[Letters] Making more efforts for national integration

As the Korea JoongAng Daily reported, the glorious accomplishments of the young Korean athletes at the London Olympic Games made every Korean citizen happy. We also rejoice over the success of K-pop around the world and cultural dominance the young artists have achieved.

Western supremacists used to think Korea would not be so successful in the steel, automobile and semiconductor industries. But today, appliances and automobiles by Korean companies are omnipresent in streets and homes around the world. Recently, Moody’s Investors Service upgraded the Republic of Korea’s sovereign rating from A1 to Aa3, on par with China and Japan, the second and third largest economies in the world.

In fact, there is no other country in the world that has accomplished solid industrialization and democratization from extremely challenging circumstances in such a short period of time since the age of geographical discoveries in the 15th century. So Koreans deserve to feel proud of Korea’s glorious accomplishments.

However, other countries have already begun holding Korea’s growth in check. As Japan is declining, it is picking fights by bringing back the old order of East Asia. The jury verdict of the battle between Samsung Electronics and Apple is not unrelated. They are checking on Korea out of jealousy and envy, and to save their jobs. Unless the global economy takes an upward turn for recovery, the check on Korea is likely to continue.

We need to maintain stability and growth and create a society where every member can be content and prosperous. We should seriously contemplate social issues such as polarization, growth without employment or aging of the population. We will have to make more efforts for national integration to mend the discord and divisions created by these problems. Moreover, we need to pay more attention to global issues and make due contributions as a responsible member of the international community. Historically, countries that have created values were able to maintain their leadership longer.

by Park Bun-soon Chief economist at Samsung Economic Research Institute