Opinion - The Korea Times

Moon's nuclear option

By John BurtonLee Jong-kul, a prominent lawmaker from President Moon Jae-in’s Minjoo Party, last week told a seminar in Washington that South Korea may have to acquire nuclear weapons, an idea that until now has been confined to the conservative political fringes in Seoul.“If North Korea continues to conduct nuclear weapon and missile tests while the North Korean nuclear negotiations are sluggish, South Korea should decide whether to break the principle of denuclearization and start developing nuclear weapons,” Lee said in a speech at a forum in the U.S. capital sponsored by several Korea-related religious groups.“An astronomical amount of money on armaments would be incurred to fight against nuclear weapons with non-nuclear weapons. It is clear that the most effective deterrent to nuclear weapons is a nuclear weapon itself,” he stated. “Therefore, I believe that we need a phased strategy for nuclear armament. The first phase is to adopt highly effective weapon systems such as nuclear submarines, and the next phase is to promote the relocation of U

Jul 26, 2017By John Burton

John Burton

Moon meets the Art of the Deal

By John BurtonWhen Korean President Moon Jae-in met U.S. President Donald Trump in Washington two weeks ago, the bar had been set so low by the media that anything short of the two leaders getting into a screaming match would have been counted as a success.In truth, the chances of a confrontation over how to deal with North Korea were minimal. Moon had studied his counterpart and knew that he would have to be accommodating and appeal to Trump’s oversized ego. The Korean president was successful in setting the mood as soon as he landed in Washington.Moon visited the National Museum of the Marine Corps to commemorate the Hungnam evacuation that rescued his parents fleeing North Korea in 1950 as well as the Korean War Veterans Memorial. He brought along more than 50 Korean executives who promised a total of $45 billion to invest in the U.S. or buy American products.Moon’s deft diplomacy seemed to work, with the two countries appearing to bridge their differences on North Korea policy. This interpretation was largely based on the joint statement that was issued. It appeared t

Jul 12, 2017By John Burton

John Burton

Why investors like Moon

By John BurtonIt is an irony that Korean presidents who are considered “leftists” have done more to promote market reforms than their conservative counterparts.Kim Dae-jung embraced the recommendations of the International Monetary Fund in the wake of the 1997 financial crisis to become the country’s most classically liberal president by ending trade restrictions, deregulating financial markets and allowing some of the country’s biggest business groups to collapse rather than bailing them out with state funds. His successor, Roh Moo-hyun, built on that legacy by increasing regulatory transparency, strengthening corporate governance and opening the market to more competition.Now with the arrival of Moon Jae-in, investors -- particularly foreign ones -- are anticipating more market-friendly changes. The Korean stock market, which has been sluggish for years, has suddenly shown signs of renewed vigor.Investors are hoping for an end to the so-called “Korean discount,” whichmeans companies suffer lower market valuations than their performance would warr

Jun 28, 2017By John Burton

Moon to have crucial summit with Trump

John Burton

Solution to youth unemployment

By John BurtonThe Moon Jae-in administration last week signaled the importance it places on job creation by proposing a $10 billion supplementary budget aimed at improving work prospects and fighting record youth unemployment.Korea finds itself in the enviable position of having the financial clout to address the problem. Its government debt is among the lowest for OECD economies and its 2017 fiscal deficit is expected to amount to only 1.7 percent of gross domestic product.The goal of the new spending program will be on creating 100,000 more jobs, including 66,000 in the public sector, while providing subsidies for start-ups and support for small businesses.Whether this will make a dent in youth unemployment, which stood at 11.2% in April, is another matter. The young are finding it difficult to get jobs because of structural problems with the economy, including a rigid labor market and a seniority-based wage system.In addition, the unemployment problem is likely to get worse, particularly in declining manufacturing industries, as Korea faces increased foreign competition. More than

Jun 14, 2017By John Burton

University graduates face fierce competition to become janitors

John Burton

Memo to Moon

By John BurtonDear President Moon:Your upcoming trip to Washington in late June to meet U.S. President Donald Trump will probably be your single most important event to date in your young administration. The visit could determine the future of U.S.-ROK security alliance over the next several years at a time of peril on the Korean peninsula.The U.S. media has been playing up the possibility of a volatile clash between you and Trump because of your more conciliatory approach toward North Korea compared to the Trump administration’s preference for tougher sanctions.Wide swathes of the foreign policy establishment in Washington distrust you when U.S. attitudes toward North Korea are hardening. Many put you in the “appeasement” category along with your old boss, former President Roh Moo-hyun, who is not fondly remembered in Washington. Some jokingly refer to your North Korean policy as “moonshine” instead of “sunshine,” which is not flattering since it is a colloquial expression for foolish talk or ideas.As a result, you could face an uphill

May 31, 2017By John Burton

John Burton

Green growth revival

By Jonh BurtonWhile a lot of international attention has been paid to President Moon Jae-in’s policies on North Korea, his domestic agenda has been largely ignored by outside observers.A case in point is his energy policy, which is likely to revive the “green growth initiative” of President Lee Myung-bak and place Korea once again at the forefront of efforts to reduce global dependence on fossil fuels. This goal was largely neglected during the administration of President Park Geun-hye, who appeared to deliberately shun the policies of her predecessor and political rival.During the election campaign, Moon said he would reduce the use of coal and nuclear power by replacing them with natural gas and renewables such as solar and wind power. He also said he wanted to phase out diesel cars in favor of electric vehicle and traditional gasoline-fueled models.His program has been prompted by several factors. One is the worsening air pollution in Seoul, which has been blamed on the widespread use of diesel cars. Another is continuing concern about the safety of nuclear power

May 17, 2017By Jonh Burton

John Burton

Pulling Abe on Trump

This is the fourth in a series of observations and suggestions for new President Moon Jae-in. _ ED.By John BurtonPresident Moon Jae-in has already gone some way to reduce distrust in the U.S. about his policies, particularly his conciliatory approach toward North Korea, by announcing in his inauguration speech that he is willing to go to Washington soon to meet with U.S. President Donald Trump.The first meeting between Moon and Trump will be a critical event in terms of establishing a personal chemistry between the two leaders. Trump trusts those with whom he has some type of personal bond. One way to win Trump’s heart is by playing golf as shown by his rapid friendship with Japanese Prime Minister Shinzo Abe, who played three rounds of golf with Trump when he visited the president’s Mar-a-Lago estate in February. Unfortunately, Moon doesn’t play golf. His favorite activity is hiking and Trump doesn’t look like much of a hiker. So the two men will have to find some other common ground. They will need to show they can work together if the U.S.-Korean alliance i

May 15, 2017By John Burton

John Burton

US views Moon with concern

By John BurtonAre relations between Washington and Seoul heading for a train wreck when they should be cooperating more closely than ever in dealing with the threat of the North Korean nuclear and missile program?Things could be heading that way if Moon Jae-in is elected as the next Korean president next week while U.S. President Donald Trump has floated the idea of Seoul paying for the THAAD anti-missile system and threatening to end the KORUS trade agreement.Until Trump made his intemperate remarks, much of Washington’s concern was focused on the election of Moon, who is generally perceived as favoring reconciliation with Pyongyang and opposing the Trump administration’s tough attitude on North Korea.Moon is seen in the U.S. capital as ready to ease sanctions against North Korea by pursuing Sunshine Policy 2.0, including encouraging dialogue and economic cooperation with Pyongyang like his predecessors Kim Dae-jung and Roh Moo-hyun did between 1998 and 2008.This could lead to the same sort of disharmony that occurred between Roh and U.S. President George W. Bush in the

May 3, 2017By John Burton

John Burton

Korea's gilded age

By John BurtonThe last couple of years has seen a series of chains that have weakened the status quo by making the nation’s leaders more accountable for their actions and which has now cumulated in the imprisonment of former President Park Geun-hye and Lee Jae-yong, the de facto head of Samsung.The result could be significant improvements in Korean corporate governance that will benefit the country in the long-term. The recent scandals may be seen by future historians as transforming the business sector in the same way that the democracy movement in the late 1980s brought change to politics. While democratic traditions have established deep roots in politics in the last 30 years, the corporate sector until now has been left largely untouched. But Korea’s business royalty could be facing a day of reckoning in confronting a revolution that could radically alter the management of the family-owned conglomerates.When Roosevelt went after the business “trusts” and “combines” in the early 20th century, the goal was not to destroy the engines of economic s

Apr 5, 2017By John Burton

John Burton

Day of reckoning

By John BurtonAnalysts are debating the meaning of U.S. Secretary of State Rex Tillerson’s remarks on North Korea during his trip to Northeast Asia last week. Were his comments that the “policy of strategic patience has ended” and that the U.S. was “exploring a new range of diplomatic, security and economic measures” just a blunter restatement of the Obama policy or did it signaled a new hardline approach?The fact that Tillerson’s statements are provoking such contrasting reactions indicates that reading the Trump administration’sintentions may prove to be as difficult to determine asthose of Pyongyang. But to me, Tillerson’s stance in ruling out further negotiations with North Korea represents a firm step toward confrontation.It is particularly noteworthy that Tillerson’s position that talks with Pyongyang have “failed”is being stated at a time when there is a rising bipartisan chorus among many North Korea specialists in Washington that negotiations represent a last chance to at least “freeze” Pyongyang&r

Mar 22, 2017By John Burton

John Burton

Read more

Moon's nuclear option

Moon meets the Art of the Deal

Why investors like Moon

Solution to youth unemployment

Memo to Moon

Green growth revival

Pulling Abe on Trump

US views Moon with concern

Korea's gilded age

Day of reckoning

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