[A Sip of Books] Future Korea Predicted by Confucian Scholars, Economists, and Entrepreneurs

‘Republic of Korea, from Periphery to Center’

Some sentences encapsulate the entire content of the book itself, while others instantly resonate with the reader’s heart, creating a point of connection with the book. We present such meaningful sentences excerpted from the book. - Editor’s note

This book sheds light on the future direction of changes in Korea’s economic, social, and political systems from the perspectives of a Confucian scholar, an economist, and an entrepreneur. Confucian scholar Professor Lee Gi-dong provides a ‘historical framework that allows one to draw a big picture through the recurring flow of history,’ while economist Professor Lee Young-hwan introduces a ‘framework of the latest academic disciplines’ analyzing the current system through economics, sociology, and psychology. Finally, entrepreneur Chairman Choi Soo offers a ‘feasibility framework’ based on real experience to root the alternatives proposed by the other two in reality.

"There is an interesting concept in economics called the ‘fallacy of composition.’ It refers to the fact that individual goodness does not necessarily lead to overall goodness. The part and the whole can have a contradictory relationship. For example, certain actions may be right for some companies, but if all companies behave similarly, it can lead to negative outcomes for the entire industry. This is the fallacy of composition. Of course, the opposite can also occur. So, in such cases, should individual companies unconditionally give up for the sake of the whole? Companies have sufficient freedom to pursue their objectives through their own logic within the bounds permitted by law. No one can deny this. I believe that the overall benefit can be sufficiently achieved through the ‘positive sum’ of individual companies achieving their goals. The mission of a company is to pursue continuous growth and profit within the scope allowed by law as a key player in the national economy. Therefore, within the framework of the law (which includes morality), companies should freely strive for growth and fulfill their mission as economic agents. However, if regulations and criticism are imposed even in areas where they can freely operate, companies inevitably lose their vitality.

‘Sustainable growth’ of a company means continuously increasing profits and scale based on the company’s nature of survival within the limits allowed by law. Frankly speaking, a company’s social role cannot take precedence over ‘sustainable growth.’ Such roles belong to the domain of the state. They cannot be delegated to companies. Even if delegated, it must be strictly through law. ESG is the same concept. Companies should embrace ESG while pursuing growth, but it cannot be concluded that this is the company’s mission. It is still optional for companies, and they should not be criticized for choosing not to adopt it. As mentioned earlier, for companies to accept this as a mission, a legislative process must be undertaken."

(Written by Lee Young-hwan, Lee Gi-dong, and Choi Soo / Angle Books)

This content was produced with the assistance of AI translation services.