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&#91EDITORIALS&#93Corporate distaste

Published: 27 Apr. 2003, 23:53

Koreans hold very negative views on corporations, according to a recent survey the JoongAng Ilbo conducted among Koreans, Chinese and Japanese. The majority of Koreans answered that they see no relation between the prosperity of corporations and the well-being of people. Koreans also held negative opinions about wealth and the flexibility of the labor market.
It comes as a shock that Koreans, who live in a capitalist country, were more disapproving of corporations and the market than the socialist Chinese.
Companies themselves have to admit their share of responsibility, particularly seen in the recent tax dodging or book-rigging scandals. But we take the fact seriously that anti-corporate sentiment is so widespread in a capitalist country.
We must ponder: Why are such negative views so pervasive? There is an excessive yearning for equality throughout our society, and the customary practice of stigmatizing entrepreneurs with political motives may have worked comprehensively.
Companies exist to pursue maximum profits through honest production and management, creating jobs, paying taxes and ultimately serving the best interests of a country.
Without companies, there is no economic activity, and countries will find it hard to sustain themselves. When companies work for the good of all, jobs are created, which leads to more consumption, which contributes to the boosting of the economy. That is the normal cycle that leads to the betterment of the general public and society. In Korea, the number of unemployed currently is 800,000, and one out of 12 young people cannot find a job, because companies cannot provide necessary jobs. We all have to make an effort to spread the concept that the interests of companies are the interests of the general public.
Whenever there is a change in the government, politicians point to the motives of conglomerates, which aggravates the public’s anti-business view. Such behavior is against the best interests of this country. Corporations, the general public and the country are one.