Yin-Yang representation of financial crisis: a Korean perspective. (9th October 2019)

• Record Type: Journal Article
• Authors: Kim, Amee; Vanheusden, Frederique Jos
• Is Part Of: International journal of management concepts and philosophy. Volume 12:Number 4(2019)
• Page Start: 385
• Page End: 408
• Publication Date: 2019-10-09
• Subjects: Yin-Yang harmony -- media -- South-Korea -- financial crisis -- identity -- economic magazines -- colour interpretation; Management -- Periodicals; Management -- Philosophy -- Periodicals; Management science -- Periodicals; 302.3505
• Languages: English
• ISSNs: 1478-1484

Abstract

Although the concepts of Western-Eastern integration to optimise management strategies are well-established, investigations on the applicability of these concepts in real-life situations are lacking. This study investigates how integration of (Eastern) Yin-Yang principles of seeking balance into Western concepts benefited Koreans in combating financial crises repercussions. Through analysis of 519 South Korean economic magazine covers taken over the period 2007-2012, the study shows the mindset of Korean society during the 2008 financial crisis. The covers provide a balanced interpretation of crisis events as both disastrous and opportunistic. Traditional Yin-Yang values therefore appear to be preserved in Korean management philosophy, even though contemporary Korean business strategies are strongly influenced by Western principles. By comparing these findings with social attitudes during previous crises in Korea, the study provides a real-life example of possible benefits of integrating Eastern and Western philosophy in management strategies.