- 19 hours ago
From beauty ideals in South Korea to career paths for non-graduates, hurdles facing foreign professionals and the rise of medieval magnate Jakob Fugger.
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00:06You've got the looks, you get the job and a head start on the career ladder.
00:11The pretty privilege translates into 2.5% higher pay,
00:15which for top earners can mean a cool $5,000 extra a year.
00:19A growing number of people are turning to cosmetic surgery
00:22to also embellish their career prospects.
00:26The Gangnam area of Seoul has become an undisputed hub of the beauty industry.
00:31Among other issues in the fast-changing working world,
00:34is a college degree still that crucial?
00:36What hurdles the young professionals arriving in Germany face?
00:40And the rise of medieval magnate Jakob Fugger,
00:43all in this career special on MADE.
00:57Chunggyong Park is an aesthetic doctor who's represented South Korea
01:01at international beauty pageants.
01:04And as the director of a skincare clinic in Seoul,
01:07he knows just how important his appearance is for bringing in business.
01:13Usually, male clients ask about things like jawline,
01:16since I have a relatively defined jawline,
01:18or about skin tone.
01:20When they see me, they often ask how they can achieve fairer skin.
01:25With hundreds of thousands of Instagram followers,
01:28he says young patients often reach out
01:30hoping that minor facial enhancements
01:32will help improve their economic prospects.
01:35Patients like Madison.
01:37Years ago, I got a lot of laser treatment,
01:41and then also, like, cheek botox
01:44that made my face, like, more slim.
01:46And then after that, I think I became more confident,
01:51and my skin looks more healthy and white and glowy.
01:56Based on that, I worked more confidently,
01:59and I earned a lot than previous income.
02:04Dr. Park's clinic is in Gangnam,
02:06a district with over 400 cosmetic and plastic surgery centers
02:10in a single square mile,
02:12where intense competition drives prices down.
02:16Advertisements for a quote-unquote perfect face
02:19follow you everywhere,
02:21from skyscrapers to storefronts and buses.
02:25Some even target students specifically,
02:28offering job interview preparation packages.
02:32At Uwa Clinic,
02:33one of the country's most prestigious facilities,
02:35demand nationally and internationally
02:38is so high the operation spans multiple floors.
02:42Two dermatology floors.
02:44One, two, three, four.
02:46Rhinoplasty start at 3,500 U.S. dollars,
02:50half of the price in the States.
02:53Uwa's CEO and head surgeon Dr. Kim Woo-jung
02:55sees cosmetic treatments as a social tool.
03:01In Korea, appearance is an important part of society,
03:05and many consider it a form of social competitiveness.
03:11So, before choosing a job or going into interviews,
03:15people often undergo procedures to create a better impression.
03:20Clinics like these help to sell the idea
03:22that a polished look can open doors professionally.
03:27And across the river in Hongdae,
03:29a university district,
03:30students and recent graduates
03:32are beginning to learn
03:33how to navigate these societal expectations.
03:36Studies show that some recruiters in South Korea
03:39do still hire based on appearance,
03:41and most organizations across the country
03:44do still require a CV photo.
03:47Now, that pressure,
03:49especially for young people to look a certain way,
03:52has given rise to businesses like this one.
03:55This is effectively a Photoshop,
03:58but it's a Photoshop that specializes
04:00in creating that perfect CV image.
04:04To see how the process works,
04:06I went through each step myself.
04:09Hello.
04:11Fatobi's owner says he caters the service
04:13to the needs of the client.
04:17If someone is applying for a service job,
04:19we try to help them look brighter and more approachable.
04:22If it's sales,
04:23then we try to make them look trustworthy.
04:28I think let's retouch this one.
04:30The editors smoothed out my skin,
04:33sharpened my jawline,
04:34and even altered my forehead.
04:36So you're removing all my moles.
04:38Wow.
04:39This is something many young Koreans do
04:42to help them stand out professionally.
04:44But not everyone follows these rules so strictly.
04:48Jiwon Lee is a recent biochemistry graduate
04:51and part of a growing feminist movement
04:53that doesn't conform to beauty standards.
04:55Though she says that it's not always easy.
04:59I've always imagined if I were a man.
05:02If I were a man,
05:04would my mom be complaining
05:07that I don't wear makeup
05:10and I don't wear skirts
05:12and I don't decorate myself?
05:15Despite Jiwon's resistance,
05:17it's hard to ignore that the need to look a certain way
05:20is deeply entrenched in South Korean society.
05:23For many young people,
05:25adjusting their image digitally or physically
05:28has become an almost quintessential part
05:30of the job application process.
05:32And as the industry continues to boom,
05:35the fundamental question remains.
05:37Is it creating opportunities
05:39or simply deepening inequality?
05:47You've graduated from high school
05:49and are considering what your next options are?
05:52Maybe a gap year abroad?
05:55How about a vocational traineeship?
05:57Or perhaps go straight to college after all?
05:59A degree has its benefits,
06:01but no longer opens so many doors.
06:04A career as an engineer, IT specialist,
06:07or even a pilot doesn't necessarily mean going to college.
06:11So, are degrees overrated?
06:16Being a college graduate used to be a guarantee
06:19of landing high-paying jobs
06:20that were inaccessible to those without degrees.
06:25But a growing number of people without degrees
06:27are now applying for those very same jobs
06:30in marketing, production management,
06:32communications, and programming.
06:34So is it better to hit the job market right away
06:37instead of poring over countless books?
06:40With on-the-job training and a little help from AI
06:43a feasible option?
06:47The fact is that a large number of employers
06:50in the industrial sector
06:51are now also hiring non-graduates
06:54for a comprehensive range of jobs,
06:56including senior positions.
06:58I'm also observing this trend,
07:01and there's a whole discussion now also in academia
07:05about whether we will see more of this so-called skill-based
07:10or experience-based hiring.
07:12Big-name companies are now posting vacancies
07:15for those higher positions,
07:17stressing no degree required.
07:19An approach shared by the head of Tesla.
07:23There's no need even to have a college degree at all,
07:27or even high school.
07:30I mean, if somebody graduated from a great university,
07:33that may be an indication
07:34that they will be capable of great things,
07:36but it's not necessarily the case.
07:44It's not clear that the learning for a four-year degree
07:49in a university
07:50is going to carry you through forward.
07:54And the people who are currently at college,
07:57what do they think about the option
07:59of getting straight to work after high school?
08:02I think what a lot of people think
08:05is that having experience, practical experience,
08:08is a lot of the times more worth it
08:11than necessarily getting the degree.
08:13Graduates used to have more jobs to choose from
08:15than young people who hadn't studied.
08:17But in some places, their rate of employment
08:20has become almost as high as that for non-graduates,
08:23and in some cases, higher.
08:25The overall jobless rate in Europe is currently 5.9%,
08:29but among graduates only 3.8%.
08:32Contrast that with Turkey,
08:34where unemployment among graduates
08:36is higher than the average, at over 9%.
08:39And the figures are fairly similar in the U.S. too,
08:43with an average rate of 7.3% and 6.7% for graduates.
08:50What explains the growing difficulty of finding a job
08:53for people who've been to college?
08:56I think we've seen in the past several countries
08:59where there has been a rapid expansion
09:02of the higher education sector
09:04that was not readily matched by demand by the labor market.
09:09One answer is shortcomings
09:11in the practical relevance of college courses.
09:13Looking at things realistically,
09:16plenty of graduates do find a job after a year of searching.
09:19But the issue has assumed dramatic dimensions in India,
09:22where the graduate unemployment rate is 7.1%,
09:26compared to under 1% among those with only a primary education.
09:31There's been a rapid expansion of higher education.
09:34And many countries, including in India,
09:37we've massively increased university enrollment.
09:40And that's not gone hand in hand.
09:44The curriculum is not tweaked as per the labor market need.
09:48Employers save money because trainees
09:50with lower formal education tend to earn less.
09:53And many trainees do not have the funds
09:56to be able to study.
09:58And once they have secured a job,
10:00not having a degree makes it harder to change professions.
10:05And the benefits of a degree?
10:07We asked students in Germany,
10:10where there are only minimal college fees.
10:13So we're also very grateful for this university time.
10:15I think it was like one of the best times of my life.
10:18And I learned so much.
10:19I had also so much fun.
10:22If I was going to study anything,
10:24it had to be something you can't do without a degree,
10:28which meant medicine.
10:29Plus, it's doing good for society.
10:34I agree that artificial intelligence
10:36is likely to replace some of the jobs
10:39that you would have expected to especially enter
10:42into the legal field with.
10:44But I also think that a lot of the jobs
10:46that are the crux of the legal profession
10:50won't get replaced.
10:52These students are not worried
10:54that AI will take their jobs,
10:56saying that you need to be smart
10:58to ask the right questions
11:00and interpret the answers.
11:02And perhaps AI will also be able to help out
11:05when it comes to making college education
11:08better aligned to ever-changing job requirements.
11:21Germany urgently needs skilled workers
11:24in a range of sectors,
11:25but many young professionals from abroad
11:27find it difficult to enter the job market here.
11:30One frequent factor,
11:32authorities and employers not recognizing
11:35their qualifications and job experience.
11:37In some cases, they're even overqualified.
11:40Or they're asked to provide additional credentials
11:43that they don't have.
11:45Experts are calling for reforms
11:47to close labour shortage gaps
11:49and make integration easier.
11:54Getting a job in Germany as a foreigner isn't easy.
11:58That's because many professions require job applicants
12:01to have specific local forms of certification.
12:04In other countries, I did not need to have any additional papers,
12:09so my diploma was valid.
12:11Before moving to Germany,
12:13Natasha worked as a biologist in Serbia.
12:16Here, she's taking advantage of a free consultation hour
12:19to learn what her options are in her new country.
12:36Germany's medical sector is in desperate need of workers.
12:40Experts estimate that there are between 200,000 and 300,000
12:44open positions for medical professionals.
12:46That's why 41% of all qualification recognition applications
12:51are submitted from nurses.
12:53In 2024, the German government received more than 95,000 requests
12:58from foreign workers to recognize their profession.
13:01That's more than double the amount of requests
13:03Germany got eight years previously.
13:06The fact that we have reached such a high level
13:09is also due to the fact that we have accelerated processes,
13:12that we raised awareness,
13:13and that there are now many initiatives,
13:15especially in the field of nursing.
13:1997% of the processed applications last year were approved.
13:23That's good news for job seekers who are already in the country.
13:27Most of the qualifications Germany approved
13:29were acquired in Turkey,
13:31followed by Ukraine, Tunisia, India and Syria.
13:35Firstly, we can still improve when it comes to issuing visas.
13:38We just need more staff at the embassies abroad.
13:41The second point is that we should offer
13:43a centralized digital platform.
13:46And third, we need more personnel
13:47at the immigration offices in Germany.
13:52More personnel needed to close the labor gap.
14:01Germany is also experiencing a shortage of doctors.
14:05The country's medical association says
14:07the healthcare system would collapse
14:09without foreign medical professionals.
14:11In 2024, around 70,000 foreign doctors
14:15were working in German clinics and neighborhood practices.
14:18That's one in six physicians.
14:20Almost 80% of them employed by hospitals.
14:24Germany is actively recruiting staff
14:26from Latin America, for example,
14:28with a program that helps new arrivals
14:30with housing, visas and useful tips.
14:33But here too,
14:34the rigorous certification process remains a hurdle.
14:41Dr. Freddy Bautista Vanegas is making his rounds here
14:44in a Parkinson's clinic in Beelitz, Germany,
14:47an hour from Berlin.
14:48Before coming to Germany,
14:50he practiced medicine in his home country of Bolivia.
14:53But the process to become a certified doctor
14:55here has been a long one.
14:59I have to be very honest with you.
15:01This process is a bit tedious.
15:03It is a bit long,
15:04but with a lot of perseverance,
15:06a lot of support,
15:07and a lot of patience,
15:08we can achieve it.
15:15Vanegas is one of approximately 300 doctors
15:17that have come to Germany
15:18through a program aimed at reducing job vacancies
15:21in healthcare.
15:22It also benefits partner countries.
15:23In Mexico, for example,
15:2640,000 medical students graduate each year
15:28and compete for just under 18,000 training positions.
15:33Bautista Vanegas is far from home,
15:35but feels welcomed by his colleagues
15:37and patients alike.
15:40And the patients always ask,
15:42where are you from?
15:43What are you doing here?
15:45When I tell them I'm from Bolivia,
15:47most of them automatically become happy,
15:50start smiling,
15:51and say, oh, I was in Bolivia,
15:53Bolivia is so nice.
15:55I went on a vacation to Bolivia.
16:05Since 2017,
16:07Germany's Federal Employment Agency
16:09has been running an initiative
16:11that places specialized doctors
16:12from mostly Mexico and Colombia
16:14into German healthcare facilities.
16:16For us, it is really important
16:19to work with countries
16:21who have a surplus of professionals
16:25in a certain area
16:28so they won't have a shortage
16:31in their own countries.
16:33So we have as, like,
16:36focused countries,
16:40for instance, Mexico and Colombia,
16:42because that is the case.
16:44Between 2023 and 2024,
16:47nearly 50,000 critical jobs
16:50in healthcare remained unfilled
16:51in Germany,
16:52according to the country's
16:53public health agency.
16:55Medical professionals
16:56going through the program,
16:58like Bautista Vanegas,
17:00have to learn upper-intermediate B2 level
17:02of German in their own countries.
17:04Then there is a visa process,
17:06which can take several months.
17:07Once in Germany,
17:09doctors practice under the supervision
17:10of a senior doctor
17:12while studying and taking a series
17:14of other qualifying tests.
17:18Next week,
17:19I have the Phase 4 exam,
17:20which is the exam
17:21for technical medical language.
17:23Once we pass this exam,
17:25we only have the last one left.
17:32Doctors in the program
17:33must obtain the qualification
17:34to practice medicine
17:36within two years of arriving here.
17:38The specialized program helps them
17:40with nearly every step
17:41of getting settled,
17:42from finding housing
17:43to navigating
17:44the often complicated bureaucracy.
17:46For example,
17:48each of Germany's 16 federal states
17:49has different requirements
17:51for becoming a certified doctor.
17:53A good guidance
17:55through this federal system,
17:58the different recognition processes,
18:00that should be more streamlined
18:02in the future,
18:03and it will be, I think,
18:05but until now,
18:06it's one of the most,
18:09the biggest challenges
18:11also for us.
18:13Meanwhile,
18:14Bautista Vanegas
18:15prepares for his medical-technical
18:17German language test
18:18next week,
18:19the last one of two.
18:28Global supply chains
18:30are dominated
18:31by giants like Maersk.
18:33Amazon oversees
18:34the world's largest network
18:35of delivery partners.
18:37China controls
18:38the global market
18:39in rare earths.
18:40JP Morgan
18:41is the go-to investment banker
18:42for the super-rich.
18:44And the US
18:45boasts the biggest arms industry,
18:47all superlative players
18:48in today's global economy.
18:49But in medieval Europe,
18:52one man dominated
18:53all of those sectors.
18:54Here's how Jakob Fugger
18:56rose to become
18:56the richest man
18:57on the planet.
19:02Jakob Fugger
19:03was one of the richest men
19:04in history.
19:05Adjusted for today,
19:07his vast fortune
19:08would be worth
19:08around 400 billion US dollars.
19:13Fugger lived
19:14from 1459 to 1525
19:16and built what was,
19:18at the time,
19:18the world's largest
19:19business empire.
19:22His wealth rivaled
19:24that of modern-day billionaires
19:25such as
19:26Elon Musk,
19:27Jeff Bezos
19:28and the oil baron
19:29John D. Rockefeller
19:30who lived a century ago.
19:32And like them,
19:34Fugger's success
19:34raised moral questions
19:36about his business practices.
19:37But more on that later.
19:40Fugger came from
19:41a merchant family
19:42in Augsburg
19:43that traded cloth.
19:44His grandparents
19:45were poor weavers.
19:46As a young man,
19:48he went to Venice
19:49to represent
19:49German merchants
19:50and learned the business
19:52first-hand.
19:54But how did he manage
19:55to amass
19:56such extraordinary wealth?
19:58And what did he do with it?
19:59It's a story
20:00in five parts.
20:03Chapter one.
20:05Supply chains.
20:08Jacob Fugger
20:09controlled
20:10entire supply chains.
20:11From his beginnings
20:12in Augsburg,
20:13he expanded
20:14the family business
20:15into every area
20:16that generated profit.
20:18Alongside textiles,
20:20this included
20:21the metals trade
20:22and large-scale
20:23monetary loans.
20:27This is what
20:28his control
20:28of supply chains
20:29looked like.
20:30He supplied weavers
20:32with cotton and wool
20:33and bought the finished fabrics
20:35directly from them.
20:36In the metals trade,
20:38he secured mining rights
20:39and oversaw smelting
20:40and marketing operations,
20:42for example,
20:43in copper.
20:44Everything came
20:45from his own production,
20:47bypassing the middleman.
20:50Chapter two.
20:51Global commercial representation.
20:53To handle his business,
20:55Jacob Fugger
20:56built a Europe-wide network
20:57of commercial representations.
21:00These branches
21:01were offices
21:02that managed trade abroad.
21:04A number of the offices
21:06were in Germany,
21:07but there were also branches
21:08in Krakow,
21:09London,
21:10Antwerp,
21:11Venice,
21:12Rome,
21:12and Lisbon.
21:15Fugger staffed
21:16every office
21:17with traders
21:18and scribes,
21:19forming an international
21:20communication network.
21:22His mines
21:23also helped
21:24keep him informed
21:25about developments
21:26in the trade of metals
21:27and other goods.
21:28Across his many offices,
21:30he learned
21:31who had money,
21:32who wanted to buy,
21:33and who was bankrupt.
21:36Jacob Fugger
21:37spoke German
21:38and Italian
21:39and corresponded
21:40in Latin
21:40with the popes.
21:41He introduced
21:42modern accounting methods
21:43from Italy
21:44to Germany.
21:45This allowed him
21:46to track
21:46the current profits
21:47of each of his companies
21:49and to maintain
21:50an overview
21:50of the overall balance sheets
21:52of his growing
21:53business conglomerates.
21:55Chapter three.
21:56Fugger's dominance
21:57in mining and metals.
22:00Jacob Fugger
22:01became the world's
22:02leading copper trader
22:03of his time.
22:04He also traded
22:06in iron and silver,
22:07building an international
22:09metals and mining enterprise.
22:11First,
22:12he secured
22:13direct deliveries
22:14from silver mines
22:15near Salzburg,
22:16giving him
22:16a financial advantage.
22:19His ties
22:20to the region's
22:21archduke,
22:22Sigmund of Tyrol,
22:23proved especially valuable.
22:24Burdened by an expensive
22:26court
22:26and an ongoing war,
22:28Sigmund ran up debts
22:29of more than 150,000 guilders,
22:32roughly the gold value
22:33of around 50 million euros today.
22:37In return,
22:38Fugger received the rights
22:39to mine the region's
22:41silver and copper deposits
22:42and to market
22:44the metals himself.
22:47When Sigmund was forced
22:49to abdicate in 1490
22:50due to mismanagement,
22:52his nephew,
22:53King Maximilian,
22:54assumed Fugger's
22:55outstanding debts
22:56and became his new debtor.
22:59Maximilian also granted
23:01Fugger usage rights
23:02to the Habsburg mines
23:03in Tyrol and Hungary.
23:05He soon acquired
23:06additional mines.
23:08From his port
23:10on the Baltic Sea,
23:11he began selling
23:12copper and other metals
23:13across Europe
23:14and even as far as India.
23:18Chapter 4.
23:19Fugger's banking transactions
23:21with rich clients
23:22and his political connections.
23:25By offering large-scale loans,
23:28Jakob Fugger turned
23:29Europe's ruling aristocracy
23:31into his bank customers.
23:33He had an unerring
23:34sense of power
23:35and was a master
23:36of the manners
23:37and customs
23:38of Europe's royal dynasties.
23:40He was convinced
23:41that King Maximilian
23:42would become
23:43Holy Roman Emperor
23:44and so it came to pass.
23:46To secure his election,
23:48Maximilian needed
23:49vast sums of money
23:50to buy the votes
23:51of the German prince-electors.
23:54Fugger lent him
23:54the record sum
23:55of 545,585 guilders,
23:59around two-thirds
24:01of what he needed.
24:02Today,
24:03that would equal
24:03roughly 160 million euros
24:06in pure gold.
24:09Chapter 5.
24:10Fugger as financier
24:12of conflicts and wars.
24:14Jakob Fugger also did business
24:16with popes and princes
24:17through the sale
24:18of indulgences in Germany.
24:20At the time,
24:21church doctrine held
24:22that Catholics
24:23could have their sins
24:24remitted in exchange
24:25for donations,
24:26which helped finance
24:28the construction
24:28of St Peter's Basilica
24:29in Rome.
24:32Fugger organized
24:33the transfer of these funds
24:35and earned commissions
24:36and interest
24:37from both the clergy
24:38and secular rulers.
24:41The church's financial practices
24:44contributed to the rise
24:45of the Protestant reform movement
24:47and to military conflicts,
24:49eventually culminating
24:50in the Thirty Years' War,
24:51which claimed millions of lives.
24:54Fugger financed numerous wars
24:56waged by princes,
24:57including the Peasants' War
24:59of 1524 and 1525.
25:01In that conflict,
25:02tens of thousands
25:03of peasants, weavers and miners
25:05rose up against their exploitation.
25:08And the end of the story?
25:10Jakob Fugger died in 1525,
25:12leaving behind a vast fortune.
25:16He had the world's first
25:17social housing estate built
25:18for the poor of the city of Augsburg.
25:21In return, its residents are said
25:22to pray for his soul to this day.
25:25Over the centuries,
25:27the family lost most of its fortune.
25:29Today, the once global enterprise
25:31survives as a family foundation
25:33with capital funds,
25:35an investment company,
25:36thousands of hectares of forest
25:38and several castles
25:40in which they still live.
25:46That's it for this edition of Made.
25:49From keeping up appearances
25:50in South Korea
25:51and getting ahead
25:53without a college degree
25:54to the hurdles facing
25:56skilled staff coming to Germany
25:58and not forgetting
25:59the original oligarch,
26:01Jakob Fugger.
26:02Take care.
26:09See you next time.
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