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After the Korean War (1950-1953), South Korea was one of the world's poorest countries with its GDP per capita below $100. After only 43 years, it was able to become a member of the Organization for Economic Co-operation and Development (OECD), and it recently joined the "30/50 Club," a group of countries with a gross national income (GNI) of over $30,000 and a population of over 50 million. South Korea is the latest to join the ranks of the United States, the United Kingdom, Italy, France, Japan, and Germany, making it the seventh member of the 30/50 Club.
To commemorate this milestone and explain how Korea achieved such a feat, author Hong Sang-Hwa published the book, "30/50 Club: A Dialogue on S. Korea, U.S., China, and N. Korea" which was recently translated into English.
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| "30/50 Club: A Dialogue on S. Korea, U.S., China, and N. Korea" by Hong Sang-hwa |
Hong has published over 15 books, and is considered one of the nation's most popular authors. The book has received attention for its in-depth focus on the relationships between South Korea, the US, China, and North Korea. Divided into four main sections, this book examines the political and economic landscape from the post-war period to the ongoing US-China trade war.
The first half of the book is dedicated to comparing the leadership in South Korea to that of the US. He points out the stark contrast between the two, whose success rates have moved in opposite directions. While Korean leaders have guided the country to economic growth through developing an export-based economy, US politicians have led the country on a "road to failure," resulting in the country's debt of $21 trillion. Other factors of Korea's economic rise include the nation's ability to halt military interference in politics and overcome the Asian Financial Crisis which hit the continent in 1997 and 1998, while the US's decline can be further attributed to its plutocracy and over-dependency on financial capitalism.
"If I am allowed to express my personal opinion," says Hong, "an extremely competitive college admission system […] a fair military service system […] a fierce spirit of personal competition, and most importantly, industrious work ethic" are some of the key factors of Korea's success.
Hong then describes in parts three and four the power dynamics between South Korea, the US, China and North Korea, and how they have a domino effect on each other. For example, he argues that while the trade war between China and the US primarily takes place between those two countries, its origins lie in the North Korean nuclear crisis in 2017, when an intercontinental ballistic missile test gave way to a hydrogen bomb scare. Following China's sanctions on North Korea, which took place under Beijing's obligations to the UN Security Council, Kim Jong-un had no choice but to launch his denuclearization objective. Trump then used the economic war as a platform to resolve this nuclear crisis.
Despite his unwavering criticism, Hong recognizes the difficulties faced by all four countries. The book does not place blame on any one country for today's world economic problems, but rather explains and highlights how even throughout oscillating political and economic tensions, South Korean leaders have remained steadfast in their vision to push for economic development. It is through their efforts that South Korea was able to join the 30/50 Club and be recognized as one of the world's strongest economies of 2019.
Jin Yu-young is a Korea Times intern.
