[LETTERS TO THE EDITOR]Follow Ireland’s example

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[LETTERS TO THE EDITOR]Follow Ireland’s example

The editorial “Ten crucial years” (July 1) could have been much more useful had it proposed a guideline that the Roh administration should follow while deciding economic policies. In my opinion, neoliberalism seems to be the very method that it should adopt.
Ireland, the country with the second-highest per capita GDP in the European Union member nations, exemplifies the success of neoliberalism. Ireland once adopted protectionism to secure its economic status, but it weakened the competitiveness of its economy. Then the Irish government embarked upon economic reforms, and supported businesses by slashing corporate taxes and producing a well-educated work force. Thus, the country that was known for emigration, famine and civil wars for hundreds of years became a magnet for multinational corporations and foreign direct investment. This is an extremely relevant example for Korea.
As the Samsung Economic Reserach Institute reported, the next decade will shape Korea’s long-term future. In order to make this significant period an opportunity, Korea should pursue neo-liberalism. By doing so, Korea will be able to become a full-fledged industrialized country after all.

by Yoon Yon-jong
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