►Gangnam Style, Dissected: The Subversive Message Within South Korea's Music Video Sensation
"Korea has not had a long history of nuanced satire," Adrian Hong, a Korean-American consultant whose wide travels make him an oft-quoted observer of Korean issues, said of South Korea's pop culture. "In fact, when you asked me about the satire element, I was super skeptical. I don't expect much from K-Pop to begin with, so the first 50 times I heard this, I was just like, 'Allright, whatever.' I sat down to look at it and thought, 'Actually, there's some nuance here.'"[More at the link]
One of the first things Hong pointed to in explaining the video's subtext was, believe it or not, South Korea's sky-high credit card debt rate. In 2010, the average household carried credit card debt worth a staggering 155 percent of their disposable income (for comparison, the U.S. average just before the sub-prime crisis was 138 percent). There are nearly five credit cards for every adult. South Koreans have been living on credit since the mid-1990s, first because their country's amazing growth made borrowing seem safe, and then in the late 1990s when the government encouraged private spending to climb out of the Asian financial crisis. The emphasis on heavy spending, coupled with the country's truly astounding, two-generation growth from agrarian poverty to economic powerhouse, have engendered the country with an emphasis on hard work and on aspirationalism, as well as the materialism that can sometimes follow.
Gangnam, Hong said, is a symbol of that aspect of South Korean culture. The neighborhood is the home of some of South Korea's biggest brands, as well as $84 billion of its wealth, as of 2010. That's seven percent of the entire country's GDP in an area of just 15 square miles. A place of the most conspicuous consumption, you might call it the embodiment of South Korea's one percent. "The neighborhood in Gangnam is not just a nice town or nice neighborhood. The kids that he's talking about are not Silicon Valley self-made millionaires. They're overwhelmingly trust-fund babies and princelings," he explained.
►And here is a comprehensive analysis by someone in Minnesota whose site has disabled the copy/paste function. (That's one way to prevent stealing content.) For anyone really interested this is a highly recommended link.