Are there comrades on these lists from South Korea, or
involved in solidarity work? I'm making my first trip
there next week, and am curious about political-intellectual
traditions behind -- and practical implications of -- the
following excellent excerpts from movement leaders there:
The intensification of the fantastic and
imperialistic neoliberal offensive and the economic
crisis is the dual expression of one entity: the
overaccumulation (overproduction) of capital since
the 1970s. The global economy is characterised by
overproduction and a decline in the rate of profit.
Efforts of capital are concentrated on increasing
the rate of profit, leading to greater
monopolisation. And the global monopolies and their
metropoles are intent on driving out state
intervention in the process of reproduction. This is
what is undertaken under the name of "deregulation."
Furthermore, the decline in the rate of profit
due to overproduction has meant that capital can no
longer find sufficiently profitable areas for
investment in production or distribution. This has
forced capital to turn to speculation. The birth of
mammoth speculative capital, fostered by the changes
in global financial practices, has transformed the
system into a "casino capitalism."
Koh Young-joo
General Secretary, Korean Confederation of Trade Unions
March 1999
The ship of Korean economy was wrecked in the high
sea of capital globalization. We have tried to
repair the ship prior to anything else, only to
realize that it is hardly enough to rectify the
problematic situation. The high sea exonerating no
ship to remain safe, we cannot help but think of
having such safety systems as a typhoon-alarming
equipment or pirate-defensive armaments ready for
any upcoming disaster. It is a time, in other words,
to direct our attention not only to the
restructuring of domestic economy but to that of the
world financial system.
In the rapid currents of globalization, which
effectively erase the traditional demarcation
between the inside and the outside, a fire beyond
the river turns itself quickly enough into a fire on
our own houses. The credibility game of borderless
capital drastically narrowing down policy choices of
national governments, the potential power of the
world citizens is the only hope left for the
renovation of the current, deeply destabilizing,
world financial order. Now is a time, therefore, for
the citizens of the world to put the question of the
world economic justice on the agenda of global civic
movement. It is not only a mandate of our own age
but also an important focus of global civic society.
Kim Young-ho
Chairperson, Taegu Round Korea Committee
September 1999
Patrick Bond
(Wits University Graduate School of Public and Development Management)
home: 51 Somerset Road, Kensington 2094, Johannesburg
office: 22 Gordon Building, Wits University Parktown Campus
mailing address: PO Box 601 WITS 2050
phones: (h) (2711) 614-8088; (o) 488-5917; fax 484-2729
emails: (h) [EMAIL PROTECTED]; (o) [EMAIL PROTECTED]
