Economy
As the center of the Ulsan Industrial District, the city is the corporate base of the multinational Hyundai conglomerate. Up to 1962, Ulsan operated as a fishing port and market centre. As part of South Korea's first five-year economic plan, Ulsan became an open port. Additionally, major industrial plants and factories were developed, including in particular an oil refinery, fertiliser plants, automobile production and heavy industries. The shipbuilding port Bangeojin became part of the city in 1962.
Ulsan is currently the home of the world's largest automobile assembly plant operated by Hyundai Motor, the world's largest shipyard, operated by Hyundai Heavy Industries and the world's largest oil refinery owned by SK Energy.
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Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)