Economic democratization could be just discourse: Sorman

Guy Sorman, French economist and professor at Paris Institute of Political Sciences, said Tuesday that economic democratization could be nothing but a discourse, dealing a blow to Korea`s political sector. He also said presidential pledges on welfare should be made in a cautious manner.

In a lecture at Lotte Hotel in central Seoul, he criticized Moon Jae-in, the presidential candidate of Korea`s main opposition Democratic United Party, for pledging to create more jobs for the sake of economic democratization and welfare, adding "Thoughts without action are just thoughts."

The event was hosted by the Institute for Global Economics and sponsored by Samsung Electronics.

“Moon made pledges that he will create more jobs if elected president. I`ve never seen a government creating jobs except in the public sector. Artificially subsidized jobs are useless," Sorman said. More in-depth discussions are necessary, he said, and thinking of how to increase and support innovative companies is also important.

The French economist added that Korea should consider its conditions in introducing welfare, saying welfare systems mean redistribution of wealth. The country must also pursue change but the difficulty lies in seeking balance, he added.

Korea should seek to maintain growth and upgrade the level of social justice, Sorman said. Economic democratization has been discussed but under a vague concept, and concrete discussions are needed on the guaranteed rights of welfare beneficiaries, he added.

On Japan`s claim to Korea`s easternmost islets of Dokdo, Sormon said, "As both countries are surrounded by unpredictable countries such as North Korea and China, they must share long-term common ground on agenda including national security and economy, hinting at the importance of bilateral cooperation.

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