"Co-prosperity is the Spirit of the Times" Co-prosperity Research Institute Holds New Year Forum at Seoul National University

Chairman Jeong: "In This Presidential Election, It's Hard to Find Candidates Advocating Co-Growth"
Emphasizing the Creation of a Virtuous Cycle Ecosystem for Co-Growth Between Citizens and Businesses

Jung Un-chan, Chairman of the Dongban Seongjang Research Institute

[Asia Economy Reporter Kim Heeyoon] “The spirit of win-win growth is the 21st-century type of ‘fair observer’ and the spirit of the times.”

At the 83rd Win-Win Growth Forum hosted by the Win-Win Growth Institute (Chairman Jeong Un-chan) held on the 13th, Chairman Jeong Un-chan explained win-win growth in this way.

Under the theme “Win-Win Growth is the Spirit of the Times,” this forum was held at the Seoul National University Faculty Club. Chairman Jeong emphasized that win-win growth is the spirit of the times that will lead 21st-century Korean society by presenting concrete cases and alternatives.

In his forum presentation, Chairman Jeong said, “During the 2017 presidential election, then-candidate Moon Jae-in pledged win-win growth as a campaign promise, but after winning, win-win growth was nowhere to be found in the Moon administration. This year, with another presidential election just around the corner, it is truly worrisome that there is not even a candidate calling for win-win growth, and we must create a virtuous cycle ecosystem where the people and companies can grow together.”

He continued, “Currently, the Korean economy is showing structural problems such as a continuous decline in growth rate, income inequality and polarization, failure in creative talent development in education, and weakening of community spirit, which have reached a level threatening the sustainability of the community,” and emphasized, "The only way to overcome low growth and polarization is win-win growth at present.”

Chairman Jeong explained, “Win-win growth is a social philosophy of ‘growing together and sharing together,’ aiming for cooperative competition rather than winner-takes-all competition. Contrary to many people’s misunderstanding, it is not about ‘taking from those who have and sharing,’ but about ‘increasing the overall economic pie while distributing it more fairly.’ Currently, the Korean economy is focused on maximizing the interests of major shareholders, but normally it should focus on maximizing shareholder value. Win-win growth, however, proposes maximizing the benefits of shareholders, workers, and suppliers alike.”

Regarding the recent attention on CSR, GCC, ESG, and CSV emphasizing corporate social responsibility, Chairman Jeong said, “If GCC and ESG based on CSR (Corporate Social Responsibility) are ways of ‘dividing the remaining pie,’ CSV (Creating Shared Value) is a way of creating shared value to ‘grow the pie,’ which aligns with the philosophy of win-win growth.”

Chairman Jeong cited short-term policy tasks for win-win growth such as ▲(excess) profit-sharing system ▲selection of suitable industries for small and medium enterprises (SMEs) ▲direct ordering of government projects to SMEs, and predicted that if these short-term policies are implemented, they will strengthen the Korean economy’s resilience, alleviate polarization and low growth, and secure potential growth capacity.

He then presented medium-term policy tasks for win-win growth, including resolving economic unfairness, mitigating excessive inequality, and building a sustainable society. Chairman Jeong emphasized the need to shift from export-oriented large conglomerate-centered economic policies to a win-win growth economic system that balances large corporations and SMEs, as well as exports and domestic demand. As measures for SME win-win growth, he suggested closing the wage gap with large corporations, strengthening innovation capabilities, establishing fair trade, and creating a free market competition environment.

Furthermore, as long-term policy tasks for win-win growth, he proposed social innovation and educational innovation. Chairman Jeong explained that the root cause of polarization is the collapse of social order, so the structures of corruption and fraud must be eradicated, and education should shift from industrialization-oriented talent development to nurturing flexible and creative talents. He further pointed out, “More specifically, education should shift from the traditional focus on wisdom, virtue, and body (智德體) to body, virtue, and wisdom (體德智), reduce the number of universities, expand indirect experiences, and cultivate leaders who can overcome crises and adversity.”

The Win-Win Growth Institute has been regularly holding the Win-Win Growth Forum since its first session in May 2013 up to this 83rd session to find solutions for win-win growth and to spread and realize its values.

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