As to the radio interview noted below with Jomo on Korea:
I heard that interview and think that Jomo seriously mischaracterized the Korean situation. First he spoke of recovery and continued strong growth. The Korean economy was basically in recession the first half of last year. This year domestic consumption and investment have been falling. The economy is growing only because of exports and those increasingly to China. Now that China is trying to slow its economy there are fears of the country slidding back into another recession. The domestic consumption that helped carry the recovery for a period, 2001-2002, was largely based on a massive credit card spending explosion. People are now unable to pay debts and the financial system is shaky. The result has been a decline in consumption spending and government bailouts..
As for the president, he has low approval ratings, and remains strongly in favor of free market reforms, proposing among other things the creation of special economic zones for foreign companies where labor and environmental laws will be greatly reduced. He is also for greater labor flexibility which means greater freedom for companies to fire workers. The labor movement has gained little from him, which is why they are strong supporting the new Democratic Labor Party.
Marty
--On Monday, July 19, 2004 10:25 AM -0700 Michael Perelman <[EMAIL PROTECTED]> wrote:
Doug's radio interview with Jomo also touched upon the Korean experience. He also attributed the change in Korean politics to the strength of the union movement.
How have unions been more successful there than in the US? -- Michael Perelman Economics Department California State University Chico, CA 95929
Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu
