StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Economic Perspective of the Liancourt Rock Dispute - Research Paper Example

Cite this document
Summary
1 Japan and South Korea are two of the most powerful countries in the world and both of them have a lot in common. They both have market-based economic system. They are both true-blue allies of the United States. They both share a chaotic neighbourhood with North Korea…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.5% of users find it useful
Economic Perspective of the Liancourt Rock Dispute
Read Text Preview

Extract of sample "Economic Perspective of the Liancourt Rock Dispute"

Download file to see previous pages

The claims of sovereignty over the offshore territory where the islands are lying are mostly triggered by the economic value of the islands and its surrounding amenities. The area was found to be rich in aquatic or marine animals that are a potential source of income. The economic value of the area is said to be realest reason why both countries, Japan and South Korea, are very effortful in acquiring control over these areas. What are Liancourt Rocks? These are actually bundled formations of small islets that are mostly composed of rock formations.

For the Japanese, the Islands are called “Takeshima” and for Koreans, it is called “Dokno”. These islands are havened in the Sea of Japan. The islands are situated around 87 kilometers in the eastern part of Ulleung Island, a South Korean island; 157 kilometers in the Northwestern portions of Oki Islands in Japan. The area is very pristine and is mostly uninhabited. 2 What are the economic values of Liancourt Rocks? One of the probable reasons of the dispute that led to the conflict between these two nations, with regards to the sovereignty and control over the islets, would be its economic values. . n this law, “Parties to UNCLOS are entitled to as much as 200 nautical miles…”, (equivalent to 370.4 kms), “..of maritime and jurisdictional exclusivity”.

To discuss this topic thoroughly, it is ideal to divide these economic benefits in two: first, the economic benefit brought about by the “establishment of sovereignty”; second, the natural benefits of the islets, either direct or indirect. First, an establishment of sovereignty over an offshore territory, as stated above, will eventually grant a certain nation a control to the seas that are legally part of their territory and would therefore give them an exclusive economic zone or EZZ. What is exclusive economic zone?

This is a right of a country to perform economic operations in different forms like exclusive fishing and mining operations on the seabed. Seen this way, certain holes revealed that these two contesting nations are grimly pouring all their efforts to gain sovereignty over the islets so that they can make use of the islets to boost their economy. This will serve both countries economically. However, this remains an unresolved issue for the mean time for the reason that South Korea and Japan are discussing the arguments with too much friction.

3 What are the economic benefits of EZZ? Certainly, EZZ would bring a great impact to the economy of a certain country. If you cogitate on the idea that a country will have an exclusive access and use on all resources that can be found within the offshore territory, there is a great chance to generate and exhaust these natural resources and be utilized as economic boosters. In 1998, the Korea-japan fisheries agreement had set a parameter that considers the waters surrounding the Liancourt Rocks as a “neutral territory” which means that in an

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Economic Perspective of the Liancourt Rock Dispute Research Paper”, n.d.)
Economic Perspective of the Liancourt Rock Dispute Research Paper. Retrieved from https://studentshare.org/macro-microeconomics/1440434-economic-perspective-of-the-liancourt-rock-dispute
(Economic Perspective of the Liancourt Rock Dispute Research Paper)
Economic Perspective of the Liancourt Rock Dispute Research Paper. https://studentshare.org/macro-microeconomics/1440434-economic-perspective-of-the-liancourt-rock-dispute.
“Economic Perspective of the Liancourt Rock Dispute Research Paper”, n.d. https://studentshare.org/macro-microeconomics/1440434-economic-perspective-of-the-liancourt-rock-dispute.
  • Cited: 0 times

CHECK THESE SAMPLES OF Economic Perspective of the Liancourt Rock Dispute

Global Economic Perspectives

This essay "Global economic Perspectives" discusses institutions in international trade, foreign direct investment, governmental intervention in international trade, theories of international trade.... hellip;  At the end of the Second World War, the allied nations wanted to create organizations that would eliminate the economic causes of war by establishing equal and fair global trade practices that were inherently non-partisan in nature....
20 Pages (5000 words) Essay

Online Dispute Resolution

What began in 1996 with the Virtual Magistrate Project, which appointed law professors and attorneys from around the country to handle… However, just like with any dispute resolution method, ODR is not without its pitfalls.... One of the advantages of ODR over other dispute resolving methods, such as face-to-face arbitration, mediation and litigation is the cost factor.... Inherent in this analysis is that the parties involved in the dispute do not have to hire attorneys, nor do they have to travel, which can add up to considerable costs in traditional dispute resolutions....
7 Pages (1750 words) Essay

Arbitration of Investment Disputes - A Turkish Perspective

So, arbitration is an “Alternative dispute Resolution” technique used by two conflicting parties to resolve their dispute without getting into legal (court) formalities.... n big investments where the government, big corporate and financial institutions deals within country or internationally, dispute arises because of company policies, changing e theonomy, conditions of countries, policies of both parties countries dealing with, political environment, etc....
9 Pages (2250 words) Essay

Do Legislators represent their constituencies economic perspectives

The economic aspect of this is especially important because it affects the One of the aspects that are of our concern is the bailout that tried to stabilize the economy after it crashed in the last decade.... The TARP was written to prevent a complete economic collapse caused by side effects of banks bankrupting....
7 Pages (1750 words) Term Paper

Term Eucrite

This paper will be looking at the eucrite meteorite rock and outline some of its striking properties.... The minerals are characterized by relatively large grain size (Patchett & Tatsumoto, Eucrite Meteorite rock affiliation Eucrite Meteorite rock A rock is a solid mineral material that forms most of the surfaceof the earth and almost every other planet in the universe.... This paper will be looking at the eucrite meteorite rock and outline some of its striking properties....
1 Pages (250 words) Essay

Embracing Alternative Dispute Resolution

Lord Woolf's report also proposed that litigation should be seen as a last resort, embracing alternative dispute resolution (ADR) as a substitute to be encouraged by the courts9.... Furthermore, Roney refers to Cowan Erwin's definition of ADR as “any means of providing a resolution of a dispute between two or more parties which does not involve traditional adversarial procedures”11.... As such, ADR has been viewed as a response to litigation, which is costly and sacrifices privacy in bringing the dispute into the public domain....
13 Pages (3250 words) Research Paper

Economics Perspectives and Policy

From the paper "Economics Perspectives and Policy" it is clear that the negative correlation between market-to-book value and leverage level may due to firms prefer to issue shares when the share price is highly connected with earnings or book value.... hellip; Most of the studies come to the conclusion that firms in Anglo-American economics have lower leverage level than those in Japan and continental Europe....
6 Pages (1500 words) Coursework

Economic Perspectives On Cultural Heritage

The paper "economic Perspectives On Cultural Heritage" discusses the public funding for the arts in the UK from various perspectives, while examining the necessity of incorporating arts in modern day lives and society, and whether arts would not survive without this subsidy from the government.... Thereare also certain preconceived notions, that perceive that the economic benefits allocated for the preservation and maintenance of arts are more concentrated on attracting and entertaining foreign tourists; while others feel that owing to most of the cultural centers being built in urban centers, it is only the city people who get the cultural benefits....
37 Pages (9250 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us