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Gold-Collecting Campaign
JongHN:
'''The gold collection campaign''' was a voluntary sacrificial movement for the nation in 1997 to repay the debt of [[South Korea|the Republic of Korea]] when the IMF asked for relief money. At that time, [[Korea]] had about $ 304 billion in foreign exchange debt. The campaign, involving about 35.1 million people nationwide, collected about 227 [[ton]]<nowiki/>s of [[gold]].<ref>Liquid error: wrong number of arguments (1 for 2)</ref> It was worth about $2.13 billion. It has become a representative example of the people's willingness to sacrifice their lives amid difficulties in the national economy.<ref>Liquid error: wrong number of arguments (1 for 2)</ref>
== The beginning of the gold collecting campaign ==
On July 2, 1997, Thailand changed its fixed exchange rate system, which has been maintained for the past 13 years. As the exchange rate system is shifted, the price of Thai baht in the foreign exchange market plunged This was a direct impetus for the [[1997 Asian financial crisis|East Asian financial crisis]]. <ref name=":0">Liquid error: wrong number of arguments (1 for 2)</ref>Therefore, In an attempt to defend the country, On May 21, the IMF was asked to provide liquidity adjustment funds.<ref name=":0" /> At that time, There was a lot of controversy about what the real cause of the The direct cause was 'foreign exchange liquidity'<ref name=":0" />. In other words, the domestic foreign exchange market lacks the dollar, the KRW(The monetary unit of Korea) exchange rate surges, and some financial institutions are faced with the inability to repay foreign debts.<ref name=":0" /> This is due to the fact that the foreign exchange crisis has been amplified, As a result, foreign borrowing by financial institutions was blocked, making it difficult to repay short - term external debt of $30 billion and long - term external debt of $45 billion.<ref name=":0" /> In the face of such a situation, "one dollar collecting campaign" was raised but it did not get much attention. Then, from January 6, 1998, the next year, [[KBS]] proposed a proposal to develop a 'gold gathering movement'.<ref name=":0" /> At the same time, this movement has received nationwide attention from the beginning of the campaign.<ref name=":0" />
== The development of a gold collecting campaign ==
== The result of the gold collecting campaign ==
== Criticism of the gold collecting campaign ==
When it started on January, 1998, the news articles repeatedly reported how people voluntarily participated, how much it could be helpful to overcome national crisis, and how shameful not participating with self-sacrifice behavior for country.<ref name=":1">Liquid error: wrong number of arguments (1 for 2)</ref> Emphasizing the patriotism of the Korean people, it blurred the right reasons for economic crisis by emotional things. Instead, ideological effect such as 'we can do it' was succeeded.<ref name=":1" /> After the official close of the campaign, it was articulated other discourse by restructuring process.<ref name=":1" /> That is, the social memory of 'gold collection campaign' was reconstructed in combination with discourse of economic crisis, justification of Neoliberalism economic policies such as Pro-Chaebol, Capitalist-friendly policies, and labor flexibility, discourse of peoples' over consumption, nostalgia for Park's regime.<ref name=":1" /> Overall, it served only as a tool for constructing arbitrary discourses, and consequently critical reflection of historical event ws ignored.<ref name=":1" />
== The beginning of the gold collecting campaign ==
On July 2, 1997, Thailand changed its fixed exchange rate system, which has been maintained for the past 13 years. As the exchange rate system is shifted, the price of Thai baht in the foreign exchange market plunged This was a direct impetus for the [[1997 Asian financial crisis|East Asian financial crisis]]. <ref name=":0">Liquid error: wrong number of arguments (1 for 2)</ref>Therefore, In an attempt to defend the country, On May 21, the IMF was asked to provide liquidity adjustment funds.<ref name=":0" /> At that time, There was a lot of controversy about what the real cause of the The direct cause was 'foreign exchange liquidity'<ref name=":0" />. In other words, the domestic foreign exchange market lacks the dollar, the KRW(The monetary unit of Korea) exchange rate surges, and some financial institutions are faced with the inability to repay foreign debts.<ref name=":0" /> This is due to the fact that the foreign exchange crisis has been amplified, As a result, foreign borrowing by financial institutions was blocked, making it difficult to repay short - term external debt of $30 billion and long - term external debt of $45 billion.<ref name=":0" /> In the face of such a situation, "one dollar collecting campaign" was raised but it did not get much attention. Then, from January 6, 1998, the next year, [[KBS]] proposed a proposal to develop a 'gold gathering movement'.<ref name=":0" /> At the same time, this movement has received nationwide attention from the beginning of the campaign.<ref name=":0" />
== The development of a gold collecting campaign ==
== The result of the gold collecting campaign ==
== Criticism of the gold collecting campaign ==
When it started on January, 1998, the news articles repeatedly reported how people voluntarily participated, how much it could be helpful to overcome national crisis, and how shameful not participating with self-sacrifice behavior for country.<ref name=":1">Liquid error: wrong number of arguments (1 for 2)</ref> Emphasizing the patriotism of the Korean people, it blurred the right reasons for economic crisis by emotional things. Instead, ideological effect such as 'we can do it' was succeeded.<ref name=":1" /> After the official close of the campaign, it was articulated other discourse by restructuring process.<ref name=":1" /> That is, the social memory of 'gold collection campaign' was reconstructed in combination with discourse of economic crisis, justification of Neoliberalism economic policies such as Pro-Chaebol, Capitalist-friendly policies, and labor flexibility, discourse of peoples' over consumption, nostalgia for Park's regime.<ref name=":1" /> Overall, it served only as a tool for constructing arbitrary discourses, and consequently critical reflection of historical event ws ignored.<ref name=":1" />
June 25, 2018 at 09:30PM
