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Collection of economic columns published

Posted February. 19, 2001 19:48,   


External economic and trade ambassador Sakong Il, who previously served as a presidential secretary and minister of finance, recently published “The World Does Not Wait,” a collection of columns written since 1993.

The book contains the author`s view of the government`s approach to the new international order, called the new liberalism, his take on the globalization trend and the new international financial system, and his opinion on tripartite cooperation among Korea, China and Japan.

Sakong expresses his preference for a market-oriented economy, insisting on the need for an “economy-oriented president” and market opening as opposed to the past tendency toward building a “kingdom in seclusion.”

He also calls for reforms of laws and systems to facilitate the easier introduction of capital and technology, the preparation of systematic audit and accounting standards that conform to international norms, and the restructuring of financial companies to prevent them from being used as pawns in political gamesmanship.

The author cites the “moral laxity” of large enterprises as a key factor in the 1997-98 economic crisis and blames structural problems stemming from a weak economic system, including poor job retraining programs, as the main reason for chronic unemployment.

Sakong says the nation has to realize that national competitiveness lies in educational reforms and the creation of a system that fosters competitive manpower.

Yun Jeong-Hoon digana@donga.com