The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Disgraced ex-minister's daughter says she feels proud, qualified as a doctor

  • 3

    Ex-gov't employee summarily indicted for alleged attempt to sell Jungkook's lost hat

  • 5

    Coupang reveals Asia's largest fulfillment center in Daegu

  • 7

    'Celebrity forests' emerge as new K-pop trend in Seoul

  • 9

    Korean Peninsula may face fallout from balloon saga

  • 11

    SM founder Lee Soo-man returns home, in hospital to treat arm fracture

  • 13

    Peak Time: Survival show for lesser-known K-pop boy bands to hit air

  • 15

    Apple confirms launch of Apple Pay in Korea

  • 17

    INTERVIEW'Korea, US can create synergy in space industry': NASA ambassador

  • 19

    Seoul narrows in on new slogan

  • 2

    Singer Lee Seung-gi to marry actor Lee Da-in in April

  • 4

    SM in internal feud over founder's exit from producing

  • 6

    Seoul city zeroes in on foreign residents' unpaid taxes

  • 8

    Tiger endures 3 years of solitary confinement in closed zoo

  • 10

    Netflix survival show 'Physical 100' attracts viewers with sweat, muscle and human story

  • 12

    Rescuers race against time as Turkey-Syria quake death toll passes 5,000

  • 14

    Ex-justice minister, daughter blamed for unrepentant attitude over academic fraud

  • 16

    PHOTOSTurkey-Syria earthquake

  • 18

    K-pop stars and dating

  • 20

    South Korea steps up efforts to resolve issue of aging separated families

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Thu, February 9, 2023 | 18:19
Eagles Fly But Don’t Always Soar
Posted : 2008-02-05 13:48
Updated : 2008-02-05 13:48
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
By Michael R. Czinkota

The world's stock markets experience a decline. Sharp drops of shares occurred in Hong Kong, Istanbul and Frankfurt, and many seem to blame the United States and the market approach as the causes for their predicament.

Commentators now predict a serious global recession for all markets. The U.S. is singled out with additional forecasts promising a steep drop of the U.S. dollar, sharp reductions in U.S. military strength and vanishing of U.S. political influence. Alas, these commentators are sadly mistaken.

All too often, forecasters are looking only at the short term. Their long term usually means next week. Yet, the world turns much slower than the typical media blurb makes us believe.

Countries adjust their strategies only gradually, as do most customers, entrepreneurs, and corporations. Rather than being driven by momentary shifts, sensible thinkers search for a context, and look at the road rather than the turnoff.

Take the current changes in share values. Financial markets have changed for many years ― and typically, in the past few decades, it has been for the better. Families, towns, provinces and nations have improved their lot.

Health care has improved, both in terms of pharmaceuticals and in care delivery. Housing has become better, and education, a crucial ingredient of progress and growth, now reaches many more than ever before. Incomes are strong .

Today, there is much more ability to achieve, accomplish, and to accumulate. There is less famine, more opportunity and more freedom. Life is best it's been in millennia.

It is human nature to strive upward and therefore not be satisfied with the status quo. But such a drive should concentrate not just on a few select economic issues of the moment.

We have even come to the point where mere stability and constancy is seen as wrong and as indicative of ``falling behind."

Imagine an executive who told his shareholders that he wants his company's sales to remain stable ― most analysts would probably run him over on their way to other firms. But isn't stability in itself worthwhile and good? What ever happened to catching one's breadth!

As children, many of us read stories and books about ``getting ready for a rainy day." By doing so, there was no implication that temporary setbacks were a fatal disease. Rather, there was an acceptance, forged from experience with Mother Nature that there are seasons, and that life has its ups and downs.

Even eagles occasionally descend to lower heights so that they can catch an updraft and soar again. There is nothing to be ashamed of if resources have to be rearranged and if one accepts that not everything is linear.

Think of growth in the context of angles on a protractor: Growth does not always have to take place at all degrees, on all levels, and simultaneously.

For those who see the U.S. and the benefits of the market approach which it has propagated, in steep decline, let them look at history, as sensible people do.

For example, in a recent discussion of global economics, a Chinese acquaintance readily agreed that his nation had perhaps had a bad run which lasted a century, but he assured me that China was now ready to again become the center of the world.

Think of the long term and ongoing contributions of the United States to world economic growth and welfare. In the 1940s, the country pioneered the three key international organizations which form the pillars of world trade and investment: The International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO).

Without them, the world economy could never have reached its current level of success. Through joint efforts on the exchange rate front and a willingness to rely on market based exchange rates, the U.S. ensured growing money supply which has led to rising economic abundance.

The country's willingness to be the largest marketplace to the world has provided opportunities for innovation, growth, profit, and enjoyment to many. And all this has been achieved within a system which provides for political adjustments and transitions without unchecked power, bloody battles or economic destruction.

The U.S. remains the land of opportunity where one can realize dreams under open skies. It continues to be a key destination for immigrants, because they know that vision is admired, that effort is rewarded, and that achievement is supported.

There is security and safety in the land, and there is flexibility to adjust to new conditions. Even in times of temporary setbacks, the outlook is bright.

Trust, promise and the future that a nation offers to those holding its investments, its currency and its contracts are the long-term key dimensions which define global leadership. Those who believe that the U.S. is in terminal decline should remember that the Roman Empire lasted more than 700 years, the Ottoman Empire almost 600, Britain's for 350 years.

They too had their ebb and flow, and they demonstrated that good expectations for the longer-term future together with internal cohesion provided sufficient impetus for continuing success. The best is yet to come!

Prof. Czinkota conducts research in international business and marketing at the University of Birmingham and Georgetown University in Washington, D.C. He has held several trade policy positions in the U.S. government. He can be reached at czinkotm@georgetown.edu.
 
Top 10 Stories
1Korean Peninsula may face fallout from balloon saga Korean Peninsula may face fallout from balloon saga
2[PHOTOS] Turkey-Syria earthquake PHOTOSTurkey-Syria earthquake
3Daughter-centered photos, title of honor reinforce speculation over North Korea succession Daughter-centered photos, title of honor reinforce speculation over North Korea succession
4SM's management dispute to benefit KakaoSM's management dispute to benefit Kakao
5[INTERVIEW] 'Growth slowdown can accelerate depletion of retirement pension fund' INTERVIEW'Growth slowdown can accelerate depletion of retirement pension fund'
6National Assembly votes to impeach interior minister for Itaewon tragedy National Assembly votes to impeach interior minister for Itaewon tragedy
7Philip Morris seeks to surpass KT&G in e-cigarette market Philip Morris seeks to surpass KT&G in e-cigarette market
8Key real estate owned by McDonald's Korea excluded from sale Key real estate owned by McDonald's Korea excluded from sale
9SM6 Feel attracts customers with popular options, low price SM6 Feel attracts customers with popular options, low price
10Korean companies move to support victims in earthquake-hit Turkey, Syria Korean companies move to support victims in earthquake-hit Turkey, Syria
Top 5 Entertainment News
1SM in internal feud over founder's exit from producing SM in internal feud over founder's exit from producing
2Peak Time: Survival show for lesser-known K-pop boy bands to hit air Peak Time: Survival show for lesser-known K-pop boy bands to hit air
3K-pop stars and dating K-pop stars and dating
4Investigation into Yoo Ah-in's alleged drug use likely to affect release of his films, series Investigation into Yoo Ah-in's alleged drug use likely to affect release of his films, series
5Kim Ok-vin, Yoo Teo show enemies-to-lovers dynamic in 'Love to Hate You' Kim Ok-vin, Yoo Teo show enemies-to-lovers dynamic in 'Love to Hate You'
DARKROOM
  • [PHOTOS] Turkey-Syria earthquake

    [PHOTOS] Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group