411 Professors, Publicly Announcing Economic Emergency

Approximately 400 nationwide university professors in the economics·business administration·science of public administration fields warned the crisis the Korean economy is facing through their announcement of the current situation the economy is in, and urged the president and government to recover their economic leadership and for a consistent economic policy.

Professor Kim Pyung-ju of the economics department in Sogang University and 10 other senior and middle standing professors held a press conference yesterday at the Korea Press Center in Seoul Joong-gu and announced the statement 411 professors had signed to under the title ‘It is now the time for economics’.

Professors had publicly announced the current situation on the political and social pending matters over the time, but to focus on the economy and the many professors bringing out their opinions publicly was the first ever since the founding of the country.

Professors cautioned “The Korean economy is standing at a crossroad either pointing to a rise or fall, the national economy management system is falling into confusion, and the growth power is dying. If the time is wasted, the economy will slowly collapse, and we will become a ‘failure’ inside the recovering worldwide economy.”

The professors examined that △politicians advocating political intentions △interested organizations trying to collect only their advantages △opportunism inducing slackening moral ethics △amateur passion are agitating the economic crisis.

Following, it was urged “Investment enlargement and job creation should be carried out to overthrow the crisis the Korean economy is going through. As for ‘detailed actions’, the president should strong intentions to recover the economy and keep consistency on policies.”

The professors requested the National Assembly to settle bills concerning public welfare including the ROK-Chile FTA(Free Trade Agreement) ratification as soon as possible, the prosecutors to conclude the investigation on the presidential election funds strictly but swiftly, and the labor and capital for job creation and stable pay, respectively.

Meanwhile, Professor Kim stressed “If the professors’ cordiality is not taken in, we will take active and organized actions such as informing the current situation of the economy through national open forums.”

Professor Lee Young-son of Yonsei University, Lee Jae-woong of Sungkyunkwan University, Lee Chun-pyo (all former presidents of the Korean International Economic Association) headed by Professor Kim, former president of the Korean Economic Association, attended the press conference that day.

Major society presidents including professor Lee Woo-yong (president of the Korean Academic Society of Business Administration) of the business administration department at Sogang University, Yu Jang-hee (president of the Korean International Economic Association) of the economy department at Ewha Womans University), Kim Suk-jun (president of the Korean Association for Public Administration) of the public administration department at Ewha Womans University participated in the signing.

Joong-Hyun Park sanjuck@donga.com