[Mariana Mazzucato, Ilan Strauss] The algorithm and its discontents

In a new lawsuit in the United States against Meta, 41 states and the District of Columbia argue that two of the company’s social-media products -- Instagram and Facebook -- are not just addictive but detrimental to children’s well-being. Meta is accused of engaging in a “scheme to exploit young users for profit,” including by showing harmful content that keeps them glued to their screens. According to one recent poll, 17-year-olds in the US spend 5.8 hours per day on s

March 5, 2024

[Yoo Choon-sik] Chip exports recovery masks deeper issues

South Korea announced robust export figures for February last week, instilling a glimmer of hope that the nation could see an uptick in economic growth this year after enduring one of its lowest rates in modern history. The government emphasized that the surge in semiconductor sales abroad drove the brisk exports in February. On the surface, February's exports grew by just 4.8 percent from a year ago, according to data from the Ministry of Trade, Industry, and Energy. However, the average d

March 4, 2024

[Carl P. Leubsdorf] Ukraine’s battles drag on

Two years after Vladimir Putin sought to wipe it off the European map, Ukraine still stands. But its future remains in doubt. The resistance of House Republicans has stalled the provision of more vital US aid. And the past few months have not been kind to Ukrainian troops on the country’s hundreds of miles of battlefields. That the embattled country still stands is a surprise to both sides -- an unpleasant one to Putin, who was confident his mighty legions could score a quick success, and

March 1, 2024

[Room Tone] Perfect companion to 'honbap' -- 30-minute shows

As a producer in the Korean television industry, I recognize that my competitors are no longer confined to fellow producers within the industry but rather extend to creators in the domains of YouTube, TikTok and video games. As the founder of Netflix once said, his biggest competitors are video games and … sleep. In this age of on-demand everything, everywhere, all at once, the battle for audience engagement has never been more difficult. I will admit that I now find it difficult to compl

Feb. 29, 2024

[Chung Chan-seung] The collapse of trust: South Korea's true health care crisis

"Doctor, are you going on a strike too? Then how should I receive treatment from now on? I have respected doctors all this time, but I was so surprised and disappointed to see doctors leaving their patients behind to strike," a patient receiving treatment for panic disorder asked me. Up until now, the patient and I have had a solid mutual trust relationship. If the task were merely about fixing machines, knowledge and skills would suffice. However, the subject of medical art is not a m

Feb. 29, 2024

[Takatoshi Ito] Japan as No. 4: Wake-up call for Tokyo

Harvard Professor Ezra Vogel’s 1979 book, "Japan as Number One: Lessons for America," became an instant bestseller in Japan. The flattering title certainly helped sales, but it was the book’s central argument – that the Japanese approach to governance and business were superior to others – that really made a splash. At the time, Japan was riding high. Its GDP had grown by about 10 percent annually for most of the 1950s and 1960s, and 4-5 percent during the sec

Feb. 29, 2024

[Kim Seong-kon] Why is ‘The Birth of Korea’ in cinemas now?

A Korean documentary film entitled “The Birth of Korea,” directed by Kim Deog-young, has been the talk of the town lately. The film, which portrays our first president, Syngman Rhee, has reportedly been seen by about 1 million people so far. Especially considering the fact that it is a documentary, not a blockbuster Hollywood film, such a high number of viewers indicates that the film is indeed a huge success. Since Korea’s liberation from Japan in 1945, Korean left-wing poli

Feb. 28, 2024

[Natalie Dunleavy Campbell, Stan Adams] US jeopardizing the open internet

Last October, the United States Trade Representative (USTR) abandoned its longstanding demand for World Trade Organization provisions to protect cross-border data flows, prevent forced data localization, safeguard source codes, and prohibit countries from discriminating against digital products based on nationality. It was a shocking shift: one that jeopardizes the very survival of the open internet, with all the knowledge-sharing, global collaboration, and cross-border commerce that it enables.

Feb. 28, 2024

[Jeffrey Frankel] Americans' pessimism about a strong economy

The United States is in unusually good economic shape nowadays -- no recession in sight. But it seems to be enduring a “vibecession”: public-opinion surveys show broad dissatisfaction with the economy and US President Joe Biden’s stewardship. What explains this disconnect between performance and perception? At least six answers -- some far more credible than others -- have been advanced. The first is that there is no disconnect at all; the positive economic indicators are wro

Feb. 27, 2024

[Grace Kao] The manifold groups of 'Boys Planet'

Even in the world of K-pop, there are second chances. The Mnet idol audition show “Boys Planet” aired from Feb. 2 to April 20, 2023. It featured 98 male trainees (49 from Korea or the “K Group” and 49 non-Koreans/global trainees or the “G Group”) who would compete for praise from celebrity judges and votes from the viewers in Korea and abroad. The top-ranked nine contestants would debut in a new boy group. Audience members could vote for a limited number of

Feb. 27, 2024

[Andrew Sheng] Is Asia prepared for deglobalization?

In 2021, the US Director of National Intelligence Report 2040 saw five future scenarios by 2040: shared global challenges, fragmentation, disequilibrium, contestation and adaptation. These five possible outcomes from different structural forces and emerging dynamics comprise (i) a renaissance of democracies (ii) a world adrift (iii) competitive coexistence, (iv) separate silos and (v) tragedy and mobilization. In the post-pandemic condition, which saw a Vaccine Divide and Digital Divide along We

Feb. 27, 2024

[Yoo Choon-sik] Election a test over growth woes

Events regarding central bank policy meetings attract huge attention not only from professional investors but also from many others outside the financial industry in most countries, including South Korea. This attention is understandable, as their policy decisions -- usually concerning short-term interest rates -- impact everyday economic activities across the country indiscriminately. In addition to the policy decision and its underlying factors, the head of the central bank frequently comments

Feb. 27, 2024

[Robert J. Fouser] Turning Seoul’s dead streams into parks

Ask former residents of Seoul, Korean and foreign alike, what they miss most about the city, many will cite the mountains in and around the city. Indeed, few major cities of Seoul’s size have as many accessible mountains as Seoul. But Seoul has another important natural feature: streams. The streams may not be as flashy as the mountains, but in recent years they have played an important role in improving the quality of life in the city. One of the most accessible and popular streams is t

Feb. 23, 2024

[Wang Son-taek] Pyongyang-Tokyo talks a two-edged sword

North Korea and Japan are not hiding signs that they recently had behind-the-scenes talks on a possible summit. While the so-called new Cold War structure is being discussed and worries about the potential war breaking are spreading, interest is increasing rapidly in whether the contact between North Korea and Japan could be a critical event that can change the dynamics of Northeast Asia. It remains to be seen whether the two parties can hold a summit, as there are many obstacles. The most signi

Feb. 22, 2024

[Martin Schram] A week of Valentines and courtship

One way or another, Valentine’s Day week seemed mostly consumed with the complicated courtships of Donald Trump. Anchors with famous faces spent most of the week pinballing between Trump’s criminal and civil cases in courthouses in New York City, Washington, DC, Atlanta and south Florida. They kept us up-to-the-minute on the maneuverings involving 91 charges contained in the four indictments involving America’s 45th president. They include criminal cases focusing on Trump&rsquo

Feb. 22, 2024

[Kim Seong-kon] We should prepare for the worst-case scenario

Watching the deplorable, childish skirmishes between our politicians these days, experts on the Korean Peninsula wonder if South Koreans are sufficiently aware of their precarious situation in the vortex of unparalleled international crises. If they were, our politicians would not indulge in such pathetic political scuffles, while the future of their country is nebulous at best. In the late 19th century, our ancestors were neither good at reading international change nor at foreseeing what lay a

Feb. 21, 2024

[Nabil Ahmed] Cracks in the New Gilded Age

The past 12 years have been extremely good for the ultra-rich. The fortunes of billionaires -- a group comprising the 2,640 wealthiest people on the planet, most of whom are men -- has more than doubled. The wealth gap between the top 0.01 percent and the bottom half of the world’s population has increased by 50 percent since the 2008 global financial crisis. The aftermath of COVID-19 and the war in Ukraine have been particularly lucrative for the ultra-wealthy as they reaped an enormous w

Feb. 20, 2024

[Harry Litman] How verdict will hit Trump empire

Over the course of an 11-week fraud trial before New York Justice Arthur Engoron, Donald Trump practically begged for a harsh verdict. On Friday, he got his wish and then some. Engoron issued a scathing 92-page decision that ordered Trump and his co-defendants to pay $364 million for defrauding the people of New York. And that gargantuan figure actually understates the price tag: With the addition of prejudgment interest required under New York law, Trump is looking at closer to $500 million. Co

Feb. 20, 2024

[Jieun Kiaer] Will translation still be necessary in the AI age?

"Once you overcome the one-inch-tall barrier of subtitles, you will be introduced to so many more amazing films." At the 2020 Golden Globes award ceremony, Bong Joon-ho, director of the internationally successful film Parasite, spoke of the one-inch barrier. The one-inch barrier refers to the hurdle of Western, English-speaking audiences when they are faced with watching foreign language films. However, the one-inch barrier that Bong talks about might already belong to the past, now th

Feb. 19, 2024

[Yoo Choon-sik] South Korea’s value-up program and its true goals

South Korean stock prices have been on an unexpectedly strong rally in the past several weeks, even without any significant changes to the generally bleak macroeconomic and corporate earnings prospects, and despite the global geopolitical situation deteriorating further. Market players and commentators broadly attribute the rally to growing hopes among investors that the Yoon Suk Yeol administration’s so-called corporate value-up program, centering around possible requirements on companies

Feb. 19, 2024