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UN Leader Calls for More Help for Poor

By Kang Shin-who Staff Reporter Asha-Rose Migiro, the third deputy secretary-general of the United Nations (U.N.), said closer cooperation between global leaders is essential to keeping a growing number of people from falling into poverty amid the ongoing economic crises across the world. In a lecture on implementing U.N. development agendas in the face of global financial crises at Kyung Hee University, Migiro expressed concern that the current financial slump could increase world poverty and food shortages in particular. ``The stock market and the cost of commodities are very volatile and banks are reluctant to give loans, which in turn is causing a recession. It is hitting the poor countries even harder,’’ Migiro said. ``Collective and concrete global partnership is needed to tackle this crisis. The globe should come together to seek answers for the problems.’’ She said that some 100 million people who escaped poverty thanks to the U.N.’s help are expected to slip back into it and 200,000 are likely to lose their jobs. Migiro, from Tanzania, mentioned two initia

Nov 2, 2008

Grand Prize English Is Gateway to New Economy, Culture, Soft Power

By Lee Dong-joon Hankuk University of Foreign Studies The importance of English in Korea is definitely on the rise ― there is no doubt about that. For Korea, which lacks in natural resources and is hugely dependent on foreign investment and trade, English is essential since it is what connects us to the world. So the role of English in the Korean economy is also definitely significant but we must be cautious when say this as the economy should not be examined alone since it is correlated with other sectors of a country. Paul Kennedy an American declinist argued in his book, The Rise and Fall of Great Powers, that the growth of a nation is a threefold one: simultaneously to provide military security, to satisfy the socioeconomic needs of its citizenry and to ensure sustained growth. The growth of an economy must therefore be accompanied with a balanced growth of political, cultural, environmental and social sector. Even a rival theorist Joseph Nye criticized in his book Bound to Lead, the declinist view by reinterpreting the concept of power ― hard power; military and economi

Oct 31, 2008

Message From Screening Committee

In January when the announcement of the 4th English Economic Essay Contest for university students was made, few imagined that the global economy would be in such trouble as it faces today. The Korea Times is quite honored to have picked the title on ways to reduce risks in the globalized financial market for this year's competition in the category for foreign students. This year, 1,007 students from 27 countries participated in the competition sponsored by Woori Bank on the occasion of the 58th anniversary of The Korea Times. A wide geographical representation was made in the entries and the list of winners, symbolizing the fact that as the competition entered its fourth year, more and more students both at home and abroad are participating. In particular, a Singaporean student from Columbia University in New York won the Grand Award and a Kenyan and an Indian students in Korea garnered Commendation Awards this time. The other Grand Award went to Lee Dong-joon, a student of Hankook University of Foreign Studies. Yang So-mang, a Yonsei University student, and Kim Soo-min

Oct 31, 2008

Foreign Grand Prize Leadership Key for Risk Management

By Pin-Quan Ng Columbia University From the window on the Pyongui line, I caught my first glimpse of Pyongyang, and my first thought was how different this place was from Seoul. Even the train ride here was a far cry from the KTX I took from the APEC summit in Busan. I remember being struck by the sheer dynamism of the city as it celebrated, and was celebrated by, the global economy. The difference with Pyongyang could not be more apparent. While North Korea chose to close its doors to the outside world, South Korea chose otherwise, and has become Asia's fourth largest economy. Yet as the U.S. financial crisis sends shockwaves in international capital markets, Iceland and Pakistan near sovereign default, and a looming global recession, openness now seems a liability: Korea faces weakening external demand, rising inflation due to import prices, and a liquidity crunch from foreign capital flight. This is not the first time Korea has faced global economic instability. Ten years of post-crisis reforms have prepared it to weather the storm ahead. But how well has it learned

Oct 31, 2008

Runner-Up Proficient English Is a Must to Achieve Advanced Economy

By Yang So-mang Yonsei University $15 billion. That's the GDP of Chad, a central African nation. It is also the amount that South Korean households spend a year on private education. A cursory glance at the ``hagwon'' districts in Korea confirms that English instruction is at the heart of this private education fervor. This is a stark indicator of the significance of English in the Korean economy ― and that's in the private education sector alone. Throw in an export-oriented economy, heavy dependence on foreign capital, and an ever-integrating global economy, the importance of English in the Korean economy is immeasurable. As the momentum of globalization shows no signs of fatigue, it is to be expected that the role of English in Korea's economy will continue to expand for the foreseeable future. However, are we prepared for this pace? Will the continued anglicization of the world economy benefit Korea, or will it prove to be a stumbling block? In order to assess our future direction and identify key concerns, we must examine the often-overlooked role of English in the K

Oct 31, 2008

Grand Prize Winner Teacher From Pittsburgh Defends Dokdo Islets

By Cheryl Devaney In 1953, a voluntary group of 33 Korean civilians set out to defend two rocky islets in the East Sea, known as Dokdo. These men would become the first year-round inhabitants of Dokdo and would remain there for three-and-a-half years until a permanent Korean coast guard took responsibility for defending the islets in 1956. Dokdo, visible from the Korean island of Ulleungdo in clear weather and located only 87.4 kilometers from Ulleungdo, is of critical historical significance and serves as a reminder of a troubled past between Korea and Japan. Recognizing the power of the action these men took is the first step toward recognizing the symbolic and cultural value of Dokdo for Korea. Following years of invasion, colonization, and war, Korean civilians united to once again defend themselves against a foreign power that threatened the unjust appropriation of Korean territory. This struggle to defend Dokdo is still continuing today. The ongoing Dokdo/Takeshima dispute between Korea and Japan is not merely a territorial dispute, but rather it is a deeply rooted his

Oct 31, 2008

Commendation Awards Knowledge Should Come Before English Skill

By Kim Soo-min Ewha Womans University By some quirky twist of fate, combined with a strong dose of globalization, the English language has managed to successfully defy Noah Webster's predictions that it would one day become discrete. If anything, the polar opposite seems to be true of what the ``father of American scholarship and education'' expected; in fact, perhaps the best method to explain the condition of the language nowadays is to refer to it as the lingua franca, or world language, of our times. Unsurprisingly, its status as the most widely used communication tool in the world has sparked heated debates regarding its role in society, and Korea is certainly no exception. Koreans have long perceived advanced English skills to be a critical component determining one's chances for success, and have acquired a global reputation for investing whatever means necessary to equip oneself, or one's children, with such proficiency. Indeed, Korea's recent rise on the global economic ladder has been matched by equally increased spending patterns where English education is invol

Oct 31, 2008

Gold Prize Winner Whose Property Is It?

By Kenneth Maingot Dokdo is a small group of islets in the East Sea, between Korea and Japan ― to which both countries are laying claim. At stake are Dokdo's rich fishing stocks, gas hydrates on the adjacent seabed, and an exclusive economic zone. The Dokdo region is populated by Korean fishing communities and host to a thriving tourism industry. Korea has had administrative control over Dokdo prior to 1905 and after 1945. Existing Japanese and Korean government documents clearly indicate early Korean sovereignty. Japan's Ministry of Foreign Affairs claims that the Korean occupation of Dokdo since World War II is in violation of international law. It claims as evidence the omission of Dokdo from major peace treaties between Japan and the Allied Powers. How do we evaluate legitimate ownership when property claims conflict? First, we should agree on a definition of ``property." A socialist's estimation of property, for example, differs radically from a capitalist's. Similarly, the view of property prevalent during an age of imperialism bears little resemblance to how we def

Oct 31, 2008

Commendation Awards Managing Moral Hazard in Globalized World

By Euphracia Ndinda Musyoki Kangwon National University Globalization is introducing profound changes in the way that financial systems operate. Households, financial institutions, policy makers, supranational bodies, and international financial institutions like the IMF each have our own role to play in protecting the public good of financial stability. The rapid growth in world trade, foreign direct investments and cross-border financial flows over the past decade has been the main manifestation of the increasing ``globalization'' of the world economy. This phenomenon has been driven primarily by a worldwide wave of economic liberalization ― the lowering of tariff and non-tariff barriers to international trade, the encouragement of foreign investments and deregulation of financial markets. At the same time, technological developments have magnified the effects of this liberalization by reducing the cost of transportation and communications hence expanding the scope and volume of goods and services that are internationally tradable. Consider this. A person wants to ach

Oct 31, 2008

Silver Prize Winner Dokdo: Korean Islets

By Harry Kim WASHINGTON ― Dokdo has been the Korean islets since Silla General Isabu conquered Usanguk, which was composed of Ulleungdo and surrounding small islands and islets. It was 512 A.D. Since then, the Korean people have never thought Dokdo is out of their sovereignty and is separable from Ulleung-do. Of course, the names of Ulleungdo and Dokdo have been changed over time. The old historians and map drawers recorded these names and locations erroneously over time. However, such old historical records and drawings cannot deny the Korean sovereignty over the Ulleungdo Island and its surrounding islets, including Dokdo. Dokdo has been the no man's islets because there was no drinking water available. Therefore, the Korean people could be ``careless" in describing Dokdo and drawing the location in their old maps. The erroneous description and drawings have provided the Japanese government a false claim for Dokdo. This false claim has become controversial and made Dokdo as disputed islets in world maps. The Korean people feel there should not be any controversy. Five y

Oct 31, 2008
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