Four times in the past century, a large chunk of the industrial world has fallen into deep and long depressions characterized by persistent high unemployment: the United States in the 1930s, industrialized Western Europe in the 1930s, Western Europe again in the 1980s, and Japan in the 1990s. Two of these downturns – Western Europe in the 1980s and Japan in the 1990s – cast a long and dark shadow on future economic performance. In both cases, if either Europe or Japan returned -- or, indeed, eve

The loser wins. That’s the way it can go in presidential elections. Especially when the ballot involves a likable incumbent who happens to be failing when it comes to his task of helping the U.S. economy. In the case of President Barack Obama’s campaign for re- election, the loser the president most resembles is the one he evokes with his radio addresses: the great radio president, Franklin Delano Roosevelt. Roosevelt came into office in 1933 on a ticket of recovery. Neither employment nor the s

Korea is sometimes called a one-shot society. More correctly, it is a “high-stakes” society. Korean youth face a colossal tournament consisting of three rounds: advancement to a rigorous high school, a top college and then one of a few renowned corporations. Winners take it all ― enjoying generous compensation and perks including public respect, a five-day workweek, paid holidays, free medical check-ups and maternity leave. The rest of society, notably the “office workers,” must put up with poor

In the year since Japan’s devastating earthquake and tsunami, the nation’s many deficits have been cast in stark relief. The budget deficit is widening as the cost of rebuilding the northeast mounts. The growth shortfall is worrying politicians more than ever and making it hard for Yoshihiko Noda, the sixth prime minister in five years, to keep his job. Deflation is a chronic downer. News that the trade gap disappeared last month was, for now at least, a rare hint that better days may lie ahead.

The election of Hong Kong’s third chief executive under Chinese sovereignty followed a well-worn pattern. The candidate favored by Beijing won. Earlier, however, there were some twists to the script. Just when the race appeared to be on auto-pilot, there surfaced revelations one would associate with boisterous democratic contests elsewhere. This will boost the expectations of Hong Kongers to directly elect their leader one day. But the overriding concern now is for administrative certainty so th

The second Nuclear Security Summit, which is being held in Seoul, is aimed at preventing nuclear terrorism.Top leaders and Cabinet members from 53 countries are participating in the summit, along with representatives from the United Nations and three other international organizations.The summit is considering what specific measures must be taken to prevent potential nuclear menaces from threatening world security.The leaders taking part in the summit must press North Korea, a country with a nucl

Election fever is gripping the nation, as official campaigning for the April 11 parliamentary election has started. Some 920 candidates will campaign boisterously in 246 electoral districts across the nation for 13 days from Thursday to the eve of polling.The temperature of the election fever is unusually high. One indication is the expected high voter turnout. According to a recent survey conducted by the National Election Commission, 56.9 percent of the respondents said they would “definitely”

Korea is one step closer to participating in Vietnam’s nuclear power construction project. According to the Ministry of Knowledge Economy, Korea has concluded an agreement with Vietnam to conduct a preliminary feasibility study on building a Korean-developed nuclear power plant in the Southeast Asian country. The deal was agreed between President Lee Myung-bak and Vietnamese Prime Minister Nguyen Tan Dung on Wednesday following the Nuclear Security Summit held in Seoul. According to the ministry

The election of Hong Kong’s third chief executive under Chinese sovereignty followed a well-worn pattern. The candidate favored by Beijing won. Earlier, however, there were some twists to the script. Just when the race appeared to be on auto-pilot, there surfaced revelations one would associate with boisterous democratic contests elsewhere. This will boost the expectations of Hong Kongers to directly elect their leader one day. But the overriding concern now is for administrative certainty so th

The two-day Seoul Nuclear Security Summit ended on Tuesday, with the leaders of 53 nations signing a document translating the political pledges on combating nuclear terrorism into concrete action plans. The leaders adopted the Seoul Communique at the end of the final session, which emphasized that participating countries have made “substantive progress” on the political commitments made at the first summit, but that sustained efforts are required to “address the issues of nuclear safety and nucl

The second Nuclear Security Summit, which is being held in Seoul, is aimed at preventing nuclear terrorism.Top leaders and Cabinet members from 53 countries are participating in the summit, along with representatives from the United Nations and three other international organizations.The summit is considering what specific measures must be taken to prevent potential nuclear menaces from threatening world security.The leaders taking part in the summit must press North Korea, a country with a nucl

In the year since Japan’s devastating earthquake and tsunami, the nation’s many deficits have been cast in stark relief. The budget deficit is widening as the cost of rebuilding the northeast mounts. The growth shortfall is worrying politicians more than ever and making it hard for Yoshihiko Noda, the sixth prime minister in five years, to keep his job. Deflation is a chronic downer. News that the trade gap disappeared last month was, for now at least, a rare hint that better days may lie ahead.