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chungheesoo
chungheesoo
96667
9193
2022-06-23
The American Values, the Chinese Values and the New Global Order (4.끝)

 

Joseph H. Chung (정희수), Ph.D., Professor of Economics at Quebec University in Montreal (UQAM)

 

(지난 호에 이어)

 

 Second, the political influence of Washington among developing countries is weakening, because these countries depend less on Washington's aid.

 Third, the harsh condition of the structural adjustment imposed by IMF on debtor countries is another reason for declining influence of Washington.

 Fourth, the power of dollar which has been loyal servant of the Pax Americana is falling because of the increasing use of non-dollar currencies for central banks' reserves and international trade. Until not long ago, the US dollars accounted for 90 % of central banks' reserves, but now they represent only 60%.

 Besides, increasing number of countries including China, Russia and several other countries are using, for international trade, non-dollar currencies. This trend is likely to continue.

 Fifth, the American ordinary people do no longer want war. Since 1945, rare have been days without wars somewhere in the world. Americans don't want war.

 Americans have been paying a lot for the war. The sacrifice of human lives, the underdevelopment of welfare, especially, the medical care which is one of the most expensive systems in the world, social insecurity due to crimes and rifle violence, worsening state of social infrastructure, increasing burden of education of the poor are some of the costs of never-ending wars imposed on the American people.

 For all these reasons, it will become more and more difficult for Washington to continue to dominate the world alone.

 Now, as for China, its international relation has been guided by the principles of pragmatism, the philosophy of non-interference and the preference for the decision making based on consensus rather than the unilateral imposition of ideas.

 Let us see how this Chinese way thinking affects its vision of international relation.

 First, in accordance with the philosophy of non-interference, China is not interested to change the regime of foreign countries. China has no evangelical ideology to conquer the world under one value system. Moreover, being pragmatic, China might consider that the cost of regime change is too exorbitant.

 Second, the pragmatism has led China to respect and apply the rules and norms set out by the WTO system, not because it likes them, but because they don't hamper China's role in the international trade system.

 Third, China wants the security and the prosperity of other countries, because they are useful for China's security and prosperity. Here again, we see China's pragmatism.

 The project One Belt-One Road, so called the BRI, is perhaps the model of Pax Sinica (China Peace). In this model, 68 countries collaborate for the common security and prosperity; it is not motivated by any dogmatic ideology; it is motivated for common objective to live better.

 The primary objective of the BRI is the development of social and industrial infrastructure. One of the main reasons for the un-development and the underdevelopment of the economies of so many countries in Africa and Asia has been precisely the lack of infrastructure facilities.

 Furthermore, the development of infrastructure will facilitate the integration of the whole Eurasian economic block accounting for 40 % of global GDP and 60% of the world population.

 In all probabilities, China could become the most powerful country in the world, which will surely impact the destiny of mankind.

 But, China will not impose Pax Sinica; it will not try to change the regimes of other countries.

 It is most likely that China will seek for peaceful cooperation with the Unites States for the global security and prosperity.

 The kind of global order which China will foster will be the duo-polar order in which Washington and Beijing will lead in harmony the world toward a better place to live for all men and women. This is what I wish with all my heart.

 

 

 

 

 

 

 

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chungheesoo
chungheesoo
96427
9193
2022-06-16
The American Values, the Chinese Values and the New Global Order(3)

 

Joseph H. Chung (정희수), Ph.D., Professor of Economics at Quebec University in Montreal (UQAM)

 

(지난 호에 이어)

 

 Capitalism or socialism is simply a pragmatic tools needed for the realization of political or economic objectives.

 The pragmatism has the advantage of assuring the flexibility of the regime, but it has also the inconvenience of coordinating various parts which make up the regime.

 The American politico-economic regime is rigid and dogmatic. It is inspired by Christianity.

 Christianity has given the socio-economic regime of liberal democracy and the capitalism of free market system. As for the origin of capitalism and free market in Christianity, we find, in several books in the Old Testament (Genesis, Leviticus, Deuteronomy, Psalms, Proverbs and others), such basic notions of capitalism and free market as property right, investment, profit, wage, interest rate and free competition. Moreover, in the book of Amos, we find how the unjust competition can be punished

 Christianity makes it clear that each individual is sovereign, autonomous and free, which requires a regime in which individuals are the master of the society.

 Now, in order that the people can be the master of the society, the regime should be for the people, by the people and of the people. This is how Abraham Lincoln saw the liberal democracy.

 In order that the people behave as the master of the regime, they must have economic means to exercise their rights and duties. But, the survival of such democracy in the U.S. is becoming more and difficult.

 Unfortunately, the family income distribution in the U.S. is one of worst in the developed countries. The Gini coefficient is as high as 45.0 in 2019. In the same year, the Gini in China was 46.5.

 But, we must remember that, in 2019, the per capita GDP (nominal) is $65,000 in the U.S. as against $ 10,000 in China. Thus, in terms of per capita GDP, the U.S. is 6.5 times richer than China. But, the inequality of income distribution is as bad as China

 The Gini coefficient is one of popular measures of the inequality of income distribution. It varies from zero to 100. The higher the Gini, the worst becomes the inequality of the income distribution in favour of the rich. On the contrary, the lower the Gini, the more equal becomes the income distribution in favour of the poor.

 The United States is no longer the liberal democracy as defined by Lincoln. The American people are no longer the master of the country. Christianity once inspired the free, liberal and just democracy. But, now, it is no more. The regime based on the love of neighbours is now replaced by the love of money. The love of God is replaced by the love of money.

3. Impact of Values on the New Global order

 The basic issue we have to deal with here is the question of knowing what kind of global order will come out of the Sino-U.S. Thucydides Trap. Will it be mono-polar order dominated by the U.S. or China? Will it be a duo-polar order dominated both by the U.S. and China? Will it be a multi-polar order dominated by several major powers?

 The United States had, once, a noble vision of global order in which all countries can enjoy peace, prosperity and security.

 The famous speech of John F. Kennedy made in 1963 at the American University of Washington, we could read such vision

"What kind of peace I mean? What kind of peace we seek? Not a Pax Americana enforced on the world by American weapons of war. Not the peace of the grave or the security of slave. I am talking about genuine peace, the kind of peace that makes life on earth worth living, the kind of peace that enables men and nations grow and to build hope and build a better life for their children-not only peace for Americans but peace for all men and women-not merely peace in our time but peace for all time" (John F. Kennedy, 10 June 1963)

 Kennedy gave us the glimpse of the kind of world mankind would have hoped for; it was a noble dream.

 But, this dream was shattered by an extreme-right-wing misleading intellectuals. In 1997, a group of 25 intellectuals signed a document called "The Project for New American Century-PNAC' and it assassinated Kennedy's vision.

 Key members of the PNAC included Donald Rumsfeld and Dick Cheney who would have inspired George W. Bush to conduct the illegal Iraq war. John Bolton, one of key figures of the war-loving Washington oligarchy was a part of the PNAC; he was the one who tried to impose the Libyan model for North Korea denuclearization.

 The strategy of the PNAC was the simple destruction of countries which were not obedient to Washington rule or which might harm the U.S. political and economic interests; it was simply the strategy of "regime change"

 The strategy of regime change proceeds in the following manner.

 First, diplomacy is used to persuade the target country to change the regime into a pro-U.S. system.

 Second, if the diplomacy does not work, various means are taken to divide the country in favour of the U.S. interests.

 Third, if all these tactics fail, brutal military force is used.

 Many countries have been the targets of the regime change policies. Most of the Latin American countries have been the targets. In more recent years, Libya, Iraq, Syria and Iran have been included in the long list of regime change targets.

 North Korea has been the target for last 70 years, but it is maintaining its "Juche" regime. Nobody knows how long the regime of Kim Jung-un will survive.

 The Unites States was, once, considered as the place where the Commandment of Love was flourishing. But, now, it is not easy to find living Christianity in the United States.

 How long would the Pax Americana last? No doubt, the U.S. will remain one of the most powerful countries. But the possibility of the Unites States remaining as a sole leader of the world is becoming more and doubtful. There are several reasons for it.

 First, I wonder how long the U.S. can finance the Pax Americana. It is true that, in nominal terms, the US GDP in 2018 was $ 22 trillion as against $14 trillion in China. But in terms of PPP (purchasing power parity) the Chinese GDP in 2018 was $27 trillion. In other words the Chinese economy has 24% more purchasing power than the U.S. economy.

 The U.S. is financing about 24% of UN, the World Bank, the International Monetary Fund, NATO and many other international organizations. Washington has to finance the operation of 130 US military bases in the world

 The defence budget of the U.S. in 2019 is $716 billion as against $177 billion in China. This means that the U.S. spends 4.0 times more money on defence than China, while its GDP has 24% less purchasing power compared to the Chinese GDP.

 How long can Washington support such heavy financial burden?

 There is another problem. Given the worsening income distribution in favour of the rich and against the poor, the demand for goods and services in the domestic market might shrink. This might provoke decades- long deflation as it has happened in Japan.

 The experience of FTA (Free Trade Agreement) shows that international trade alone cannot guarantee the sustained growth of the economy. The domestic market should also develop. To do that, we need more equal income distribution and lower Gini coefficient. (다음 호에 계속)

 

 

 

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chungheesoo
chungheesoo
96285
9193
2022-06-09
The American Values, the Chinese Values and the New Global Order(2)

 

Joseph H. Chung (정희수), Ph.D., Professor of Economics at Quebec University in Montreal (UQAM)

 

(지난 호에 이어)

 In Asia, individuals are to serve the collective entity; in the West, the collective entity is to serve the individuals.

 In Asia, the collective entity may give to itself the right of deciding the priority of public policies.

 In the West, in a true democracy, the individual has the right to select the priority policy such as the individual freedom of speech.

 In Asia, the public entity may pick the solution of hunger as the priority right. This is so called "social right" or "collective right". In this context, the individual human right may be implemented later.

 The experience of South Korea is a good example of the sequencing of rights. Under the military dictatorship and the conservative governments, in the name of economic development (social right), the individual right of freedom of speech was cruelly violated. Now, under the liberal government, the situation of individual right is much improved.

 I think that a similar sequencing of human rights has taken place in the West. Even in the United State and in many other parts of the world under the domination of the West, the implementation of individual human rights took a long time before its realization.

 

1.3 Man-man Relations

 In Asian system of thought, there is no real ideology related to man-man relations.

 If there is one, it is the Confucian Hyo-In relations As for Buddhism, what counts is the compassion for all living beings including humans. Daoism mentions even less about such relations.

 It is in the West that man-man relation is most developed and refined.  It is the Commandment of Love ordered by Jesus (Matthew 22. 37-39). The great virtue a man can have is the love of neighbour; the shortest way to salvation is the love of neighbours. This is perhaps the greatest contribution of Christianity to mankind.

 The love of neighbours is the source of inspiration for human decency, social justice, the respect for the human right and true democracy.

1.4 Man-Universe Relations

 In the West, the man-universe relation is also one of the key concerns of Christianity. The universe is governed by the "good" and the "bad". Now, the relation good-bad is in eternal conflict and dichotomous.

 The universe goes forward by destroying the bad and preserving the good. Thus, in Christianity, the ideology of man-man relation is very strong and dogmatic. It is the duty of man to join the battle for the victory of the good over the bad. In this way, the humanity goes forward toward a better world. In short, man must intervene in the life of the universe.

 There is another important side in Christianity. It has something to do with man's exploitation of the nature. The Bible says that man is authorized by God to look after the nature (Genesis 1.28). In fact, man has been so faithful to this part of the Bible that the nature is suffering from over exploitation by man.

 In Asia, the heart of Buddhism is the love for the preservation of all kinds of living beings. Thus, in Asia, the preservation of the nature is highly valued.

 In Asia, Daoism says that the universe is governed by "Chi"(energy) (氣) There is the positive chi (Yang) (陽) and the negative chi (Eum)(陰). The positive chi and the negative chi do not fight; they co-exist in harmony. Therefore, man does not need to intervene in the life of the universe; the universe is doing fine without human intervention. Here is the Asian doctrine of non-intervention in the life of the universe.

 To sum up, in the West, man is encouraged to intervene in the fight for the victory of the good over the bad on the one hand and, on the other, he is allowed to dominate the nature.

 In contrast, in Asia, non-intervention of man in the affairs of the universe is valued; the preservation of the nature is encouraged.

1.5 Man-History Relations

 In the West, there are two views on history. One is the deterministic view and the other, non-deterministic view. The deterministic view is represented by the Christian doctrine, the Hegelian doctrine and the Marxist doctrine. The non-deterministic view is represented by the Toynbee doctrine.

 The Christian doctrine says that there is an end of history of mankind, as there was a beginning. The history ends when the whole world will be evangelized.

 The Hegelian doctrine pretends that the history should march toward the world of greater freedom.

 Now according to the Marxist doctrine, history moves by stage toward the communist society.

 In the Toynbee doctrine, history of a society evolves through the challenge-response-change sequence with no fixed direction.

 At each critical period in the history, enlightened intellectuals challenge the established structure of the society; the conservative elite groups meet the challenge; the enlightened and the conservatives fight and may come up with a consensus for a change; the change occurs without any pre-fixed direction.

 It must be pointed out that, in each of these doctrines, man intervenes in the evolution process of history. In other words, in the West, man is the master of the history.

 In Asia, Daoism tells us that the history is governed by "Chi". There is the positive chi (Yang) and there is negative chi (Eum). These two opposite "chis" coexist in harmony. There is no need for man to intervene. The history will go its own way.

 One of the keywords of Daoism is "wu wei" meaning "act by not acting". What these keywords are trying to tell us is that man should let the universe and the history to go their own ways.

2. Impact of Values on the Choice of Politico-Economic Regime

.  What has impacted the most the Chinese political and economic regime is surely the pragmatism which has allowed China to combine socialism with Confucianism.

 The government provides stable and secure living environment and descent welfare for the people. In return, the people respect the authority of the government and obey the government decisions.

 The head of the state is the father of the people who are the members of the big family called the nation. The government-people relation here is the Hyo-In relation.

 Buddhism has a role to play here. Under the influence of Buddhism, the people do not ask much and contend with little. This could contribute to the stability of the society

 Furthermore, the pragmatism allows China to adopt a hybrid economic system combining planned economy and free market system without major difficulties.

 It must be noted that, in China, the choice of political or economic system seems to be not an ideological choice but pragmatic selection. This seems to show how China is ideologically neutral in the choice of a regime. (다음 호에 계속)

 

 

 

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chungheesoo
chungheesoo
96104
9193
2022-06-02
The American Values, the Chinese Values and the New Global Order(1)

 

Joseph H. Chung (정희수), Ph.D., Professor of Economics at Quebec University in Montreal (UQAM)

 

 

Introduction

 The Sino-American hegemonic conflict has several dimensions including political and economic issues. But, we cannot overlook the cultural aspect of the conflict, for the cultural factors affect the types of socio-economic regime and the global order.

 This is particularly so, for it is the first time that the Western super power meets the Asian giant on the hegemonic battle ground.

 In a way, we are seeing the clash between occidental Values and Asian values

 It is true that the sustained interaction and the globalization of values would have narrowed the value gap between the two systems of thoughts.

 Nevertheless, the Chinese way of thinking can be different from American way of thinking. After all, the ways of thinking have been built up for thousands of years.

 We are interested in examining the roles played by values in the dynamics of the Sino-American Thucydides Trap.

This paper has three parts.

 First, I will discuss the origin of values and how the values affect human ways of thinking.

 Second, I will see how the values affect the choice of politico-economic regime.

 Third, I will discuss the impact of values on the formation of the new global order.

 

1. The Values

 I argue that values are reflected in a set of human relations. I have selected the following relations: man-God, man-society, man-man, man-universe and man-history

1.1 Man-God

 In East Asia (Asia), Buddhism, Confucianism and Shamanism deal with the man-God relation in a rather rudimentary fashion.

 In Buddhism, the notion of Nirvana plays a central role. It is state of beatitude, or eternal happiness. But there is no god who manages the Nirvana.

 For Buddhism, human life is itself suffering. To be free from suffering, one has to find four noble truths: truth of suffering (human life), truth of the origin of suffering (attachment to ephemeral things), the truth of the cessation of suffering (will power to be free) and the truth of eight ways.

 The eight ways of freeing from suffering are: right vision, right thought, right words, right actions, right living, right efforts, right conscience and right meditation.

 Facing the death, man has two choices. One may go to the state of Nirvana for eternal happiness. One may have to come back to the suffering earth in various forms. All depend on Karma (the way one has lived on the earth). What is important is that there is no god who governs the Nirvana. God is unknown, if there is one.

 In Confucianism, one relates the "heaven" to the emperor who is regarded as "son of heaven". Here, the heaven seems to refer to some unknown god.

 Now, in Shamanism, every major object on the earth can be god. The sun, the moon, the wind, the mountains, the trees and anything which are considered as being beyond human control can be god. They are not known, however.

 In short, in the Asian system of thoughts, the god is not known, if there is any.

 The powerful religion in the West is Christianity. In this religion, God has created man (human) in the image of God. (Genesis 1.26-27) This passage in the Bible has a very important meaning.

 Man being created in the image of God, he is sovereign, he is dignified, he is free and he has the right to be himself. Here is the philosophical and theological root of the notion of individual human right.

 There is another crucial West-Asia difference in man-God relations. In Asia, it is not sure if there is a god. Even if there is god, no one knows who the god is. That is, the god is not revealed.

 Hence, the god has little influence on man. Now, in Christianity, God is identified. God is revealed in two ways: directly through the Bible and indirectly through the nature.

 Thus, there is a big difference between Asia and the West as far as the man-God relations are concerned. In the West, there is only one God; so there is only one absolute truth determined by God. Thus, Christianity is a powerful doctrine.

 On the other hand, in Asia, there is no unique God. So there is no absolute truth; the truth is relative. Here, we see the philosophical and religious root of pragmatism in Asia

1.2 Man-Society Relations

 The most dominant system of thoughts in Asia in relation to the man-society relations is Confucianism

 In Confucianism, man is defined in function of his position within a given collective entity of which he is a part. We should remember that Confucianism was formulated by Confucius in order to show the best governance of the king (government).

 For Confucius, what counts in the society should be the stability and the order in a hierarchical society.

 There are basically four hierarchical relations: king-subject, parents-children, husband and wife, elder sibling-younger sibling. These relations consist of rights and duties.

 The subject must respect and obey the king; the latter must provide stability, security and welfare to the former.

 The parents must provide the moral and physical needs and the education of children; the latter should respect, obey and look after the former at their old age.

 The husband should be responsible for the welfare of his wife; the latter must obey and serve the former.

 The elder sibling must guide and help the younger sibling; the latter must respect and follow the guidance of the former.

 The Confucian human relationship can be summarized in terms of "Hyo"(孝) and "In" (仁).

 "Hyo" means the attitude of a person of inferior social status toward the person of superior social status. It means filial piety, respect and obedience.

 "In" means the attitude of a person of superior social status toward a person of inferior social status. It includes magnanimity, generosity, compassion and other forms of paternalistic attitude.

 When Asian man meets a person for the first time, he often asks the age of the person just met. This may put uneasy a westerner; it is understandable. The reason for doing it is to determine his "good manner" required, when he meets the person of older age. In the absence of other known criteria, the social status is often determined by the age of the person.

 The Confucian notion of man-society relationship has important implication on human right. The whole human relationship being hierarchically integrated, man is not autonomous and man belongs to a collective entity.

 In other words, human relations make sense only in the context of collectivism. Collectivism comes before individualism. It means that individual right can be less important than the right of collective entity. It is the opposite in the West. (다음 호에 계속)

 

 

 

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chungheesoo
chungheesoo
95973
9193
2022-05-26
The Political Economy of Corruption in Korea(5.끝)

 

Corruption kills people; Corruption ruins the economy; Corruption violates human rights.

 

Joseph H. Chung (정희수), Ph.D., Professor of Economics at Quebec University in Montreal (UQAM)

 

 

(지난 호에 이어)

 

5.2 Micro-measures of anti-corruption

 Moon's government has taken several micro-measures to tackle the corruption of the conservatives.

 First, one of the roots of corruption is the influence peddling by the staff of the Blue House (Korean White House).

 Since Moon took over the power, there has been no single case of influence peddling. The mother of President has met no person outside her family for last two years to avoid rumours of influence-peddling which can be fabricated by the conservative media.

 Second, Moon has reduced greatly the functions of institutions of power. For instance, the function of the National Intelligence Service (former CIA) is reduced to the management of international information. Under the conservative government, its main function was to arrest those who oppose the government's corruption by accusing them as North Korean spy.

 Moreover, Moon abolished the Military Security Command whose function was to prevent unlawful activities within the armed forces. But, it was unlawfully involved in activities of spying those who criticized the conservative government.

 Third, Moon's government nominated a committee with the mission of re-investigating cases of obvious corruption and crimes committed by the community of corruption. For instance, there was the case of raping women by a deputy director of the Office of Prosecutor, but the case was not properly investigated partly because of bribes and partly because of his close relation with powerful people within the conservative government.

 Fourth, some of the leaders of media who sided with the community of corruption for the oppression of labour unions of reporters were replaced

 Fifth, Moon's government has passed a series of anti-corruption laws including the Kindergarten Law preventing the theft of public funds by founders of kindergartens.

 Sixth, Dozens of the Blue House personnel who collaborated with the corruption community of the conservatives have been punished

 Seventh, Perhaps the most difficult fight President Moon has started is the fight against the Office of Prosecutors.

 The Korean prosecutor system is the most powerful one in the world; it has the right of investigation of crime and corruption. True, the police also has the right of investigation, but it is the prosecutor's office which has the final say. Moreover, the prosecutor has the monopoly of indictment right.

 In the past, thousand cases of corruption and abuse of power have been accused. But few of them went beyond the office of prosecutor and to the court.

 In short, Korea has not been able to win the war against corruption mainly because of the corrupted prosecutor's monopoly of judiciary power.

 In Korea, there is no power which can rule the prosecutor, not even the president. In a way, the prosecutor has been the most powerful and effective defender of the corruption culture.

 To fight the prosecutor, Moon has been able to pass a law on the mechanism of supervising high ranking officials including prosecutors (Gong-Soo-Cheo). Moon has won a battle. But it is a long way to go before cleaning the corruption culture.

 The ultimate defender of corruption is money. The conservatives have been stacking up corruption money for last 70 years amounting hundreds of billions of dollars hidden in cash, real estate, stocks throughout the world.

 It may take more than 10 years, even 20 years of progressive government in power, before Korea can destroy completely the corruption culture.

 

5.3 Lessons

 There are some lessons which can be drawn from Korea's experience of corruption.

 First, the corruption must be stopped at the first stage of the evolution of corruption, that is, the stage of the bilateral collusion.

 Second, when the process of corruption attains the stage of oligarchy formation, it may take very hard measure to fight it.

 Third, if we wait until the stage of the corruption community, it may take decades to clean it. This is the case of Korea

 Fourth, one cannot rely always on the government for the elimination of corruption, because the government is often corrupted.

It is very fortunate that, in Korea, the progressive government of Moon is leading the fight against corruption. However, Moon needs the active cooperation of ordinary people to defeat corruption. The people are with him.

 

 

<저작권자(c) Budongsancanada.com 부동산캐나다 한인뉴스, 무단 전재-재배포 금지 >

chungheesoo
chungheesoo
95775
9193
2022-05-19
The Political Economy of Corruption in Korea(4)

 

Corruption kills people; Corruption ruins the economy; Corruption violates human rights.

 

Joseph H. Chung (정희수), Ph.D., Professor of Economics at Quebec University in Montreal (UQAM)

 

 

(지난 호에 이어)

 Korean people believe that the very root of corruption is the Blue House (Korean White House). In other words, the upstream water is muddy. Therefore the downstream water is muddy. So, the corruption is spread throughout the society

 Under the conservative regime, the primary objective of corruption is to accumulate money.

 Man becomes slave of money; the money is above the law, above the Confucian values and even above Jesus.

 The social status is determined by money. The money determines the hierarchy of the society. The rich Chaebol chief becomes the king and his family becomes royal family. The king of kings is the head of Samsung Group. In fact, under the conservative government, Korea was called the Republic of Samsung.

 Chaebols hire former ministers of the central government to show off that they are more important than the government, demonstrate their wealth and power. These poor former ministers are fatly paid for their lobbying in favour of pro-Chaebol policies.

 The power of money has created the phenomenon of "Gap-jil" in which the rich and powerful mistreat the poor as inferior beings.

 The world may remembers the 2014 incidence of "macadamia nut" in which, the second daughter of the funder of Air Korea insulted and hit one of the personnel on board of a plane for the stupid reason for not opening the bag of nuts.

 Pastors of mega protestant churches which have an annual income of millions of USD seem to have the illusion of having become a king and abuse their money power and mistreat congregation members.

 In fact, a number of pastors have been accused of stealing church money, but they went free without being accused for the crime. The bribe money has played its role.

 In many companies, the employees are forced to do something which has nothing to do with their job descriptions.

 The perilous moral impact of the corruption of the conservative leaders is translated into the worship of money and the destruction of honesty, the decency, the integrity and the loss of mutual respect and love.

 

5. Fight against corruption

 If Korea remains one of the respected countries in the world for its economic performance, it is because Korean people fought back against dictatorship and corruption.

 In fact, before the Candle-Light Revolution of 2016-2017, millions of Koreans had gone down to the street and fought bravely against corrupted conservative presidents: Rhee Shygnman (19th of April 1960), Park Chung-hee (16th of October 1979), Chun Do-hwn (18th of May 1980 and the month of June 1987) .

 Finally, from late 2016 to April 2017 for eight months, 17,000,000 individuals from all walks of life went down to the frozen streets and shouted:" Impeach the Park Geun -hye! Clean the corruption!"

The Candle-Light Revolution was successful in bringing back the progressive government after nine years of destructive conservative government. And Moon Jae-in became president.

 President Moon is the third progressive presidents. The first was President Kim Dae-jung (1998-2002) and the second, President Rho Moo-hyun (2003-2008).

 President Kim Dae-jung strengthened the anti-corruption force by encouraging the unionization of labour, vitalizing existing labour unions and fostering the development of progressive civic movements. In addition, he made a major reform of Chaebols asking them to specialize, to stop the circular intra-group financing and to be more transparent in accounting.

 It was President Rho Moo-hyun who tried hard to guarantee the freedom of media and accomplish a fundamental reform of the police, the office of prosecutors, the courts and the intelligence services.

 Measures taken by President Rho were a real challenge to the community of corruption and they plotted his impeachment with fabricated reasons. He was not impeached after all. He finished his presidential term.

 However, what worried the community of corruption the most was Rho's political and ideological legacy of just society and egalitarian democracy.

 In order to kill such legacy, the conservatives fabricated fake story that the first lady, Mrs. Rho, had received an expensive watch as bribery and hid it on a rice paddy. This story continued after the take-over of power by the conservative government of Lee Myong-bak.

 The family of Rho was continuously harassed even after the retirement of Rho by the police, the conservative media and the office of prosecutors. This was a burden too heavy to endure for Rho and he killed himself.

 This episode illustrates how deeply the conservatives were involved in the corruption and why they fabricated incredible story so that they could cling to the rich deriving from corruption.

 President Moon Jae-in was President Rho's chief of cabinet and he knows very well how difficult it is to clean the corruption culture accumulated for 70 years. But, he knows very well also that unless Korea gets rid of the corruption, it is difficult to survive as a normal and healthy nation.

 President Moon has adopted the following measures to combat corruption which can be grouped into macro-measures and micro-measures.

5.1 Macro-measures anti-corruption

 Macro-measures include the North-South peace process and the improved income distribution.

 The North-South peace process has resulted in a peace situation in which North Korea no longer threats South Korea.

 We remember that the conservative governments have been able to keep power largely due to the North-South tension allowing them to create an atmosphere of fear and win elections. They have been pretending that they are better qualified to deal with North Korea perhaps because of their long tradition of police and military dictatorship.

 One of the major socio-economic policies of the Moon's government is the policy of economic growth with fair income distribution.

 Moon's government increased the minimum wage, increased the national pension, instituted income allowance for the elderly, reduced the number of weekly labour hour, revised the real estate taxes and other measured to slow down the increase of income of the rich and increase the income of the poor.

 This policy has the effect of providing a sound basis of economic growth. This policy also allows the poor to have more income and better resist corruption and "Gap-jil.) (다음 호에 계속)

 

 

 

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chungheesoo
chungheesoo
95608
9193
2022-05-12
The Political Economy of Corruption in Korea(3)

 

Corruption kills people; Corruption ruins the economy; Corruption violates human rights.

 

Joseph H. Chung (정희수), Ph.D., Professor of Economics at Quebec University in Montreal (UQAM)

 

 

(지난 호에 이어)

 The stage of the corruption community came in the 2000s during which the progressive government of Kim Dae-jung (1997-2002 and Rho Moo-hyun (2003-2008) governed the country.

 During this period,, the corruption community of conservatives had to slow down their activities of corruption. But, it invested money to widen and strengthen its network.

 However, since Lee Myong-bak took power in 2008 and Park Geun-hye succeeded him in 2013, the conservative government ruled for 9 years (2008-2017).

 During this period, the corruption community expanded and intensified its corruption activities.

 In fact, the degree of corruption during this period was even greater than that of the corruption under the military dictatorship of Park Chung-hee and Chun Doo-hwan.

 As a result of their crimes, Park Geun-hye is sentenced 25-year imprisonment, while Lee Myong-bak is judged for 15-year imprisonment and accused for additional crimes of corruption. Park Geun-hye is pardoned by President Moon Jae-in for her health reason.

 

3. Strategy of protecting the benefits of corruption

 The strategy of protecting the interests of the corruption community included the following.

 First, in order to silence the voice of opposition, the conservative government massacred a few hundred thousand innocent people under Rhee Sygnman, Park Chung-hee and Chun Doo-hwan.

 Second, the freedom of press was completely silenced either through the brutal police force or through bribe money. The sad situation is that majority of press cannot survive without Chaebols' advertising fees which are used as bribe money

 In Korea, there are three dominant national newspapers: Chosun Ilbo, Joong-ang Ilbo and Dong-ah Ilbo (Cho-Joong-Dong). These newspapers may account for more than a half of the circulation of major newspapers.

 Chosun Ilbo and Dong-ah Ilbo exited during the Japanese occupation of Korea (1910-1945) and they are known to be pro-Japan and pro-conservative; they have been suspected to play major roles in protecting the corruption community.

 Third, ordinary Koreans who were suspected for being a part of pro-progressive and anti-corruption force were the targets of false accusation for being North Korean spy by the intelligence services; they were victims of police harassment and other unlawful means of oppression.

 Fourth, authors of academic publications unfavourable to the conservative government were deprived of research funds.

 In Korea, there is a group of academics, called "the New Right" who justifies the Japanese invasion of Korea. They have revised the modern history book in which they have written that Japan had come to Korea for its economic development for Koreans.

 They deny the existence of the crime of sex slavery of 250,000 Korean teen age girls committed by Japanese soldiers during WWII.

 The New Right academics along with the conservatives have given themselves the role of criticizing the progressive force for being "Red" (Pal-Gaeng-Ie) in order to induce voters to vote for the conservative party.

 Fifth, about 10,000 artists, singer, movie actors and authors of novels who were not for conservative government were put on a black list and excluded from government grants. The director of the movie "Parasite" Bong Joon-ho was also on the black list along with his crew.

 Sixth, the corruption community provides money to several civic pro-conservative movements including the association of Korea War veterans and various organizations of the elderly. These people participate, in street demonstrations, to criticize the progressives. They are paid by Chaebols for their participation.

 Seventh, the intra-group marriage is another way of widening and strengthening the corruption community. The most visible cases are the marriages between families of leading conservative politicians and Chaebol families

 

4. Negative Impact of Corruption

 The major negative impact of corruption may be grouped into two groups: economic impact and moral impact.

4.1 Economic Impact

 In the short run, corruption can weaken the competitiveness of national economy, while, in the long run, it may bring decades-long deflation as it has happened in Japan.

 We may separate micro-economic impact and macro-economic impact.

4.2 Micro-economic impact my take various forms. The corrupted way of supervising competition may favour big businesses which may prevent the market from assuring fair competition leading to the loss of competitiveness of small- and medium-sized firms (SMEs).

The government's bailout operation of insolvent firms in exchange of bribery would simply prolong the life of insolvent firms and, as a result, it could weaken the competitiveness of the Korean industries.

The corrupted system of government procurement may result in buying services and goods of unreliable quality. Korea bought once a submarine which did not submerge in exchange of kick-back.

 The macro-economic impact of corruption is as bad as the micro-economic impact.

 The pro-export policy imposed upon by the oligarchy may make GDP increase, but exports do not create much the trickledown effects; it does not create jobs; it increases unemployment; it makes income distribution unfair and unequal.

 In Korea, 99.9 % of the total number of firms is small-and medium-sized firms (SMEs). They create 87% of jobs. But, the oligarchy has adopted pro-Chaebol and anti-SME policies.

 This policy has contributed to the increase in exports. At the same time, it has surely boosted the income of the Chaebols. The increase of Chaebols' income meant more bribe money available.

 Another feature of pro-Chaebol policy was the exploitation of the SMEs for the benefit of the Chaebols. The conservative government allowed the big companies to steal technologies developed by the SMEs, violate the contracts, delaying the payment due to the SMEs and cutting down unilaterally the price of products sub-contracted.

 The results of these policies are serious enough; they have prevented the development of the SMEs; they have destroyed jobs accessible to ordinary people. The worst thing was that these policies have delayed the development of domestic industries and increased the possibility of chronic deflation.

4.3 Moral impact

 The moral impact of corruption is even more destructive than the economic impact.

 In Korea, there is an old saying: "The downstream water becomes clean, if the upstream water is clean" (다음 호에 계속)

 

 

 

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chungheesoo
chungheesoo
95449
9193
2022-05-05
The Political Economy of Corruption in Korea(2)

 

Corruption kills people; Corruption ruins the economy; Corruption violates human rights.

 

Joseph H. Chung (정희수), Ph.D., Professor of Economics at Quebec University in Montreal (UQAM)

 

 

(지난 호에 이어)

 The police do not arrest people of power despite their obvious crimes and corruption in exchange of bribery. The bureau of prosecutors does not investigate clear cases of corruption, if the accused are leaders of business ready to pay bribes.

 Even if the investigation shows undeniable proof of corruption, the prosecutor does not accuse the person involved.

 Heads of the largest Chaebol were suspected several times for corruption but they were seldom sent to the court trial.

 Even if they were judged guilty, they were soon liberated. In many cases, even if the prosecutor provides proof of guilt, the court makes ruling of not guilty.

1.6 Transaction of laws

 It is a well known fact that the powerful Chaebols persuade the law makers to pass laws in their favour in exchange of disguised campaign funds.

 Laws adopted by the National Assembly can affect the interests of business and other interest groups. The groups which are the most sensitive to laws are large corporations. Large corporations have, in fact, a specialized group whose job is to prevent laws harmful to them and foster those laws which are favourable to them. The laws that have been the most visible target of lobbying have been labour related laws.

 Chaebols have been spending a lot of bribe money paid to law makers to prevent the adoption of pro-labour laws. This is one of the reasons for low wages and long hour of work in Korea.

1.7 Transaction of jobs

 Another form of corruption is the transaction of jobs. In the case of a Casino in Gangwon Province, 80% of jobs were illegally given, in exchange of bribes, to those who were close to lawmakers or other persons close to the government of Park Geun-hye.

 It is suspected that Mrs Choi Soon-sil (now in prison for 20 years for corruption and illegally interfering in government policies) would have intervened, for large sum of bribe, in the nomination of cabinet ministers, judges and other high ranking officials.

 

2. Evolution Stages of Corruption

 The corruption in Korea has evolved by the following stages

(1) Economic development and collusion of government-business.

(2) Formation of oligarchy of corruption

(3) Creation of corruption community

 

Stage 1. Economic Development and the emergence of bilateral collusion: government-business

 One of the key factors of the economic miracle in Japan and Korea was the concept of Japan Incorporated (Japan Inc.) and that of Korea Incorporated (Korea Inc) by which I mean the situation in which the government and the business act as one single company. The government and the business become almost equal partners for economic policies and development.

 The close cooperation government-business led inevitably to collusion in planning and executing the project of industrialization and economic development.

 The story of collusion between President Park Chung-hee and Chung Joo-young, founder of the Hyundai Group and Lee Byung-chul, founder of the Samsung groups is almost a legend.

 The stage of government-business collusion was almost identical to the period of take-off of the Korean economy (1960-1970), In fact, owing to the Korea Inc. and the bilateral collusion, Korea could free itself from absolute poverty in less than thirty years.

Stage 2. Formation of Oligarchy

 As the economy developed further and the process of planning of economic development was executed, the role of bureaucracy became essential for the success of planning. In particular, the Bureau of Economic Planning (EPB) became the key factor of success of economic planning. As a result, the daily participation of EPB bureaucrats and high ranking officials of the Ministry of Finance and other civil servants joined the collusion. This led to the trilateral collusion: politics-bureaucracy-business.

 No doubt, the trilateral collusion made significant contribution to the Han-River economic miracle. But in the absence of close supervision of the collusion, the members of the collusion became attempted to appropriate some of the fruits of economic development.

 To do so, the collusion members formed a close circle to hide their illegal or immoral activities. In fact, this close circle became an exclusive oligarchy. One of the functions of the oligarchy consisted in allocating privileges to big businesses in exchange of bribe money.

 There were several ways of giving public resources to big businesses. The policy loans were the most lucrative gift to the businesses. The government made loans of huge amount of money at an interest rate of less than 5%, while the market rate was above 20%.

 This money was designed to foster industrialization and exports. True, a part of these loans were used for the construction of factories and exports. But, in many cases, the businesses made a fortune by making loans of the money borrowed at an interest rate much higher than 5 %.

 The big businesses were given tax incentives; they were allowed free entry to industrial complexes; they were given lands which were supposed to be used for industrial use but a part of these lands were used for land speculation. The Chaebols were given all sorts of permit and privileges; they were given huge amount of grants and subsidies for reasons which were not clear.

 This stage of the formation of the oligarchy took place in 1980s and 1990s. We may remember that theses two decades were active in reordering the global economy into neo-liberalism, which gave more power to big business and considerably weakened the power of the government. Under this circumstance, it could have become easier for business to dictate policies in their favour by giving bribes.

 It was also the period of the transformation of Korean industry into heavy and chemical industries allowing big businesses to have almost unlimited sources of funds.

 

Stage 3. Establishment of Corruption Community

 The oligarchy might have felt the need for strengthening itself by sharing the illicit income with media, the academics and conservative civic groups. In this way, the network of corruption was expanded to form a community of corruption.

 The community of corruption is designed to widen the network of corruption so that it can better defend themselves against the anti-corruption forces. Thus, the Korean society became doubly divided between conservatism and progressivism on the one hand and, on the other, between pro-corruption force and anti-corruption force. (다음 호에 계속)

 

 

 

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chungheesoo
chungheesoo
95292
9193
2022-04-28
The Political Economy of Corruption in Korea(1)

 

Corruption kills people; Corruption ruins the economy; Corruption violates human rights.

 

Joseph H. Chung (정희수), Ph.D., Professor of Economics at Quebec University in Montreal (UQAM)

 

 

Introduction

 The whole world is facing the deepening and widening corruption which challenges the very survival of the free democracy and the free market economy.

 Korea has been suffering for last 70 years from the corruption culture. But owing to courageous fight of Korean people and the Candle-Light Revolution of 2016-2017, Korea is freeing painfully but steadily from the dark clouds of the corruption culture.

 I hope that Korea's experience will help developing countries for assuring the development of their economy without becoming the slave of corruption.

 The literature on corruption is rich but it has two shortcomings. First, it is based on a definition of corruption which is too narrow to deal with the complexity of corruption. Second, it does not cover sufficiently the range of the impact of corruption on the society.

 Most of the existing studies tend to define corruption as illegal activities which are designed to maximize personal gains at the expense of those of others. But, it must be pointed out that some of the laws and regulations are designed to justify corruption.

 Therefore, I would define corruption as "illegal or immoral human activities designed to maximize personal or group gains at the expense of the welfare of other persons or other groups"

 The objective of this paper is to find, on the basis of Korea's experience, appropriate measures that would facilitate the fight against corruption.

 This paper has four sections.

 Section 1 offers a typology of corruption based on the Korean experience of corruption. I have found that the useful way of classifying corruption is to relate it to the behaviour of individuals and organizations involved in corruption.

 Section 2 deals with the evolution stage of corruption. I argue that the phenomenon of corruption evolves by stage. The level, the contents and the impact of corruption vary by stage. Therefore, to find appropriate measure of anti-corruption, it is important to know at what stage the process of corruption finds itself.

 Section 3 discusses the strategy of protecting the benefits of corruption. It will be shown that, in Korea, the strategy of protecting the fruit of corruption is brutal and sophisticated.

 Section 4 copes with the impact of corruption. Here, I will distinguish between economic impact and moral impact. It goes without saying that these two types of impact are related. In fact, I argue that these two types of impact combined can destroy a country

 Finally, Section 5 will show how the Korean people have fought for last 70 years against corruption risking their lives and enduring the violation of their basic human rights. In this section, I will show also how President Moon is conducting a total war against the deep rooted corruption in Korea. In addition, I will show some lessons we can learn from the Korea's experience of corruption

 

1. Typology of Corruption

 The corruption takes several forms depending upon the individuals and organizations involved in the process of corruption. I am sure that the following types of corruption take place in many other countries.

1.1 Outright theft of public funds

 One of the most notorious scandals in Korea is the embezzlement of billions of dollars of public funds by the conservative presidents of the country, civil servants, heads of public corporations, directors of research institutions, and even owners of even kindergarten.

 One of the notorious cases was the embezzlements of more than $ 200 million USD by former conservative president, General Chun Doo-hwan. He was imprisoned for corruption and abuse of power. He was ordered by the court to pay back to the government the embezzled money. But he was still claiming that he had only $260 USD in his bank; he is making mockery of Korea's judiciary system. He passed away this year without paying back the stolen money

 Under President Lee Myong-bak, billions of dollars of public money was suspected to be stolen through what are called the "4-River Projects" and "Resource Diplomacy." These scandals remain to be investigated.

 Another case of the theft of public money is that of private kindergartens which steal openly a good part of government subsidies for personal use including the purchase of jewellery and other personal use.

1.2 Transaction of privileges

 The market of privileged rights is huge. To do business, one has to go through a long series of regulations. But, by paying bribes to government officials, one can get privileges of going over the laws and regulations.

 For instance, by paying bribes to government officials, one can get more quickly a legal building permit or illegal building permit. With bribes, a land developer can transform greenbelt land into residential land.

 The supply of these privileges is provided by the public authorities. The demand of these privileges is determined by the business. The price of these privileges is the monetary value of these privileges.

 The market price of these privileges is the amount of bribery. It is by no means easy to have an idea about the amount of such bribery. But, for example, it is a known secret that the amount of bribery paid by the industry of construction is 5% of the amount of sales. The total amount of bribery could be tens of billions of dollars.

1.3 Theft of Information

 In Korea, some of those who are involved in the supervision of stock market and land development are known to be wealthy after their retirement.

 The high ranking civil servants of the ministry of construction know in advance the land-development plan and buy land in the name of someone else and assure huge capital gains by selling it.

 A person working at the institution which supervises the stock market has access to confidential information on investment plan of companies and can make fortune by buying or selling the stocks. God knows how much illicit money is made by these thieves of confidential information.

1.4 Fraudulent procurement

 The government and its numerous agents spend hundreds of billions of dollars every year to buy goods and services. For national defence alone, Korea spends a year $50 billion USD. It happens more often than not that the government and its agents pay an amount far above the real price for the procurement of goods and services.

 The difference between the price paid and the real price is shared between the seller and the buyer. This is the "kick-back". In the area of procurement of military equipment, the amount of kick-back is said to be 10% of the amount of military equipment bought.

1.5 Transaction of Freedom

 Perhaps, another devastating form of corruption is the transaction of freedom. Under the corrupted judiciary system, those who have committed crimes and corruption can buy freedom with bribe money. (다음 호에 계속)

 

 

chungheesoo
chungheesoo
95135
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2022-04-21
The Presidential Election in South Korea

Dark Threatening Fog is covering up the Future of the Korean Peninsula

Dr. Joseph H. Chung (정희수) Professor of Economics, Quebec University in Montreal (UQAM)

 

(지난 호에 이어)

What is frightening is the possibility of importing the Japanese model of decades-long economic stagnation. The fundamental reason for the Japanese decades-long economic stagnation was Japan's failure to overcome the shock of the 1989 asset bubble busting.

 But, it is important to find out who were responsible for the asset bubble. In 1985, the value of stocks was 60% of GDP but in 1989, it represented 250% of GDP. In 1989, the real estate value of the Japanese territory was four time that of the U.S. territory, although the area of the Japanese territory was 3.7% of that of the U.S.

 Then, in 1989, Bank of Japan raised the interest rate from 2% to 6%; it was too much. The bubble exploded. The value of stocks fell by 60%; the value of real estate had a free fall of 80%.

 Japan tried all the known policies to overcome the shock of the bubble explosion but failed. The GDP which had a growth rate varying between 4.5% and 20% before 1990 fell to 1.72% in the period 1990-1995 and to 1.1% in the period 1996-2018.

 This is the horror story of the saga of the falling Japanese economy. There were many years of minus GDP growth. The per capita GDP fell from USD 44,674 in 2010 to USD 39,295, a fall of 12%.

 The important question is this: "Who were responsible for this crime of destroying the Japanese economy?" It was the greed of the Golden Triangle referring to the oligarchy composed of bureaucrats, politician and large corporations.

 True, the oligarchy has made major contribution to the Japanese economic miracle, but over the years, it transformed itself into closely knit corruption community and appropriated the bulk of the national wealth through bribe money and real estate speculation money.

 The real estate speculation has produced two harmful results

. First, it has enforced illegal or immoral activities of the oligarchs thus expanding the community of corruption.

 Second, it is so easier to make money that the large corporations have invested more funds in real estate than in technological innovation. As a result, leading Japanese corporations have lost their global share. For example, in the period 2005-2011, Toyota's global share dropped from 51% to 41%; Honda's global share fell from 39% to 29%, the Share of DRAM decreased from42% to 9%

 Third, the Japanese model has worsened the inequality income distribution, caused under-development of SMEs and decreased regular jobs. Despite the injection of astronomic amount money in the economy it did not revive. The amount of fiscal money injected was 250% of GDP; the money created in the name of Quantity Easing (QE) as almost 90%of GDP.

 But, there was no demand for goods and services, because the ordinary Japanese had empty pockets; there was no job creation, because the SMEs had no demand for their goods. Moreover, they could not get bank money, because they had little collateral. At the end of the road, decades-long economic stagnation was waiting.

 In a word, the saga of the falling Japanese economy was due to the greed of the corrupted elite.

 This can happen in Korea under the pro-Japan corrupted conservative government of Yoon Suk-yeol.

 In fact, the Korean GDP maintained annual grow rate of about 9.00% for three decades 1960s, 1970s and 1980s dropped to 7.22% in the 1990s and 4.60% in 2000s. It fell to 2.92% in the 2010s. The sudden drop of the GDP growth rate was due to the poor performing of Korean exports of goods and services.

 In the latter half or the 1970s, the average annual rate of Korean exports was 22.3% to decrease to 14.74% in the 1980s, then to drop to 11.0% in the 1990s; it rose to 12.47% in the 2000s and finally it had a free fall of 5.26% in the 2010s.

 However in the 2010s, if we except 2011 (24%), 2013(14%) and 2017 (10.0%), for 7 years, the rate of exports growth was below 1.0%. In other words, the downward trend of Korean exports became accelerated since the second half of the 2000s.

 The sustained trend of declining GDP growth and the drastic slowdown of exports is largely due to the increase access to financial resources of the 1980s allowing wide spread real estate speculation by the Korean oligarchy.

 In the 1980, the housing price increases by 17% per year. The large corporations being able to make money easily through real estate speculation did not invest funds for the development of technology and the improvement of global competitiveness. In fact, since 1980, the favoured pass time was "Jae-taek" (technique of making easy money); this is the "Zaitech" imported from Japan

 The real estate speculation has continued despite the efforts of the government of Moon Jae-in. In Seoul, the ratio of housing price to income is 33 which was 15 in the 1990. In Seoul, an apartment of 100 m2 is sold for more than 2.5 million USD.

 Remember this. The Asian financial crisis of 1997-98 in Korea was due to the abundance of money around and the access to easy and quick money which could be made by real estate speculation. The large corporation borrowed so much money to make speculation money that the average of corporate debt ratio was 600%.

 This is just incredible. The corporate debt ratio exceeding 100% is a sign of alarm. The crisis of 1997-98 was due to the impossibility for the Chaebols to pay debt in a situation where foreign funds were fleeing.

 This was the first financial national crisis for Korea. To overcome the crisis, millions of ordinary Koreans gave their golden wedding rings and other golden items to pay the national debt.

 Fortunately, the crucial measure taken by the Kim Dae-jung government was the structural adjustment designed to discipline the Chaebols, make their accounting system more transparent and induce them to be more specialized so that their global competitiveness be improved.

 However the most powerful measure was the non-bailing-out of insolvent Chaebols, banks and businesses. This was the major difference between Japanese model which bailed out insolvent companies who were friends of the oligarchs and the Korean model in which insolvents companies were not bailed out.

 These Korean measures were possible because Korea had the leadership of Kim Dae-jung of the Democratic Party as president. If Korea had a conservative president, Korea might have had the long-run economic stagnation like in Japan.

 The failure of Abe Shinzo's Abenmics was due to the absence of the Kim Dae-jung's model of corporate structural adjustment.

 There is the danger that Yoon repeat the failed model of Shinzo Abe of Japan

 To conclude, the election of Yoon Suk-yeol casts dark menacing fog on the future of the Korean peninsula. It is our duty to watch out so that one of the rare democracies in the world would not disappear with the fog. 

 

 

 

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