Generally speaking, "Gangnam" is the south of the Han River in Seoul while "Gangbuk" is the north of the river, in which gang means "river," that is, the Han River, nam is "south", and buk is "north". Gangbuk has been the heart of Seoul in every way until lately when Gangnam started being developed in the 70's. Gangnam was an undeveloped rural area, especially Korean cabbage and Korean pear fields.
The development process of Gangnam kicked into high gear in the 80’s and caused such problems as land value bubbles and real estate speculation. In short, it's like the U.S. Upper East Side plus Beverly Hills minus tradition; or I’d rather say it's more like "Dubai" built on Korean cabbage and Korean pear fields.
The uneven development between Gangnam and Gangbuk has made the former more affluent and its residents richer but made the latter lag behind and its residents feel deprived emotionally as well as economically. Over the past four decades, Gangnam has become an iconic place to Korean people, representing wealth, status, and luxurious life. PSY’s "Gangnam Style" is a satire about the Gangnam life itself which is nothing but materialistic and about people who are chasing rainbows, dreaming of becoming a Gangnam resident someday.
--http://mydearkorea.blogspot.com/
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