Must-Read Books for Future Presidents

"Small Government" (written by Jang Jeong-gil and Kim Seong-soo) has topped the list of books a future Korean president should read, according to the results of a survey released yesterday.

The Center for Free Enterprise (CFE) unveiled the results of a survey of 50 professors of economics teaching in 34 universities on philosophies for running administrative affairs and carrying out economic policies of a future president.

When the professors were asked which books they wanted to recommend for the next president, 23% of them said “Small Government,” followed by “Revolutionary Wealth” by Alvin Toffler (19%), and “Principles of Economics” by Gregory Mankiw (15%).

The CFE thinks that many economists would like to see the president “form a small government, make the country prosper, and abide by basic market principles found in economics textbooks.”

Sixty-three percent of the respondents said the next president should emulate Margaret Thatcher and focus the government’s energy on growing the economy, and 29% of the respondents said the next economy minister should be modeled after Jack Welch, former CEO of General Electric, who carries out bold restructuring efforts and responds sensitively to changes.

The economy was cited by the most (88%) as the area with the most challenges to address, and the biggest problems were noted as low growth trends (52%) and a lack of job creation (44%). Deregulation (70%) was agreed upon by economic experts as the most pressing need. The rule of law and regulations to be observed in the face of illegal strikes was citied the most critical (70%) in order for the labor market to develop. The professors suggested the elimination of the “three-no policy” (bongosa college entrance system, high school ranking system, admissions by contribution), balanced regional development policy, and real estate policy.

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