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Deputy managing editor
Some Korean pundits and journalists are now talking about "Korexit" after Britons voted for "Brexit" to leave the European Union (EU) last month.
Korexit, an abbreviation of "Korean exit," appears to make no sense as Korea is not a member of any economic or political union like the EU, although the country is a signatory to free trade agreements with the EU, the U.S. and other countries.
But when delving into the root cause of the "Leave" campaign in the U.K., Korexit could make sense in a way.
First of all Korea needs an exit from "Hell Joseon," a self-deprecating term used to describe the country as a hell-like place. Young Koreans' longing to leave Hell Joseon certainly reflects their frustration over the stark reality that most of them cannot enjoy equal opportunities in education and employment.
For them, Korea looks like a hell because their destiny is determined not by their own competence and efforts but by their parents' wealth and social status.
In fact, the Hell Joseon phenomenon is not confined only to the youth. A growing number of Koreans, both young and old, are dissatisfied with their lives due to the loss of jobs, shrinking incomes and surging rents amid the prolonged economic slump.
In this regard, Koreans and Britons have much in common: they fear that they are becoming worse off at least for now, despite globalization and free trade under free market capitalism.
It is sad that both Koreans and Britons are losing hope for their future. Critics strike out at Britons for their isolationist move against the spirit of one Europe. The U.K.'s political leaders in particular are under attack for their contradictory and hypocritical stance that they want to continue to enjoy the same benefits of the political and economic union even after their divorce from the EU.
But, I'd like to thank the Brexiteers for one thing: giving people around the world a chance to stop and think over what's wrong with decades of globalization and neoliberalism.
Their decision to withdraw from the EU has significant implications for Korea as Asia's fourth-largest economy has been one of the biggest beneficiaries of globalization and free trade.
If it had not been for a strong push for globalization, Korea would not have achieved its rapid economic growth and industrial development over the past five decades.
However, Brexit is now calling into question Korea's longstanding efforts for globalization and free trade.
In the wake of the Brexit vote, many countries including other EU members and the United States are showing signs of backpedaling against globalization and free trade.
Korea, which has long been an export-driven economy, may suffer from a serious setback in its shipments of goods to global markets if major economic powers return to isolationism and protectionism.
Other problems are the negative effects of globalization: inequality and the income disparity between the haves and have-nots. Social and economic polarization is seen as a worldwide phenomenon, but Koreans feel more acute pains from the adverse effects.
The nation's middle class has continued to shrink since the outbreak of the 1997-98 Asian financial crisis which forced Korea to go cap-in-hand seeking a bailout package from the International Monetary Fund (IMF).
According to government statistics, the middle class ― the backbone of democracy ― decreased to 65 percent in 2014 from 75 percent in 1997. This decline was the direct result of the widening gap between the rich and the poor.
The crumbling middle class has also aggravated the economic and social divide in Korean society, causing people to feel a deepening sense of inequality, alienation, depravity and insecurity.
Against this backdrop, South Korea has to deal with the external and internal problems at the same time, fighting back against the rising trend of anti-globalization and protectionism as well as inequality and polarization.
Everyone knows that the country can never win the fight unless it completely destroys its outdated socioeconomic structure and creates a new system for sustainable and inclusive growth.
More than anything, the country should reform the chaebol system which has caused the concentration of economic power in the hands of owner family members. Korea will not and cannot find an exit from Hell Joseon and other accumulated evils without chaebol reform.
Imagine what would happen if there is no way out of the dilemma. Korexit is not an option but a necessity.
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