Left Forum 2018
23 hours ago
’Foreign investors can freely buy our entire financial sector, including 26 banks, 27 securities firms, 12 insurance companies and 21 merchant banks, all of which are listed on the Korean Stock Exchange, for just 5.5 trillion won,’ that is, $3.7 billion. (3)
I will boldly open the market. I will make it so that foreign investors will invest with confidence; in a mass rally he confirmed his unbending support for the IMF Pain is necessary for reform and we should take this risk as opportunity. (4)Succumbing to political pressure, Kim Dae jung, a former dissident, political prisoner and starch opponent of the US backed military regimes of Park Chung Hee and Chun Doo Hwan, had caved in to Wall Street and Washington prior to his formal inauguration as the country’s democratically elected president. In fact Washington had demanded in no uncertain terms that all three candidates in the presidential race commit themselves to adopting the IMF programme.
Chaebol’s are conglomerates of many companies clustered around one holding company. The parent company is usually controlled by one family. In 1988, the 40 top chaebol grouped a total of 671 separate companies. Hyundai and Daewoo are examples. They produce widely differing products, everything from cars to TV sets. Chaebols do not, and this is important, control banks. (What is a chaebol?, at http://megastories.com/seasia/skorea/chaebol/chaewhat.htm)The latter had been invited to establish strategic alliances with foreign firms meaning their eventual takeover and control by foreign capital. Acting directly on behalf of Wall Street, the IMF had demanded the dismantling of the Daewoo Group including the sell-off of the 12 so-called troubled Daewoo affiliate companies. Daewoo Motors was up for grabs. Korea’s entire auto parts industry was in crisis leading to mass layoffs and bankruptcies of auto-parts suppliers. (8)
Kim Dae Jung’s strategy is to help Pyongyang with aid and development, tap its cheap labor and build goodwill and infrastructure that are also in South Korea’s interest Everyone has to keep up the pretense that nothing will happen to the North Korean regime, that you can open up and keep your power and we’ll help you make deals with the International Monetary Fund and World Bank… But ultimately, we hope it does undermine them. It’s the Trojan horse. (13)The government of Nobel Peace Laureate President Kim Dae jung had set the stage on behalf of Washington. With US military might in the background, the promise of reunification, to which all Koreans aspire, could lead to the imposition of so-called free market reforms on Communist North Korea, a process which would result in the recolonization and impoverishment of the entire Korean peninsula under the dominion of American capital.