Where sectors are protected, as is food processing in Japan or telecommunications in Germany, productivity is dreadful. To successfully carry her through to the 21st century, South Korea needs to implement sound monetary policies, slash tariffs, remove the Chaebols favoured economic status in other words, decartelise the economy and let the market rule. Wherever Koreans have settled they have proved themselve to hardworking, intelligent and enterprising. A credit to the countries they have settled in. In moving against the Chaebols, President Kim has clearly demonstrated that he knows what is at stake.
Success means releasing the entrepreneurial spirit of the Korean people.
The rewards are beyond imagination.