[Wang Son-taek] How the dead save the living?

Han Kang, one of the renowned Korean writers, finally received the 2024 Nobel Prize in literature medal. Not only the writer herself but also all Koreans welcome and honor her. In her special lecture to commemorate the award, she shared some essential questions that left strong impressions on us. Why is the world so violent and painful? At the same time, why is the world so beautiful? If nothing had happened, the story about the Nobel Prize would have been the top news in Korea for over a week.

Dec. 12, 2024

[Eric Planey] Turning point: a people-driven democracy in action

Last Monday night, with a blanket, popcorn and old throw pillows on our laps, my wife Jakyung and I settled into our shared evening couch routine of getting work done on the laptops while re-binging “Emily in Paris” on Netflix for fun and mindless background diversion. My task for that evening was to begin something I hadn’t done since 2018 -- write an op-ed for The Korea Herald. I have been intimately re-studying the economy in Korea for several months -- partially because my

Dec. 12, 2024

[Kim Seong-kon] How foreigners see Korea’s martial law incident

These days, those of us old enough to remember our history might be forgiven for having a terrible feeling of deja vu. The last time martial law terrified the South Korean people was in 1980, when General Chun Doo-hwan seized power through Korea’s second military coup and crushed the resisting people ruthlessly. Those of us who are over 50 now vividly remember those nightmare days when curfew was imposed, people were arrested without warrant and military tanks and armored vehicles were lou

Dec. 12, 2024

[Shang-Jin Wei] Institutional reforms China needs

The Chinese stock market has rallied recently in anticipation of another round of government stimulus. This is understandable, as the authorities have rolled out multiple monetary and fiscal stimulus packages to stave off deflation and boost GDP growth. But with public debt already well above historical norms, there is limited room for further fiscal intervention without risking a future debt crisis. Given this constraint, China should focus on policies that stimulate entrepreneurship, investmen

Dec. 11, 2024

[Grace Kao] Legacies of ‘Do They Know It’s Christmas?’

December 2024 marks the 40th Anniversary of the charity single, “Do They Know It’s Christmas,” a well-known Christmas song written by Sir Bob Geldof (Boomtown Rats) and Midge Ure (Ultravox). To celebrate it, its producers have recorded a new version of the single. Along with it has come renewed critiques of this song. The 1984 single prominently featured a who’s who of famous (mostly) British New Wave musicians of that era during the height of MTV. I remember anxiously wa

Dec. 10, 2024

[Lim Woong] The allure of the past vs. AI anxiety

With the relentless rise of AI-powered digital technology, we're seeing growing concerns about our students. These include their declining literacy as well as the ills of digital dependence, disinformation and deepfakes. When I ask my grad students about some toxic social scenes of digital addiction, their responses are pretty familiar: their own endless scrolling through short videos and social media, and the daily sight of everyone glued to their phones on buses and subways. These respons

Dec. 10, 2024

[Yoo Choon-sik] Unintended signals from untimely policy action

I don't like to look back on decisions I made in the past and think about how different things might be now if I had taken another path. For instance, I see little point in wondering how my life would have changed if I had attended a different university or not become a journalist. The same applies to economic policies. However, the timing of economic policy, as opposed to its content, is a different matter. In economic policies, timing is as important as, if not more important than, the co

Dec. 9, 2024

[Robin Abcarian] Biden's Hunter pardon unforgivable

It came as a surprise that President Joe Biden unconditionally pardoned his son Hunter, a convicted felon, after repeatedly vowing that he would not. For the past few months, each time Biden or his press secretary was asked whether a pardon was in the cards, they both emphatically said no. So much for one of the president's favorite lines, "I give you my word as a Biden." Hunter, who was facing a potential sentence of years in prison for tax evasion and lying on a federal firearms

Dec. 9, 2024

[Lee Byung-jong] Time to Join the G9

Amid the earth-shattering geopolitical changes of today, what should be South Korea’s new foreign policy objective in the coming new year? I would like to propose a membership of the G9 (Group of Nine). Together with Australia, Korea could try to become a new member of the rich countries’ club, currently limited to the G7 (the US, Canada, the UK, France, Germany, Italy and Japan). By joining the club, Korea can transform itself from a rule-follower to a rule-setter of global governan

Dec. 6, 2024

[Career Compass] Fun, fascinating and frustrating!

Nicola Weir is an environmental, social and governance, or ESG, expert whose career and adventurous spirit have taken her across the globe. Having lived in the UK, Indonesia, Singapore, Tanzania, Mozambique, Nepal and now in South Korea, she brings a wealth of experience to her role as a partner at Deloitte Korea. A people person with a warm laugh and a big smile, Nicola is known for her vibrant personality, passion for her work, and a strong network of friends and connections. I first met her l

Dec. 5, 2024

[Vitit Muntarbhorn] Labor rights and risks

The world of work is undergoing significant changes amid risks in a precarious setting. The polycrisis surrounding the workplace ranges from health risks from global warming and climate change, to political constraints and demographic changes with an aging population in several parts of the world. The challenge is thus to respond with more preparedness in the life cycle of existence, where work is a major contribution to not only human livelihood but also self-esteem with a sense of purpose and

Dec. 5, 2024

[Wang Son-taek] Why is democracy of South Korea so strong?

I was a 14-year-old boy when former President Park Chung-hee was assassinated in October 1979, and emergency martial law was issued. The martial law was imprinted on me as a fear that I could be shot dead if I left the house. I saw soldiers on TV equipped with guns deployed on the streets of Gwanghwamun, Seoul. I'm sure all Koreans my age have kept similar uncomfortable fears in their memories. When I heard the martial law news about 11 p.m. on Tuesday, I felt a chill flowing throughout my

Dec. 5, 2024

[Catherine Thorbecke] US should not restart the China Initiative

Donald Trump’s return to the White House is stoking fears that he could reinstate a failed program launched during his first term that aimed to crack down on Chinese espionage, but ended up becoming more of a witch-hunt. Doing so would not only be destructive to American innovation, but give China an upper-hand in the tech race. The China Initiative, launched in 2018, was an extensive national security effort intended to prevent intellectual property theft and the transfer of US technologi

Dec. 4, 2024

[Joseph E. Stiglitz] The Democrats’ only option

As the shock of Donald Trump’s victory sinks in, pundits and politicians are mulling what it means for the future of the United States and global politics. Understanding why such a divisive, unqualified figure won again is crucial for the Democrats. Did they go too far left and lose the moderate Americans who make up a majority? Or did centrist neoliberalism -- pursued by Democratic presidents since Bill Clinton -- fail to deliver, thus creating a demand for change? To me, the answer is cl

Dec. 3, 2024

[Sławomir Sierakowski] Has Angela Merkel no shame?

When Angela Merkel left the German chancellorship in December 2021, after 16 years in power, she had a credible claim to being one of the greatest politicians of the 21st century (so far). Now, after three years of deafening silence, and with her legacy in shambles, she is promoting her forthcoming political memoir. Her silence was more persuasive. She gave her first interview to the German weekly Der Spiegel, defending major policies that helped to shape Germany and Europe as we know them today

Dec. 3, 2024

[Lee Kyong-hee] Rudderless Yoon sails toward headwinds

South Korea has had 13 presidents since 1948. Those in the first decades tried to lift the nation out of war-torn rubble and perpetuate economic momentum, though they left a legacy of political repression. Their successors shared the overarching goal of strengthening the nation. And, despite their respective flaws and failings, they all strove to parry a nuclear-armed North Korea and global upheavals effectively. Today, we have a president who does not display any cogent vision or resolute purpo

Dec. 2, 2024

[Robert J. Fouser] Presidents and their ability to communicate

South Korean President Yoon Suk Yeol is ending this year badly. His approval ratings have been low throughout his term, but now stand at a paltry 26 percent, up only slightly from recent lows. Calls for him to step down or face impeachment and removal have spread. His wife is facing accusations of corruption and calls for her prosecution. Coming at the mid-point in his term, citizens are worried about a lack of leadership during the rest of his term. What went wrong? And what, if anything, can t

Nov. 29, 2024

[Wang Son-taek] What went wrong at the Sado mines

The Sado Mines Memorial Ceremony stands as a stark reminder of the unresolved historical tensions and diplomatic missteps between Korea and Japan. What could have been a meaningful step toward reconciliation instead became a diplomatic failure, highlighting the challenges both countries face in addressing their shared past. Understanding what went wrong is crucial for avoiding similar setbacks in the future and ensuring that historical grievances do not continue to hinder diplomatic progress. In

Nov. 28, 2024

[Howard Davies] Global banking rules finished?

Is it all over for Basel 3.1 (or what is known in the United States as the “Basel Endgame”)? Should we kiss goodbye the Basel Committee and the very idea of global banking-supervision accords that establish minimum capital requirements? Many informed people think so. The committee’s recommendations have long been assailed from all sides, especially the western shores of the Atlantic. In 2023, emboldened -- or perhaps stung -- by the failures of Silicon Valley Bank and a few oth

Nov. 27, 2024