By Kim Sang-woo
The pandemic had raised questions about the world's reliance on an economic model that has broken trade barriers but made countries heavily reliant on each other as production was de-localized.
But now companies have been struggling to cope with major bottlenecks in the global supply chain. Russia's war in Ukraine has raised fears about further disruptions, with everything from energy supplies to auto parts to exports of wheat and raw materials under threat.
Shortages of surgical masks at the outset of the pandemic became a symbol of the world's dependence on Chinese factory goods.
The conflict between Russia and Ukraine raised concerns about food shortages around the globe as the two countries are among the major breadbaskets of the world.
It also put a spotlight on Europe's ― especially Germany ― heavy dependence on gas supplies from Russia.
"A number of vulnerabilities" have emerged that show the limits of having supply chains spread out in different locations, the former director general of the World Trade Organization Pascal Lamy said.
The goal now is to redirect strategic dependence toward allies, which Ferdi De Ville, professor at Ghent Institute for International and European Studies, termed as "friend-shoring" instead of "off-shoring."
Immediately after Russia's invasion of Ukraine, the West and its partners have come together in the most dramatic set of coordinated economic sanctions in modern history.
The European Union, the United Kingdom, Japan, the United States, Canada, Australia, South Korea, and even Switzerland have worked in the most seamless fashion to isolate and punish Russia.
While the measures have not been enough to persuade Putin to cease his offensive in Ukraine, Western countries have shown an extraordinary capacity to shake off decades of economic policy lethargy.
This may show the way toward a future economic order: not a U.S.-led system with others often reluctantly following, but a far more active joint management of the global economy. The U.S. on its own no longer has the capacity or willingness to lead the global economic system without robust support.
Putin's Russia has provided strong motivation for the West to put its fraternal differences aside and come together in an unprecedented way.
While the international community strongly condemned Russia's invasion of Ukraine and came together against Russia, the South Korean government among them, the politicians in Seoul seemed indifferent, oblivious even.
During the presidential election campaign Lee Jae-myung, the candidate of the Democratic Party of Korea, used the Russia-Ukraine conflict to take a swipe at his opponent Yoon Suk-yeol's inexperience. Lee said that Ukraine's President Volodymyr Zelenskyy was "a political novice" who "became president and openly called for NATO membership, which provoked Russia and resulted in a military conflict."
The People Power Party responded in kind by criticizing the Moon Jae-in administration's opposition to South Korea becoming a nuclear power, claiming that Ukraine had been attacked because it gave up its nuclear weapons.
When Zelenskyy delivered a virtual address to South Korea's legislature at the National Assembly library on April 11, less than 60 lawmakers were present. This marked a stark contrast to the attendance of lawmakers in the U.S., Japan, the U.K., Germany, France and the European Parliament, which were completely packed, and gave Zelenskyy a standing ovation.
Foreign media noted that South Koreans, who experienced war only 70 years ago, now seemed more interested in the falling price of Russian king crabs than the horrors of the conflict in Ukraine.
The Yoon Suk-yeol government's foreign policy team appears to be aware of the rapidly changing global geopolitical undercurrents and is taking necessary steps to address them. And although president Yoon's challenges abound, it still begins at home with a divided society and National Assembly.
Nevertheless, a new international order is in the making and South Korea must wisely choose the best course for its future.
It is important to consider South Korea's economic interests with China and take into account the unique aspects of inter-Korean relations.
However, South Korea's foreign policy should be based on international norms practiced by democratic countries ― values such as human rights, democracy and sovereignty.
South Korea should criticize Russia's imperialistic behavior. Because it knows very well what it means for the right to self-determination to be trampled upon by a great power.
The unprecedented sanctions by the West and its partners were a clear message that they are united in preserving democratic values.
As a result, the 11th largest economy in the world was pushed to the edge of a sovereign default. More than 300 global companies have pulled their operations out of Russia.
The international community's strong support has raised Ukrainian morale as its people rally around President Zelenskyy. International public opinion is firmly behind Kyiv as more and more people around the world seek to help Ukrainians in their struggle against the Russian dictator.
While China is currently engaged in a relatively looser form of cooperation with Russia, Putin and Xi could join forces in earnest to upend the international order if they so choose.
Although Europe and China have clashed in recent years over the repression of Uyghurs in Xinjiang, and bans on Chinese technology, there was an underlying consensus about maintaining friendly economic relations. Russia's invasion has seriously altered Europe's calculus.
Since its liberation in 1945, South Korea has been the beneficiary of the post-World War II liberal international order. Now the time has come for South Korea to defend the democratic norms that have served it so well and help uphold the rules-based international order.
As the 10th largest economy in the world, South Korea's economic standing carries certain responsibilities. If democracy is defeated by authoritarianism, South Korea will also suffer the consequences.
As George Bernard Shaw said, "The possibilities are numerous once we decide to act and not react."
Kim Sang-woo (swkim54@hotmail.com), a former lawmaker, is chairman of the East Asia Cultural Project. He is also a member of the board of directors at the Kim Dae-jung Peace Foundation.
 |
But now companies have been struggling to cope with major bottlenecks in the global supply chain. Russia's war in Ukraine has raised fears about further disruptions, with everything from energy supplies to auto parts to exports of wheat and raw materials under threat.
Shortages of surgical masks at the outset of the pandemic became a symbol of the world's dependence on Chinese factory goods.
The conflict between Russia and Ukraine raised concerns about food shortages around the globe as the two countries are among the major breadbaskets of the world.
It also put a spotlight on Europe's ― especially Germany ― heavy dependence on gas supplies from Russia.
"A number of vulnerabilities" have emerged that show the limits of having supply chains spread out in different locations, the former director general of the World Trade Organization Pascal Lamy said.
The goal now is to redirect strategic dependence toward allies, which Ferdi De Ville, professor at Ghent Institute for International and European Studies, termed as "friend-shoring" instead of "off-shoring."
Immediately after Russia's invasion of Ukraine, the West and its partners have come together in the most dramatic set of coordinated economic sanctions in modern history.
The European Union, the United Kingdom, Japan, the United States, Canada, Australia, South Korea, and even Switzerland have worked in the most seamless fashion to isolate and punish Russia.
While the measures have not been enough to persuade Putin to cease his offensive in Ukraine, Western countries have shown an extraordinary capacity to shake off decades of economic policy lethargy.
This may show the way toward a future economic order: not a U.S.-led system with others often reluctantly following, but a far more active joint management of the global economy. The U.S. on its own no longer has the capacity or willingness to lead the global economic system without robust support.
Putin's Russia has provided strong motivation for the West to put its fraternal differences aside and come together in an unprecedented way.
While the international community strongly condemned Russia's invasion of Ukraine and came together against Russia, the South Korean government among them, the politicians in Seoul seemed indifferent, oblivious even.
During the presidential election campaign Lee Jae-myung, the candidate of the Democratic Party of Korea, used the Russia-Ukraine conflict to take a swipe at his opponent Yoon Suk-yeol's inexperience. Lee said that Ukraine's President Volodymyr Zelenskyy was "a political novice" who "became president and openly called for NATO membership, which provoked Russia and resulted in a military conflict."
The People Power Party responded in kind by criticizing the Moon Jae-in administration's opposition to South Korea becoming a nuclear power, claiming that Ukraine had been attacked because it gave up its nuclear weapons.
When Zelenskyy delivered a virtual address to South Korea's legislature at the National Assembly library on April 11, less than 60 lawmakers were present. This marked a stark contrast to the attendance of lawmakers in the U.S., Japan, the U.K., Germany, France and the European Parliament, which were completely packed, and gave Zelenskyy a standing ovation.
Foreign media noted that South Koreans, who experienced war only 70 years ago, now seemed more interested in the falling price of Russian king crabs than the horrors of the conflict in Ukraine.
The Yoon Suk-yeol government's foreign policy team appears to be aware of the rapidly changing global geopolitical undercurrents and is taking necessary steps to address them. And although president Yoon's challenges abound, it still begins at home with a divided society and National Assembly.
Nevertheless, a new international order is in the making and South Korea must wisely choose the best course for its future.
It is important to consider South Korea's economic interests with China and take into account the unique aspects of inter-Korean relations.
However, South Korea's foreign policy should be based on international norms practiced by democratic countries ― values such as human rights, democracy and sovereignty.
South Korea should criticize Russia's imperialistic behavior. Because it knows very well what it means for the right to self-determination to be trampled upon by a great power.
The unprecedented sanctions by the West and its partners were a clear message that they are united in preserving democratic values.
As a result, the 11th largest economy in the world was pushed to the edge of a sovereign default. More than 300 global companies have pulled their operations out of Russia.
The international community's strong support has raised Ukrainian morale as its people rally around President Zelenskyy. International public opinion is firmly behind Kyiv as more and more people around the world seek to help Ukrainians in their struggle against the Russian dictator.
While China is currently engaged in a relatively looser form of cooperation with Russia, Putin and Xi could join forces in earnest to upend the international order if they so choose.
Although Europe and China have clashed in recent years over the repression of Uyghurs in Xinjiang, and bans on Chinese technology, there was an underlying consensus about maintaining friendly economic relations. Russia's invasion has seriously altered Europe's calculus.
Since its liberation in 1945, South Korea has been the beneficiary of the post-World War II liberal international order. Now the time has come for South Korea to defend the democratic norms that have served it so well and help uphold the rules-based international order.
As the 10th largest economy in the world, South Korea's economic standing carries certain responsibilities. If democracy is defeated by authoritarianism, South Korea will also suffer the consequences.
As George Bernard Shaw said, "The possibilities are numerous once we decide to act and not react."
Kim Sang-woo (swkim54@hotmail.com), a former lawmaker, is chairman of the East Asia Cultural Project. He is also a member of the board of directors at the Kim Dae-jung Peace Foundation.
