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[The Seoul Economic Daily] The Retreat of Globalization and Our Future

Press Releaseㅣ2020-11-09 10:41
Below is the translated version of a recently published article on The Seoul Economic News, written by President WonKi Min. During an eight-week period, a new article written in Korean by President Min will be published weekly on The Seoul Economic Daily News.


[The Seoul Economic Daily]

The Retreat of Globalization and Our Future

It took two months and nine days for Columbus to leave Spain and arrive at the New Land in 1492. Now, it only takes seven hours and forty minutes to fly from Madrid to New York. We live in a world where it takes only about a day to travel to any country on Earth. The number of international tourists increased from less than 50 million people in 1950 to 1.4 billion in 2018 and the global trade volume, which temporarily declined in 2008 due to the global financial crisis, has continued to grow steadily until 2019 after recovering from the 2011 financial crisis. The globalization phenomenon, which means the expansion of goods, services, manpower, capital, data and cultural exchanges between countries, is a representative trend of the times that has penetrated modern history since the mid-20th century.

 

The development of transportation, Information and Communications Technology like the Internet, international trade under the World Trade Organization (WTO) system, and the change in the international political order represented by the United Nations has increased globalization. Globalization provided opportunities to leap forward to individuals, enterprises, and countries. South Korea has also been able to achieve national development through export-oriented economic growth known as the “Miracle of the Han River” in the course of globalization. However, the outbreak of COVID-19 has caused a tremendous shock to this globalization. According to The Economist, travelers to Heathrow Airport in the United Kingdom decreased 97 percent year-on-year as of April 2020. Also, the International Monetary Fund (IMF) and WTO predicted that global foreign direct investment will fall 30~40% and global trade to 10~30% in 2020 compared to the previous year. The degree of the continuation of COVID-19 will significantly affect the trend of globalization.

 

However, we must note that globalization has been retreating before COVID-19 and it is highly possible that it will keep retreating after COVID-19. Regardless of COVID-19, the expansion of globalization seems difficult to expect in the future, considering the expansion of trade disputes between the U.S. and China, Britain's decision to leave the European Union, the policy of attracting foreign companies to foreign markets, and the reduction of investment in low-wage areas due to the expansion of automated facility investment.

 

In fact, many global indicators such as trade volume, direct investment abroad, and international fund distribution have not recovered to their highest levels in 2007 and The Economist calls this by a new word, ‘Slowbalization.’ South Korea, which has prepared a turning point for national development in the process of globalization, should closely analyze the impact of future changes in international order on all sectors, including our economy, society, and politics, and come up with strategies for national development to continue economic development and expand its international influence in the post-Corona international order.

1) Click here to read the original article: https://www.sedaily.com/NewsView/1ZA9ZONDAP 

2) Click here to read the second article about "Compromise Aesthetics": https://www.sedaily.com/NewsView/1ZAD7DV2B7

3) Click here to read the third article about "Surveillance Capitalism": https://www.sedaily.com/NewsView/1ZBJ1DB7P8

4) Click here to read the fourth article about "South Korea, as a leading country in AI": https://www.sedaily.com/NewsView/1ZBM93EMWU 

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