i feel like everyone’s feeling stuck where they are dreaming of new lives 😭 sad to hear that about the uk, guess there’s dark side to all my london fantasies the same way there are to people’s seoul ones. and i do believe social commentary is a big aspect of kdramas because it’s so unavoidably prevalent :’) and yet even after watching these dramas it goes so ignored in our comfortable middle-class bubble 🫧

[@dashingtherouxthesnow4017]

@@soeuninseoul @Soeun in Seoul Funny you mention London, I'd literally just returned home from London before watching the video haha. It probably doesn't really matter where you go in the world honestly, you'll find jaded individuals being tossed around by their respective systems. In the UK, the class system is a little more overt because of the historical class delineations. I've definitely felt a Gaze from others in London, as if I'm a peasant for being working class whilst daring to enter a middle-class establishment. That being said, I really pray for you to be able to finally come to the UK and live out your dream :) It's good to challenge our bubbles though! You're clearly aware of social situations and are very astute when making videos about them, which makes them really enjoyable. I did find it funny how many American celebrities were praising Parasite when it came out, and then started tweeting about buying $10k+ bottles of wine as if it was a normal thing. It's like the message didn't sink in haha Also, this is really belated, but I hope you had a pleasant Easter :)

[@soeuninseoul]

@@dashingtherouxthesnow4017 haha thank you! hope you had a blessed Easter as well! and yes, as great a masterpiece as it is, Parasite's reality probably sank in the most to people who have experienced or witnessed those 'half-basement' lives

[@kristinesharp6286]

Parents have got to stop putting their income into hagwons. I think retirement contributions have been on the increase. Remember people gave their everything to their company. Why would they have family closeness? Why would kids raised with parents never home and they themselves at mandatory study have kids in such a country, if they didn’t leave to study/work? Having read Korean news and watched dramas for over 15 years if I were reincarnated in Korea I would not want to be in Seoul or part of a family conglomerate. Scary stuff. I’m sure a lot of seniors regret putting so much of their income into their kids.

[@owojcik]

God bless people who make video essays like this one 😭😭❤ I'm preparing a presentation on IMF Crisis and I'm so happy that I could listen to an explanation by a Korean person around my age. You included the aspect that is the most important for me - the social one, which is overlooked in many other videos. Thank you for helping me with my task🥺💕

[@TeddyFills]

actually that explains a lot about the differences in attitude towards stocks/credit between me (french) and my husband (korean). Thank you for your very interesting video!

[@ducky19991]

I love Twenty-Five Twenty-One, to be honest it’s how I first learned of the topic

[@adalima5430]

the best take on the topic on yt, thank you!

[@newyorkmyndd9801]

Informative and interesting in a format this big is not a bad goal and this hits the mark so thank you. I understand many older generations need to do their own research into these global economic issues and histories but many operated on auto-pilot, assimilation goals, pavlovian dedication to consumerism,capitalism and debt. These are my own flaws and i own them but i am guessing im not alone. Ill take informative and interesting on subjects like this any day. Thanks, ✌️🌈! (when i speak of assimilation i clarify that i am only speaking for the effects these issues had my Mexican/Irish/American family and not anyone else) 🙂

[@Ryan_Christopher]

Before the crisis, my dad could afford a new Toyota Corolla every few years. After the crisis, he could only buy a Toyota Vios every decade or so. He's a retired lawyer now. His old job was connected to a Toyota dealership, so the company "assigned" him a Toyota SUV. But it's old and needs repairs which haven't been attended to yet. Now mom has cancer so we grown kids have to pitch-in to help them survive.

[@inezamy9523]

Thank you for this it has opened my eyes to something that we don't talk about most of the time

[@joolzdreamerentertainment514]

It made me really sad in hometown cha cha cha that Gu Rim asked her son if he could maybe pay her dental fee but he just straight up told her it was too expensive. Like damn bro

[@soeuninseoul]

THAT WAS SO SAD 😭😭😭

[@Kaitydiditagain]

This was really interesting! I had kind of heard about the IMF Crisis before, but never looked into it, so I appreciated your take on it.

[@miika1la]

thank you so much for this aahhh this was really interesting 💗

[@violetrose1352]

Omg thank you I noticed those little details that made this dorama one of my favorites. Those details were very subtle but the hold so much meaning on the characters life and their choices.

[@vatefairefoutre0]

wow. this video essay is fantastic! the way you explain everything and speak is good too. I've been living in South Korea for 5 years now, and even though I've learned a lot, I'm always trying to learn more history, culture, etc. I'll keep watching :D

[@bookloversanehi]

Thank you for this video! When i started watching the drama, i also looked up the imf crisis since i didnt know what it was and i couldn’t help but think of the points you made such as the normalization of debt. Even living in the usa, taking out loans for schooling is something i had to come to terms with doing, since i have no other choice my parents cant afford to pay. Americans also have a lot of credit card debt which is rlly bad too, i think those also just normalize being in debt and it tends to snowball.

[@soeuninseoul]

i’m so thankful i could go to school in the us without debt 😭 it’s honestly a huge blessing, considering how ridiculously expensive tuition is

[@rizsaja2314]

What about scholarship? Did american universities offer good scholarships to the students or scholarship from government? I am not familiar with america education system but in my country we has something like national scholarship program.

[@soeuninseoul]

@@rizsaja2314 i got an academic scholarship from my private university-including that and tuition + living costs, it still came to at least 30-40k a year. i’m not eligible for government loans as an international student, nor was i allowed to work off campus. i was allowed to work up to 30 hours a week on campus only. so i guess even if i wanted to, I couldn’t collect debt because they didn’t give me any loans 🥲 i think most scholarships are usually need-based or a small academic one like mine.

[@kaydkaydkayd]

@@rizsaja2314 they offer plenty of scholarships just not ones that r worth much unless u have a 5.0 gpa or sumn lol the gov scholarships r never enough to cover even like one term of uni ( private or public ) unless u or ur family r incredibly poor n able to prove that w legal stuff n for me personally the uni that i go to is abt 40-50k a year n my school only offers to pay 26k a year bc i have decent grades n since my parents make too much for me to apply to any kind of gov scholarships we still have to pay the extra money out of pocket which is annoying but it is what it is lol

[@bookloversanehi]

@@rizsaja2314 they do have scholarships but it highly depends on the university and the criteria for the scholarship. my uni didn't offer me any scholarship but i did get money from the government, however, since my parent's income increased by $2000, they cut my financial aid also :/ I'm having to take out loans now

[@saudade1172]

This help me answer my activity! This is so informative! Thank you! Komowo!!

[@lovelietejada]

Tysm for using your platform to not only entertain me but also educate me! Love yr channel ✨️🍒💖

[@ZacharyRodriguez]

Great to have more on the story behind the scenes I see living in Korea. Informative and interesting indeed.

[@Meimoons]

This was so interesting. I’ve never heard of this but it was fun to learn about it.

[@barli7153]

This is an excellent video. I saw a couple episodes of that show and wanted to know more about it

[@CozyGameCat]

Thank you! I have heard talk of the IMF crisis a lot on Korean shows but didn’t know what exactly happened. Thank you for your research

[@luckyananda3240]

I use the IMF as background for my bachelor thesis in International Realtions. Thank you for adding a personal perspective, it was super interesting!

[@isabelleking8274]

Thank you for such an informative video! Watching Twenty Five Twenty One, I did not know about the IMF crisis but now I understand it better. The way you connected it to your personal stories really puts things into perspective and illustrates how this still affects people today.

[@pitypang1630]

it was interesting and informative! i just watched the undercover asia video earlier today so the timing of this upload eerily lines up. (also saw a while back the video about korean elderly poverty by asianometry.) these & your vid helped seeing the korean society/economy in a slightly more nuanced way. wish u all the best, thank you for your vids :)

[@neodlehoko404]

That was really beautiful, thank you for sharing such a personal story and educating us! I'm not an economist either but I feel like I've had to study so much about economics during this pandemic because its really made things difficult for people everywhere. You talked a lot about personal, national and corporate debt, and if you haven't already, DEFINITELY read "Debt: The First 5000 years" by David Graeber. I think it gave me hope during a pretty hopeless time. Theres an audiobook on KZbin as well. I think he has a few KZbin video in general, discussing debt. Thank you so much! Off to check out the other video you recommended.

[@palomasofiaalcalde382]

I find it sooooo weird for ppl to retire with little to no retirement pension or any type of economic safety net in a developed country. Like here in Argentina we're surrounded by crisis , have been since forever and we're drowning in inflation, so ppl who retire either keep working or just live off of their retirement money, even if they hadn't worked legally, there's an option for a minimum retirement money funded by the state (which is not a lot of money either) but at least helps them to get by (also not caring about the elderly is kinda taboo here idk, families always help their elderly, mostly because ppl live in their parents house or property well into their 40s or 50s bc of the housing crisis) maybe in the end its a matter of customs? Idk, but it's sad nonetheless 😔

[@Kiki-Delivering]

Thanks for this video, I am from the U.S. and had no knowledge of these things. It was very interesting and informative!

[@claudiamariani7348]

Woow. I had no idea about the IMF crisis. I will investigate more about it. I don't know why yt recommend me this video, but you have gained a new subscriber.

[@tenzero5274]

i genuinely love this video so much, it was very educational and was communicated in a great way ! thank you

[@soeuninseoul]

thank you!!!

[@samprada9298]

Great video! Thank you for your hard work 🙏

[@DeeSaysHi]

Very insightful! More power to you for talking about things so personal. Praying for Korea and the whole world. Love! ❤️

[@soeuninseoul]

thank you! 💖💖💖

[@bensoo27]

Love the series for the "Reply 1988" feels. But you're right, the ending did disappoint :(

[@Boeing-777-X]

Great video! I loved 25 21 so much that I went looking about this crisis and found your video 😊. I'm 27 years old and from Brazil and I can say it's not just in South Korea that poverty is almost a sure situation for elderly people because of bad retirement laws and rules that only get worst every couple of years.

[@keysburntgucci9016]

Can I just commend you for editing this video in such a way that It never felt like a drag. Making us engrossed the entire time you were going through the brief history of how it went down, or the personal stories you shared. This was very well done, light and very informative.

[@soeuninseoul]

thank you 😭 that is honestly the biggest compliment

[@hejer2527]

I haven’t watched Twenty-Five Twenty-One but the Asian Financial Crisis came to my attention when I watched Reply/Answer me 1994. I really liked your video because it provided another somehow touching side (even thought I’am nowhere near South Korea) which other videos here on YT don’t show.

[@chasingautumns]

I'm an American GenXer, same generation as your parents. We didn't have it super easy in the States, either, but they had it ROUGH, my gosh. Thank you for sharing their story. I wish them, and you, all the best. Fighting!

[@shenayalavine6467]

I really love the variety in your content, I particularly love your deep dive analysis on different topics. I think it’s refreshing to see other types of videos like vlogs and fashion on your channel as well. I just wanted to let you know that lol, I love your videos and more analysis videos please!❤️

[@soeuninseoul]

thank you! more coming soon ❤️

[@zainmudassir2964]

I like reading about economic histories of countries. Thanks

[@sarasblog1501]

You really make me wanna do my own video essay thank you for talking about such a personal issue. 😊☺️

[@soeuninseoul]

thank you! and yay ❤️ you should do it!

[@zam6877]

I remember the "Asian Tigers" thing... ...vaguely remember the "IMF crisis "... Since I had Korean friends in college... ...now feeling this gut punch connection of what you are saying to realizing that they...just suddenly disappearing Wow 😟

[@singgihsuwangsa8650]

We need more people (preferably english speaker) analyzing k-drama tbh. Nice video!

[@juanpAAA2059]

Great rational and analytical observation!

[@soeuninseoul]

thank you!

[@emilybolen128]

This is really interesting!

[@WorldisArt]

This vibe is similar (but not at ALL the same ) to the vibe I feel for fellow students with the pandemic. I am in a masters program that last 3 years, so some classes before me missed ALL of the in-school opportunities of their degree. Didn't get to interact with classmates, probably no job fairs, definitely no study abroad, poorer education quality, etc.

[@dbsk06]

Great analysis!!!!

[@imnotbonnie]

I'm from latam so definitely a different experience but being born just 2 years after you in an equally complicated country, I was able to relate to things you said, great video!!

[@soeuninseoul]

thank you! i have friends from latin america and i honestly feel privileged 🥲 i complain a lot about korea cuz it’s my own country but in some ways we live in so much comfort & peace. the poverty & injustice is right alongside booming wealth, convenience, and uninterrupted status quo.

[@WorldisArt]

I just started watching Twenty Five Twenty One, so thank you for this history!

[@OpinionatedMatt]

Thank you for the video, really interesting and informative

[@soeuninseoul]

HAHA you’re welcome & thank you 🥹

[@kristinesharp6286]

I think the trouble with small businesses and why they fail has more to do with rent increases happening so frequently.

[@Clam176]

I'm American and my Mother is Korean. It's very interesting seeing the economic patterns of American society, and realizing how some aspects of Korean society are so similar yet so different at the same time.

[@rosstodd03]

WOW! Love your video.

[@rosstodd03]

I never thought you would see my comment! I stumbled on to your video because I was researching the IMF problem in the Twenty Five Twenty One drama and your video popped up. I have just started watching Kdramas this year - I fell in love with them! I am also watching Mr Sunshine and liked Kim Tae-ri so I looked for her other stuff which led me to Twenty Five Twenty One - I am definitely down the Kdrama rabbit hole! You are really well spoken - I have liked and subscribed!

[@mhc622]

I grew up in Korea poor. When IMF crisis was going on, I was studying in USA barely surviving with meager scholarship. So, all the difficulties and hardships I heard did not really matter to me that time. Fast forward 20 years, I was impressed and proud how Korea became economic powerhouse in the world stage. Also it made me question my decision to stay in USA. Back in my head, there were "what ifs" and possibility of glitz and luxury since I live moderately in USA in Korean standard. This spring, I visited Korea and realized that the life there looked great outside, but empty inside. Wealth gap, spending culture, stiff competition, apathy toward others, and poverty of certain generation/class of people were so alarming. Those are not limited to Korea, but the extent of it scared me. I hope it is not as bad as I think and wish Korea the best.

[@kae7588]

i hope you can make more videos on the context behind k-dramas! such a great video

[@iasminaraujo7109]

I had no idea of any of this

[@FinancialAnalysisTJ]

Very great video! Definitely want to check out this show. If you’re interested in studying economics/finance, I’d recommend pursuing the CFA. It’s pretty intense, but it’s internationally recognized and gives you a firm foundation. I’m sure it’ll help you in strategizing for your own financial future. I’ve only gone through level 1 and it has already helped me immensely.

[@mtbol546]

Congrats for your video, it's very interesting and informative. I'm Brazilian, in the late 90's and 2000 we see Argentina having serious problems with IMF, we also got debt, but now we're cool, but Argentina isn't.. they economy still messed up.

[@thedrunkenelf]

I have never heard of this and I thought this video was very fascinating. I didn’t even know Korean had a loan/credit issue until I saw Squid game that touched on these issues a little bit. I have zero debt and feel very lucky about that, I live in Australia which makes it easier. I’ve heard that the cost of living in Korea is really low, even rent in comparatively low compared to other countries.

[@jangelbrich7056]

Indeed very informative! Just the type of video we need if there is virtually zero news from Western mainstream media about Korea. Greetings from Sweden

[@biracialKlown]

I would recommend channels like Hakim and Second Thought about economics.

[@zachanikwano]

Thanks!

[@mariapaulafonsecamartinez2859]

✨Ricardian equivalence✨

[@nagislittlecloud]

I loved the video and the drama was amazing. I was wondering if you would be interested to make a video or just reply to my comment about this. Currently in the Philippines the son of a former dictator became their president and Philippinos are worried. This all happened because the dictator and his family spend money on social media propaganda saying that everything that happened during his rule was a lie. Now I recently watched Youth in May and found out that it was based on a true story of the Gwangju Uprising. With my understanding and the research I did some south koreans are unsure as to what happened and they think that it was propaganda. My question is do you think what is happening to the Philippines can happen yo South Korea as well specifically around the Gwangju case and how do you think Koreans should educate themselves about this matter. I read about it and it honestly broke my heart about everything that happened. Mostly because a lot people died for democracy and fighting for peace is horrible. I hope to see more videos from you I am really enjoying the content you are releasing.

[@jenevievecrouch1145]

I think that for generation Z and Millenials in terms of the future and retirement,I feel like things will get worse for us not just in Korea,but for the world once we get older.We will never see any hope economically.This pandemic is just the beginning of the worse.

[@akhilamathishi]

Sri Lanka is going through an economic crisis as well. I'm worried too what might happen.. what could happen..

[@rambutketiak]

This video pop-up in my youtube recommendation, and guess what? There’s been a shady bad news about start-up company in my country rn. A lot of comments saying we hope for the best now, and honestly I’m afraid.

[@kristinesharp6286]

The problem with Korea is the need to put family into leadership at conglomerates and the irrational expectation of growth when it is no longer an emerging economy but a developed economy.

[@dotdotdotdotdotdotdottod]

girl late melinials are 96'ers ya just a gen z. but that aside this vid pretty much sums up how koreas school systems are today amd aslo why everyone wants the same job regarldess if your actually skilled/ethical in the field

[@Articulatekarein]

liked the video

[@henrytep8884]

What’s the average annual percentage rate on a credit card in s. Korea?? It’s hard to live with high debt as that is virtually self inflicted inflation on one’s earning. In the u.s apr is around 15-25%.

[@OpinionatedMatt]

Thanks

[@fachridarmayana2518]

My parents at that time must go to surabaya my older brother was 5 years old at that time and that is how my older sister and big brother born in surabaya when i was born the cris was almost over but my aunt hide during the crisis most of my family was in bandung and at 1998 it became a revolution and riot and the president at that time step down and a new era is called reformasi that the student make but MPR were attacked that is a military that now it use for economy but before the crisis it for picking the new president and almost all old party were no more(i mean party like political parties) and now there is only 2 old parties left i will give you the link

[@grace.1123]

as an east asian studies major with a focus on korean studies, i absolutely loved this and absorbed all of this info like a sponge. you adding your own personal and family's experiences makes comprehending the IMF crisis all the more tangible rather than reading it from a textbook written from the pov of an old white guy. please make more videos like this in the future!!

[@soeuninseoul]

thank you!! 💖💕 i’m so glad you enjoyed it 🥰

[@lotusrain4102]

Woww we were born in the same year

[@magdabojarska7796]

Was Korea and young Koreans also affected by the financial crash of 2007/8 ?

[@soeuninseoul]

i believe it probably was, although i'm not 100% sure on that! it does seem to have had impact on a global scale, but i'd have to dig more into how it directly affected Koreans in the mid-2000s.

[@kristinesharp6286]

People in their 20’s should put money in the market. Not borrowed money. A small amount monthly can yield a million decades from now. The earlier you put it in the better. It’s a good sign people are looking for stocks and not just relying on real estate.

[@liawatson5789]

How?

[@kristinesharp6286]

@@liawatson5789 the housing market in Korea makes no sense. The players do not allow for correction and irrational increases are not good as they don’t allow young people to enter the market. It’s most people’s only investment. 50% increase in 4 years is considered good and .01% drop in a single quarter and the sky is falling. This is a problem where most people renegotiate their housing contract every year or two. Suddenly you need a loan double in size to remain in the neighborhood. And your chances of home ownership increased from 7 years of gross salary to 11 years of gross salary to 24 years of gross salary. In a place like the US housing prices dip every 10 years in most markets. There are irrational run ups but there are naturally occurring dips to level things out. People also live in the place longer. It’s also possible to live in different cities and still be successful. Korea seems to limit to one area of the country. There are many retirement calculators that say if you start investing $100 a month in your 20’s by retirement you will have a million. Growth, dividend reinvestment… It does not take a lot just consistency. When the market is down you get more shares. When up less shares. You don’t have to time the market cause on average you will have missed enough of the peaks. Don’t keep selling and buying other stocks chasing prices. You don’t need a ton of money to start. I think if parents spent less on hagwon and invested half of what they would have spent on hagwon their children would be better off financially adulthood. The big companies may pay well but they suck the life out of you and spit you out in your 50’s. There is a lot of living to do. Imagine spending 20 years and 20 years worth of money preparing for employment lasting only 25 years. Don’t forget military service for the men. 2 years of economic activity gone.

[@jerbear97]

she looks like predebut Jang Gyuri

[@dbsk06]

💯💯💯💯💯💯

[@jjrobledo]

Meanwhile Philippines is still struggling

[@alo2446]

this is off topic, but you really look like stayc's sieun

[@soeuninseoul]

i had to look that up 😂

[@sinysagna2593]

smaller government and bitcoin will put an end to these assinine wealth cycles

[@WallaceRoseVincent]

Did you lose money in FTX? There will never be a cure for fear and greed.

[@sinysagna2593]

@@WallaceRoseVincent as much money as you did

[@leiirot7032]

일본에 감사

[@theburden9920]

More like Wall Street

[@pragyanr.c9477]

Korea has sold it's soul to capitalism... it's really sad and depressing.