Crises such as wars, depressions, natural disasters and pandemics can reveal differences in how effectively a society organizes itself. In the 1600s and 1700s, for example, Britain’s more advanced tax system allowed it to outspend Spain and France, while Prussia’s efficient army let it overcome larger opponents such as Austria. In the American Civil War, the Union’s industrial prowess allowed it to outlast and overwhelm the agrarian Confederacy. Pandemics aren’t quite th

Since the outbreak of the coronavirus pandemic, some democracies around the world have used technology to avoid having to impose draconian mass quarantines that were common earlier this year in China. That’s reassuring -- and it’s also worrying, because the very strategies that can help fight a plague can also be abused once it’s over. Consider Taiwan, where an “electronic fence” allows local police to make regular phone calls to everyone who is home under quaranti

Undoubtedly, these are uncomfortable times for all Asians living in the West. For the unprecedented global pandemic that has recently devastated the earth, many Westerners blame China. Yet, even if the virus originated in China, the Chinese people are not themselves to blame for the existence of the virus. Moreover, in the eyes of many Westerners, all Asians look alike, and therefore, any Asian on sight can be an object of hate and derision in Western countries. To make matters worse, Westerners

Measures to contain the spread of COVID-19 are upending every corner of economic life, bringing entire industries to a standstill across the world. What happens in the broader economy has a massive impact on the banks that oil its wheels; and financial regulators have -- rightly -- responded swiftly. The supervisors should ponder their next moves carefully, however. It is essential to soften the blow of companies and people not being able to repay their debts, as income evaporates. Lenders will

Pummeled by the coronavirus, China Inc. now faces another disruption: a global shortage of dollars. Chinese companies are looking at $120 billion of debt repayments this year on their US dollar denominated debt. Real estate developers and industrial companies make up three-quarters of the outstanding $233 billion of junk-rated bonds. There’s another $563 billion of higher-rated debt. The question isn’t just whether they’ll be able to pay their debt. It’s worth wondering

Reading the news on secret chat rooms on Telegram where videos of sexual exploitation were traded feels like wading through filth. So much so, I consciously stayed away from it as much as possible until Wednesday, when it was no longer possible. Leaving Jongno Police Station in Seoul on Wednesday, Cho Ju-bin stood in front of a photo line for the press. Without a mask or cap to cover his face, there stood the 24-year-old man who is alleged to have blackmailed dozens of women and minors into f

History shows that even raging wars do not restrain politicians’ fervor for power. The nation is now at war against the new coronavirus. Guns are not being fired, but so many warriors in imperfect protective gear are fighting an invisible but ubiquitous enemy while casualty numbers are updated on a daily basis. Despite the atmosphere of public desperation and panic, politics goes on in full vigor ahead of parliamentary elections. During the Korean War, President Syngman Rhee carried out t

Shang-Jin Wei

When my local supermarket opened for business at 6 a.m. the other day, I had my plan of action in place. The instant the door was unlocked, I hurried to the pharmacy aisle, where I found, to my surprise and delight, three bottles of rubbing alcohol. But now I faced a puzzle. Should I play homo economicus and buy them all? Should I follow the Lockean proviso and leave as much and as good in common for others? Torn by competing priorities, I bought two of the three bottles, leaving the third for

Due to the recent coronavirus outbreak, we are now unable to travel to foreign countries freely. Some time ago, however, a South Korean could visit virtually any place on earth and feel at home wherever he went. For example, he could watch Korean movies and television shows on Netflix or Amazon anywhere, anytime. Korean cuisine and groceries were available everywhere. He could even drop by a karaoke room, easily available in many foreign cities, to sing his favorite Korean songs. As someone wh

For much of the world, oil wealth is a curse. Endowed with ample reserves of hydrocarbons, the likes of Nigeria, Angola, Kazakhstan, Mexico and Venezuela frittered the benefits away. Only in the Persian Gulf has oil been a nation-building blessing. The discoveries of petroleum in the mid-20th century turned an anarchic, desperately poor region into one of the most affluent places on the planet. Qatar, Kuwait and the United Arab Emirates are all richer than Switzerland. Even Saudi Arabia, Bahrai