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Crisis Of Korean Economy

Jeong Gue-sun, President of FWR

Korean economy is falling down again. It makes us to remember the bad memory which was IMF, all Korean people had been distracted and more than 2 million workers had kicked out in the end of 1997.
Two weeks ago after breaking the negotiation between capital and labor of DAEWOO Motor Co., it was decided to be dishonored at last, and then already a part of factories stopped to work and workers had one month vacation without salary in roundly. Then it is expected to the related dishonor and firing of workers in large quantities of the second-company. And Hyndai group, one of big chaebol also is not safe. Hyundai Construction Co. which has lead Hyndai Group is facing to be dishonor.
It is impossible to avoid for chaebol to be dissected in the process of restructuring of Korean economy. Korean chaebol was born in the process of high speed Korean economic development after 1960s. At that time Korean government decided the economic policy not to educate many strong medium companies but to support some companies because they had to show the fruits to the people in short time. Then these companies had been grown like enormous monster by the supporting from government, example special low rate loan and tax. The crisis of these chaebol which controlled all part of Korean economy is the crisis of Korean economy exactly.
But the problem is Korean government decided the way of restructuring in last two years was to support the chaebol which was faced crisis, and it reveals correct now.
The restructuring of Korean economy will be done not for some chaebol or companies but for people's satisfied lives. But now hundred and thousands workers lost their jobs and deprived their lives and broken their families during the restructuring process, economy of peoples as the foundation of country is broken down.
As like the words "even company crack down, the owner is survival", we saw so many companies closed and workers lost jobs, we could see the owners still be well.
Then now the restructuring of Korean economy has to recover the foundation and system of economy. If not all workers have to be sacrificed by the name of restructuring. The economic crisis will give affection to migrant workers in Korea also. Even though migrant workers had to face serious condition in last IMF crisis, migrant workers couldn't get any protection from others because of Korean's consciousness of crisis. We have to learn the wise as when the situation will be bad. Because it will turn to me later.