The Korea Herald

Why fairness is essential for growth

Apr 22, 2012

Get ready for the tax wars.President Obama wants to raise taxes on the rich, setting a minimum tax rate of 30 percent on millionaires (the so-called “Buffett Rule,” named after billionaire investor Warren Buffett, who says it’s unfair that he pays a lower tax rate than his secretary).Mitt Romney, the presumed Republican presidential candidate, wants to lower taxes on the rich. He supports the House Republicans’ plan to cut the highest tax rate from 35 percent to 25 percent, thereby reducing the
One people, two very different Koreas

Apr 22, 2012

North and South Korea played their own distinctive games of power politics last week. The processes of leadership selection were enacted almost simultaneously, a coincidence that defined them so sharply as to provide a classroom lesson on the differences between the two systems.North Korea got all the publicity, not all of it because of the long-range missile it insisted on firing in the face of warnings to cease and desist. There was also the huge outpouring in Pyongyang for the centennial of t
The future of the Korean legal services industry

Apr 22, 2012

The recent Korea-U.S. FTA has not only resulted in a discussion of the pros and cons of such an agreement but a debate regarding the entrance of major international law firms into the Korean legal marketplace. What will be the impact on Korean law firms now that the major U.S. and European law firms announced they will soon open offices in Korea? Most of the international law firms have offices in Hong Kong, Singapore or Shanghai besides the U.S. and Europe and it is questionable if such firms t
Korea-U.S. FTA as opportunity for logistics providers

Apr 22, 2012

On March 15, Korea’s free trade agreement with the U.S entered into effect. While public opinion in Korea on the benefits of this agreement is still unsettled, Korean industries like electronics, pharmaceuticals and autos look forward to benefit as they expect an increase in imports and exports between the two countries. Various logistical changes have been implemented in Korea to cope with the effects of the FTA. For example, Korean based airlines like Korean and Asiana Airlines have introduced
[Gordon Brown] Education Without Borders

Apr 22, 2012

LONDON ― Every child has a right to an education. Yet millions of children are living in countries where that right is systematically violated as a result of armed conflict. It is time for the international community to stop this state of affairs by getting serious about its responsibility to protect education in all countries, irrespective of the barriers created by armed conflict.Education seldom figures in media reporting from conflict zones. Yet the effects are devastating. In eastern Democr
Chinese elite’s foreign ties pose risks

Apr 20, 2012

The downfall of former Chongqing party boss Bo Xilai has thrown the spotlight on China’s political elite and their increasing foreign connections.Bo’s political fate was sealed after his wife Gu Kailai was named as a suspect in the murder of British businessman Neil Heywood, who had business ties with the family and helped Bo’s son gain admission to prestigious schools in Britain.Unlike the cloistered China of yesteryear, many top Chinese politicians and their families now have overseas links. F
[Dominique Moisi] France’s election by default

Apr 20, 2012

PARIS ― Rousseau versus Hobbes: on the cover of the French magazine Philosophie, the two leading contenders in France’s upcoming presidential election, the incumbent Nicolas Sarkozy and the Socialist candidate Francois Hollande, are dressed up accordingly. “The real presidential contest” according to the magazine, pits the consensual and contractual vision of Rousseau (Hollande) against the violent “every man is a wolf to his fellow man” vision of Hobbes (Sarkozy).Philospophie’s take on the Fren
New worst-case scenario for once in 1,000 years

Apr 20, 2012

A panel of the Cabinet Office announced late last month that if a megaquake occurs in the Nankai Trough, a tsunami higher than 20 meters may hit 23 municipalities in six prefectures stretching from Kanto to Shikoku on Japan’s Pacific side. The prediction represents a worst-case scenario that happens once in 1,000 years.It may be difficult to build perfect defense against such a massive earthquake and tsunami; but, both the central and local governments must make utmost efforts to minimize damage
Realistic discussions needed on restarting nuclear reactors

Apr 20, 2012

Discussions on whether to restart the Nos. 3 and 4 reactors at Kansai Electric Power Co.’s Oi nuclear power plant in Fukui Prefecture appear to have strayed off course.How should the government ensure a stable power supply, a basic requirement for people’s daily lives? We want the government to figure out realistic measures on this issue in a cool-headed manner.Prime Minister Yoshihiko Noda and other ministers concerned recently held meetings during which they worked out new safety standards for
[Yayan G.H. Mulyana] Action plans for developing nuclear safety and security

Apr 20, 2012

In a letter from 1939 to then U.S. president Franklin D. Roosevelt, in the wake of Germany’s pursuit of uranium-based weapons, Albert Einstein advised the president to secure a supply of uranium ore for the U.S. and expedite the country’s nuclear experiment. Through a series of processes, Einstein’s advice led to the Manhattan Project, which conducted the first nuclear-bomb test. But after knowing that the use of nuclear bombs over Hiroshima and Nagasaki had caused unprecedented horror in terms
Iran’s Last Chance?

Apr 20, 2012

The latest round of negotiations on Iran’s nuclear program between Iran and the so-called “5+1” group (the United Nations Security Council’s five permanent members -- the United States, the United Kingdom, Russia, France, and China -- plus Germany) has now begun. Following more than a year of deadlock, after negotiations in January 2011 led nowhere, this dialogue is for many the last chance to find a peaceful solution to a nearly decade-long conflict (in which I participated closely from 2006 to
North Korea makes a big leap backwards

Apr 19, 2012

In his first public speech yesterday, North Korean leader Kim Jong-un praised his father Kim Jong-il’s “military first” policy. He was speaking during celebrations to mark the 100th birthday of his late grandfather and North Korea’s founder Kim Il-sung.But the hard truth for the impoverished country is that the regime’s recent missteps have served only to aggravate its isolation.Defying warnings from the global community, Pyongyang conducted its third satellite launch last Friday. The blast-off
[Amar Bhide] Debt reckoning awaits Europe

Apr 19, 2012

BOSTON ― Saving the euro, say the sages of the global economy, requires radical steps. The OECD recently called for a large European firewall ― a mega-bailout fund for troubled governments and banks. Others argue for integrating taxes and borrowing in the eurozone and shedding weak members, like Greece, that struggle with a strong currency. But tall firewalls, fiscal union, or homogeneity of membership are neither necessary nor desirable. What is needed are mechanisms that recognize and accommod
Europe needs to reform its social model

Apr 19, 2012

Forget Europe’s debt disaster for a moment and look instead at a few numbers that dramatize the underlying problem. Unemployment in the euro area just climbed to a record of almost 11 percent. Do we blame the financial crisis and its aftermath? Europe didn’t do much better before 2008. Even before the crash, the jobless rate was stuck at between 7 percent and 8 percent, not exactly full employment. So Europe’s problem is older than the fall of the House of Lehman. Now slice the data another way.
HOPE epitomizes marvels of a voluntary society

Apr 19, 2012

At the risk of using one too many Annie references (which is to say, one), it’s natural, upon becoming aware of the hard-knock life which orphans face, to suggest that someone should help them. Most of the time, however, this “someone” means “someone else,” whether it be the government, corporations, rich people, or simply “anyone but me.”Such was not the reaction of Joohwan Baek, who, upon becoming aware of the challenges faced by Korean orphans, as well as the barriers facing foreigners who wi