Korean Job Discussion Forums

[superacidjax]

http://joongangdaily.joins.com/article/view.asp?aid=2903942

The nutshell: opposition party tries to physically stop GNP from advancing the KORUS-FTA (Korea US Free Trade Agreement) by snatching the microphone, physically grabbing the chairman of the National Assembly�s Foreign Affairs Committee, and using power saws to cut through a door locked to keep out aggressive and violent lawmakers.

It would be really amazing and sparkling if the opposition party in Korea would wake the heck up when it comes to economics. The chaebol-oriented business climate is a major source of economic malaise in the country. By restricting imports in their nefarious ways, Korean consumers pay much higher prices than they would without such a archaic, protectionist mindset. When protectionism or "juche" is taken to the extreme, a North Korea economy results.

In just agriculture alone, specifically rice, consumers pay over 200% above world market prices for rice. The protectionism of the rice market, while obviously beneficial for the inefficient and outdated domestic rice farmers, harms the general public in much higher numbers than the harm that would befall farmers if rice import quotas and tariffs were eliminated.

Of course the pitchfork crowd, along with the North Korean-style Juche far left seems to have the most dramatic voice in the issue.

A fundamental law of economics states that one should not focus on the needs of the few at the expense of the whole, the whole in this case being the Korean consumer.

If Korea wants to be taken seriously as a world economic power, they should at minimum start to live up to their WTO agreements. They also should promote trade agreements and a general opening of markets.

For too long Korea has wanted to have it kimchi and eat it too. From government subsidization of steel production (and dumping issues) to the backroom deals allowing Hyundai et al to operate in a competition-minimal environment, it's time for Korea to grow up and become a world player.

Of course, it would also be encouraging if Korean lawmakers would stop acting like children. Debate and even argument is fine (and essential to a republic) but violence and stealing microphones makes Korea look like a banana republic.

BTW, I realize that the US, EU and others are guilty of various degrees of protectionism as well -- I am all for those countries ending their anti-trade practices as well. I'm not just dumping on Korea, although, I don't often see fist-fights at the EU or within the US Congress or British Parliament!