Korea grew into the world’s fifth-largest industrialized country and seventh-largest trading nation, riding on free trade under the GATT system led by the United States during the Cold War. In order to understand the past and the future of Korean economy, therefore it is essential to look into the international trade environment.

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Now that the global economy is divided into ‘buyers’ and ‘sellers’ as a result of the 75 years of endeavor to maximize efficiency, what will the final outcome be, and on which side should Korea stand? The bargaining power of buyers and sellers in the commodity market may vary depending on time and conditions, but the winner is always the ‘buyer’ in the end. Buyers create international standards and norms, and sellers are to conform to those norms. Korea is a seller, but has no choice but to join the ranks of buyers.

As the head of a credit rating agency, I have been trying to provide financial market participants with insights into the intricate changes in the international economic environment since 2020. The four years of deliberations are compiled into a book. I hope this book will provide helpful guidance to readers who are at loss in the vast landscape of international politics, economy, and industry.

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PREFACE

PART 1. Change of Global Economy

Global Economic Implications of the Russia-Ukraine War

A New Solution for a New Cold War

Korean Economy Searching for Its Way Forward

Nationalization of China’s Real Estate Sector and Europe’s Role

Implications of the Financial Blockade against China and the Onset of Monetary Easing

PART 2. Change of International Politics

US-China Competition for Greater Power Becomes Systemic

Shifting U.S. Middle East Policy

Netanyahu Ignites the Powder Keg Waiting to Blow

The Potential Impact of Trump’s Return

PART 3. Changes in Industries

A New Sweeping Wave of Antitrust Aimed at Big Tech

Europe’s Descent into Deindustrialization

High Oil Prices and Weak Yen Cast Shadow

Watching out for the Resurgence of Japan’s Electronics Industry (Part I)

Watching out for the Resurgence of Japan’s Electronics Industry (Part II)

COMPUTEX TAIPEI 2024 From a Geopolitical Perspective