SMEs and welfare: How much can we afford?

If the election of Park Won-soon as Seoul’s mayor last October is any indication, the upcoming April parliamentary elections will turn on matters of social welfare, inequality and the degree to which Koreans are willing to accept the vagaries of a market economy which, while it may increase the latter, is necessary in order to finance the former. This debate could scarcely come at a more important time for Korea, as it faces an aging and declining population, a slowing economic growth rate and r

Feb. 7, 2012

Negative consequences of open college admissions

The demand for seats in colleges and universities continues to grow across the globe. Parents and their offspring see tertiary education as the path to greater economic, personal and social opportunities that follow receipt of a degree. With the exception of institutions topping the league tables, the many of colleges and universities earnestly struggle to provide seats to meet this increasing demand. More students are served and not incidentally more revenue is earned. Tertiary education has a

Feb. 6, 2012

Bad governance behind Japan’s bribery problems

The OECD has just issued a scathing report on Japan’s efforts to fight bribery and corruption. This is striking in many respects ― most notably the stark contrast with the recent glowing report for Korea.The OECD Anti-Bribery Convention is perhaps the OECD’s crowning achievement. It establishes legally binding standards to criminalize bribery of foreign public officials in international business transactions and provides for a host of related measures that make this effective. It is the first an

Feb. 6, 2012

On China, Trump brings out the worst in Romney

On most economic issues ― notably the source of his personal fortune ― Republican presidential candidate Mitt Romney seems to believe in the most extreme form of let-the-chips-fall-where-they-may capitalism. An exception is China. Last week, accepting the endorsement of Sinophobe Donald Trump, Romney declared that “on my first day in office,” he will slap tariffs on any Chinese goods that arrive on American shores through “unfair trade practices” that “have cost American jobs.” He openly threate

Feb. 6, 2012

Making college education more affordable for students

President Obama is right to put more pressure on colleges and universities as well as the states to make a college education more affordable.A nation that keeps telling its children they need more than a high school diploma to succeed in this increasingly high-tech world shouldn’t make it so hard for them to pay for college.Obama wants to boost the Perkins federal loan program from $1 billion to $8 billion and change the formula for how the money is distributed. Colleges that fail to reduce cost

Feb. 6, 2012

commentary-Joel Brinkley

Drug problem adding to challenge in AfghanistanBy Joel Brinkley France can‘t seem to decide how quickly it will withdraw its troops from Afghanistan after a rogue Afghan soldier opened fire on unarmed French soldiers, killing four and wounding 15.Over the last week, French officials have offered conflicting reports of their intentions. But the truth is, it doesn’t really matter whether they stay or they go. Despite the gung-ho statements we are now hearing from the NATO training program, most Af

Feb. 6, 2012

Too much information leads to ignorance

There is a new kind of ignorance afoot in the world, one that results from overconsumption of information rather than from a lack of access to it.It’s fashionable to blame cable television and the Internet for this new ignorance. And it’s true that if you spend much time watching cable news and surfing the Internet, you’ll come away thinking that many information providers are more interested in fanning fear and feeding people’s preconceived notions than they are at communicating truth.But we sh

Feb. 5, 2012

Fracking boom could finally cap myth of peak oil

The U.S. oil market could be on the verge of its own fracking revolution, similar to what the natural-gas market is already experiencing. As a result, domestic production is now projected to rise significantly over the coming decades, reducing the relative share of imports in U.S. oil consumption. Advances in horizontal drilling and hydrofracking, in which highly pressurized liquids are injected into underground rock, have been used increasingly over the past few years to extract natural gas. Th

Feb. 5, 2012

Prepare for a contentious Republican convention

For political junkies, this is the midwinter of our discontent. With the Florida Republican primary over with, there is more than a month to go before Super Tuesday, and the next debate is three weeks away. That means I have even less reason for my post-midnight groping for my iPhone to check the latest polls or campaign Twitter feeds. So, where to turn for a fix? Here’s one idea: Familiarize yourself with the Republican Party’s rules governing delegate selection and convention procedure. Yes, I

Feb. 5, 2012

Buffett rule fixes a non-existent problem

Although Warren Buffett may be a stellar investor, his entry into the world of federal tax policy has brought forth nothing but bad ideas based on flawed information and misleading demagoguery. Let’s review the record. In his State of the Union address last week, President Barack Obama called for enactment of the so-called Buffett rule, saying it wasn’t fair that a rich person pays a lower tax rate than Buffett’s secretary. In a bald act of political theater, Obama invited Buffett’s secretary to

Feb. 3, 2012

Restoring U.S. presence in the Philippines

Twenty years after they left their military bases here, the American forces may be back in bigger numbers. Philippine defence and military officials have confirmed a Washington Post report last week that Manila and Washington are negotiating a deal that would increase cooperation between the two militaries, owing to the tension in the West Philippine Sea over the disputed Spratlys as well as other considerations. Although Defence Secretary Voltaire Gazmin said the terms of any accord would still

Feb. 3, 2012

Japan needs to rewrite strategy for Russia

The East Asia situation is changing significantly, with China emerging as an economic and military power and North Korea becoming even more enigmatic with its transition in power.Despite their separation by sea, at this juncture it would be in the national interest of both Japan and Russia to deepen cooperation.Japanese Foreign Minister Koichiro Gemba and visiting Russian counterpart Sergey Lavrov agreed in talks Saturday (Jan. 28) to increase bilateral relations in the security, energy, economy

Feb. 3, 2012

Will Taiwan’s parliament be one of the worst?

Taiwan’s first four-year Legislative Yuan will open on Feb. 1. Altogether 113 parliamentarians will be meeting for four years rather than three, as in the past, to tackle the increasingly tough job of legislating for the common good of the electorate. The lineup is 64 for the Kuomintang, 40 for the Democratic Progressive Party, three each for the Taiwan Solidarity Union and the People First Party, and as many independents. The ruling Kuomintang has a majority of seven in the new legislature.The

Feb. 3, 2012