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
  • World Expo 2030
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
  • World Expo 2030
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

    US urged to respect Korea's position amid US-China chip war

  • 3

    Chinese carmakers challenge Hyundai Motor, Kia in global markets

  • 5

    Calls grow for regulations on AI technology on webcomics

  • 7

    CJ, Shinsegae study temple food to expand vegan lineup

  • 9

    Mexico president eyes deals with China, Korea to combat fentanyl

  • 11

    Synth pop regains popularity with K-stars, riding retro boom

  • 13

    Africa Day celebrated in Korea with book talk

  • 15

    1 in 6 N. Korean children under 5 suffer from stunted growth: report

  • 17

    INTERVIEWKorean chef aims to change Hong Kong's dining scene

  • 19

    US diplomat to visit Korea for anti-proliferation meeting

  • 2

    Stray Kids, NCT's Taeyong, ATEEZ gear up for June releases

  • 4

    Korean culture as the solution

  • 6

    Temples celebrate Buddha's birthday

  • 8

    China, Korea agree to strengthen talks on chip industry: Chinese commerce ministry

  • 10

    Biden says debt default deal 'very close' while deadline now set at June 5

  • 12

    ChatGPT: boon or bane for banking industry?

  • 14

    Russia's Lavrov tells China envoy 'serious obstacles' to Ukraine peace

  • 16

    Tech leads more gains on Wall Street

  • 18

    Presidential office denies Japanese news report on Yoon's possible visit to Ukraine

  • 20

    Bernadou's travels in Korea in 1884 Part 4 - Gaeseong's passive defiance

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
Mon, May 29, 2023 | 05:29
Editorial
Chaebol strike back
Posted : 2012-10-15 17:00
Updated :  
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Don’t dash cold water on popular expectations

Whoever becomes the next president will likely put top priority on reforming chaebol in his or her first few years. Such might be the feeling most Korean voters had while watching a news conference Sunday by independent candidate Ahn Cheol-soo.

Ahn, a centrist regarded as less radical than other opposition candidates, unveiled the most sweeping plan to reform family-run conglomerates, including the forceful split-up of subsidiaries for the most unyielding ones. Though attached with a condition, it was a thinly-veiled threat to dismantle the sprawling business groups in a worst-case scenario.

The chaebol-reforming competition among opposition nominees will keep Park Geun-hye, standard-bearer of the conservative ruling camp, from putting forth a noticeably watered-down pledge later this month.

Admittedly, presidents don’t put all of their election pledges into action, at least not in their entirety. Even if the least radical Park takes power, however, a considerable change seems inevitable for the 30 or so corporate behemoths that hold sway on the nation’s economy. What all this means is that Korean voters will not tolerate the large companies’ unfair business practices and unwarranted market domination any longer.

Are chaebol ready to cope with the looming realignment or even aware of the rapidly aggravating sentiment among the public?

The answer appears negative, and to a lamentable degree.

An announcement by the Federation of Korean Industries, a chaebol lobby, said, “We can’t help but expressing serious concerns about the presidential candidates’ economic platforms, which focus on bashing large businesses instead of offering visions for overcoming the global economic crisis and maintaining growth.” Pro-chaebol economists and journalists also pointed out what they viewed as contradiction between attacking chaebol and asking them to make investments and create jobs.

These are the excuses and threats most Koreans have heard probably a thousand times before. The chaebol and their cronies are making a threat of an employers’ strike, taking the national economy hostage. This explains the need for candidates to develop counter-logic. The current crisis of the Korean economy is due to its reliance on export-led, debt-oriented growth, and its solution lies in domestic consumption-led, wage- and income-oriented growth. It was the growth model adopted by most industrial countries in the postwar boom era of 1945 and 1980.

The world is racking its brains to find a new brand of capitalism, or capitalism 4.0, different from neo-liberalistic model marked by market supremacy and financial capitalism. Now is the time for the Korean economy to start over, based on the virtuous circle of productivity growth, wage rises, demand increases, full employment and investment. Chaebol must change themselves by specializing in their best areas and competing in overseas markets instead of expanding into unrelated areas only for the sake of increasing their corporate size and crowding out smaller competitors at home.

We don’t think the candidates need to wait until after voting day. Major parties can start enacting laws based on common ground, while reinforcing existing ones more strictly to awaken these pitiably insensitive, or outrageously arrogant, tycoons, their families and cronies. Voters want to see action.
 
wooribank
Top 10 Stories
1ChatGPT: boon or bane for banking industry? ChatGPT: boon or bane for banking industry?
2Man arrested for opening airplane emergency exit during flightMan arrested for opening airplane emergency exit during flight
3Labor unions seek to attract migrant workers at shipyards Labor unions seek to attract migrant workers at shipyards
4Korea walks fine line between US, China in chip warKorea walks fine line between US, China in chip war
5Jeju-based shamanism researcher documents connection between humans, crows Jeju-based shamanism researcher documents connection between humans, crows
6Hyundai Steel receives EPD certification for low-carbon H-beam products Hyundai Steel receives EPD certification for low-carbon H-beam products
7POSCO named sustainability champion for 2nd consecutive year POSCO named sustainability champion for 2nd consecutive year
8[RAS KOREA] Preserving memories at Cheongju City Archives RAS KOREAPreserving memories at Cheongju City Archives
9Gov't moves to assist 3,400 Koreans stranded in typhoon-hit GuamGov't moves to assist 3,400 Koreans stranded in typhoon-hit Guam
10Half of medical tourists visiting Korea inspired by K-culture Half of medical tourists visiting Korea inspired by K-culture
Top 5 Entertainment News
1Chun Woo-hee becomes chameleon con artist in 'Delightfully Deceitful' Chun Woo-hee becomes chameleon con artist in 'Delightfully Deceitful'
2Stray Kids, NCT's Taeyong, ATEEZ gear up for June releases Stray Kids, NCT's Taeyong, ATEEZ gear up for June releases
3[INTERVIEW] 'No more part-time jobs': VANNER talks about life after winning 'Peak Time' INTERVIEW'No more part-time jobs': VANNER talks about life after winning 'Peak Time'
4Competing to get married? 'Physical:100' writer to roll out marriage survival show Competing to get married? 'Physical:100' writer to roll out marriage survival show
5Ma Dong-seok goes all out to create iconic action hero in 'The Outlaws' threequel Ma Dong-seok goes all out to create iconic action hero in 'The Outlaws' threequel
DARKROOM
  • Turkey-Syria earthquake

    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