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Yeomin Yoon

Seton Hall University, Finance, Faculty Member

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Yeomin Yoon, Ph.D., is an opinion columnist for The KAUPA Letters, Journal of the Korean American University Professors Association, and a professor emeritus at Seton Hall University. After spending fourteen years as a senior economist and general manager of international joint ventures at one of the largest American corporations, he taught global business (multi-disciplinary course) and international finance for thirty-three years at Seton Hall’s Stillman School of Business until January 2022. Yoon also served as a visiting professor at the University of International Business and Economics in Beijing and Seoul National University in South Korea. As a corporate finance advisor to a U.S. Agency for International Development (USAID) program, he taught corporate finance and international finance to the economics faculty of eight universities in the former Yugoslavia. Additionally, Yoon served eight years as a senior special fellow and academic advisor of the United Nations Institute for Training and Research (UNITAR) for a program designed to train diplomats and other government officials of the U.N. member states on global economy and finance.
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Papers by Yeomin Yoon

"A Frail Wish on Human Morality" Versus "A Life-or-Death Question for Humanity"

From 1800 to 2000, per capita world GDP grew at an annual growth rate of 1.2% or 12 times 0.1% of... more From 1800 to 2000, per capita world GDP grew at an annual growth rate of 1.2% or 12 times 0.1% of preceding 1800 years. If the per capita GDP were used as a proxy for the average living standard, it would take 700 hundred years to double the living standard if it grew at an annual rate of 0.1 %, and slightly less than 60 years if it rose at an annual rate of 1.2%, respectively. The 200+ years of capitalist development altered the nature of the Earth fundamentally and irrevocably. Man-made materials and wastes, and massive use of fossil fuels, have radically transformed the entire Earth, especially, increasing atmospheric carbon dioxide that causes global warming. Will climate change in the Anthropocene Epoch alter the Earth toward conditions like

"A Frail Wish on Human Morality" Versus "A Life-or-Death Question for Humanity"

KAUPA Letters, 2024

From 1800 to 2000, per capita world GDP grew at an annual growth rate of 1.2% or 12 times 0.1% of... more From 1800 to 2000, per capita world GDP grew at an annual growth rate of 1.2% or 12 times 0.1% of preceding 1800 years. If the per capita GDP were used as a proxy for the average living standard, it would take 700 hundred years to double the living standard if it grew at an annual rate of 0.1 %, and slightly less than 60 years if it rose at an annual rate of 1.2%, respectively. The 200+ years of capitalist development altered the nature of the Earth fundamentally and irrevocably. Man-made materials and wastes, and massive use of fossil fuels, have radically transformed the entire Earth, especially, increasing atmospheric carbon dioxide that causes global warming. Will climate change in the Anthropocene Epoch alter the Earth toward conditions like

Regarding the proclamation, "Private property is the source of freedom in America!"

KAUPA Letters, 2024

In capitalism, immorality, iniquity, vileness, or wickedness has tainted the cause of private pro... more In capitalism, immorality, iniquity, vileness, or wickedness has tainted the cause of private property. History seems to agree with former US Secretary of Labor Robert B. Reich, who said: There are five ways to accumulate private property in the order of a billion dollars: (i) profiting from a monopoly, (ii) insider trading, (iii) political payoffs, (iv) fraud, and (v) inheritance. Progressive intellectuals regard America as a plutocracy rather than a democracy. Plutocratic properties are not truly private properties. They are privately controlled public properties. In a democracy, they should be either reduced to genuinely private properties through due process or publicly controlled.

Remembrance and Return

KAUPA Letters, 2023

I remember and return to my days of sojourn in America that started more than a half-century ago.... more I remember and return to my days of sojourn in America that started more than a half-century ago. On the first day of my arrival in U.S. territory, i.e., in San Francisco, a total stranger Caucasian male (who was dressed like a Texas cowboy) asked me an out-of-context question: "Are you Chinese?" My answer: "No!" His second question: "Are you Japanese?" My second response: "Hell, No!" His third remark: "Oh, you must be Korean." My last reaction: "Now, you are damn rightfinally." This kind of "incident" was repeated after that wherever I went in the US. I also visited Japan frequently to help a large American firm organize and run overseas ventures as the firm began to make foreign direct investments. The first thing I noticed during my numerous trips to Tokyo, Osaka, and other major cities in Japan was the institutionalization of Japanese racism toward Koreans. I was shocked at how rampant and intense the Japanese racism toward Koreans wasmuch stronger and more vicious than the racism I witnessed in America. I often wonder how substantively the Japanese have changed since the 1980s. Consider the reality that they keep electing illiberal Liberal Democratic Party elites like Shinzo Abe and his followers as prime ministers and are still nurturing such extreme right-wing groups as Nippon Kaigi (Japan Conference), a hotbed of Japanese chauvinism and racism toward other Asians. Given such a sad reality, can global citizens expect Japan to evolve, i.e., change for the better? Even if the answer were affirmative, at what speed would the Japanese nation evolve? It was a great fortune for me, as a university educator, to have had two outstanding Chinese students some years ago. When they graduated, they gave me a pair of scrolls of calligraphic artwork as a gift. I am still hanging the two scrolls on my office wall. If translated into English, the pair of scrolls states: "Books link the four seas. Friendship unites the five continents." Whenever I visited China, I found time to have square meals with them and their families. I call them "my adopted families in China."

Remembrance and Return

I remember and return to my days of sojourn in America that started more than a half-century ago.... more I remember and return to my days of sojourn in America that started more than a half-century ago. On the first day of my arrival in U.S. territory, i.e., in San Francisco, a total stranger Caucasian male (who was dressed like a Texas cowboy) asked me an out-of-context question: "Are you Chinese?" My answer: "No!" His second question: "Are you Japanese?" My second response: "Hell, No!" His third remark: "Oh, you must be Korean." My last reaction: "Now, you are damn rightfinally." This kind of "incident" was repeated after that wherever I went in the US. I also visited Japan frequently to help a large American firm organize and run overseas ventures as the firm began to make foreign direct investments. The first thing I noticed during my numerous trips to Tokyo, Osaka, and other major cities in Japan was the institutionalization of Japanese racism toward Koreans. I was shocked at how rampant and intense the Japanese racism toward Koreans wasmuch stronger and more vicious than the racism I witnessed in America. I often wonder how substantively the Japanese have changed since the 1980s. Consider the reality that they keep electing illiberal Liberal Democratic Party elites like Shinzo Abe and his followers as prime ministers and are still nurturing such extreme right-wing groups as Nippon Kaigi (Japan Conference), a hotbed of Japanese chauvinism and racism toward other Asians. Given such a sad reality, can global citizens expect Japan to evolve, i.e., change for the better? Even if the answer were affirmative, at what speed would the Japanese nation evolve? It was a great fortune for me, as a university educator, to have had two outstanding Chinese students some years ago. When they graduated, they gave me a pair of scrolls of calligraphic artwork as a gift. I am still hanging the two scrolls on my office wall. If translated into English, the pair of scrolls states: "Books link the four seas. Friendship unites the five continents." Whenever I visited China, I found time to have square meals with them and their families. I call them "my adopted families in China."

Is TANSTAAFL Always Valid

KAUPA Letters

In the Wealth of Nations (1776), Adam Smith warned that "negligence and profusion" would inevitab... more In the Wealth of Nations (1776), Adam Smith warned that "negligence and profusion" would inevitably result when businesses are organized as corporations (limited liability companies) and that "merchants and manufacturers" (meaning capitalists) are forever inclined to come up with conspiracies against the general public and to constantly endeavor to create the most profitable form of enterprisenamely, monopolies or other forms of privilege-often with assistance from the government by lobbying. Due to the mechanics of malfeasance permeated in the American economy, some Americans (or sectors of the economy) have enjoyed for the past four decades (an extended period) not only "free lunch" but also "free dinner, midnight snack, and following morning breakfast." The mighty lobbying power wielded by big corporations whose principal interests are synonymous with those of the rich and super-rich Americans raises a serous question: Is America a democracy or a plutocracy pretending to be a democracy? Or has America adopted (and become addicted to) "socialism for the rich" and rough capitalism for the rest of Americans?

Have South Korean Leaders Gained a Real Global Perspective in Their Education

KAUPA Lettrs, 2024

Using South Korea (a medium-sized country in terms of population) as a case, the article discusse... more Using South Korea (a medium-sized country in terms of population) as a case, the article discusses the meaning of successful global education. Before people of any such nation can talk about "globalization" with a straight face, they should first learn who they are and what they are with dignity. A nation that is properly aware of the world must thus be aware of itself. A nationespecially, the leaders or elites who represent the nation in the world arenashould understand not only what it is today, and why and how it has become what it is today, but also what will be in the future in a global context. Where there is no self-understanding, the word "globalization" will mean no more than a centrifugal emulation of other nations.

A Reflection on the Ramseyer Controversy on "Comfort Women"

The KAUPA Letters, 2021

Regardless of whether one is a business executive, economist, historian, or lawyer, if he subordi... more

Dark Side of Shinzo Abe's Legacy: Do Americans have to apologize for dropping nuclear bombs on Hiroshima and Nagasaki in 1945

The KAUPA Letters, 2022

Since the reports on the assassination of Shinzo Abe on July 8, American newspapers and other med... more Since the reports on the assassination of Shinzo Abe on July 8, American newspapers and other media provided numerous expositions of the late Japanese prime minister. For example, The Atlantic magazine proclaimed on July 8, "Shinzo Abe Made the World Better." Its staff writer David Frum asserted: "The assassinated Japanese leader was the visionary architect of a vital security alliance in the Indo-Pacific region." Quoting Abe, New York Times columnist David Leonhardt reported on July 12: "Japan alone cannot balance China's military power, so Japan and America must cooperate to achieve a balance," Abe said. "The U.S.-Japan alliance is vital for America too.

Is TANSTAAFL Always Valid

The KAUPA Letters, 2022

Once upon a time, TANSTAAFL was made a king of all the lands where the ruling ideology was capita... more Once upon a time, TANSTAAFL was made a king of all the lands where the ruling ideology was capitalism. His first act was to summon all his economic advisers and instruct them to write up all the economic knowledge all the lands possessed. After years of work, the economists compiled twenty-five volumes, each about 400 pages long. Looking at the lengthy books, the king told his economists: "I am a very busy man, running all the lands, and I do not have time to read the volumes. Therefore, I ask you to summarize your findings in one volume without losing any substance." After many years of rewriting, the economic advisors summarized the twentyfive volumes in one volume and proudly sent the latter to the king.

Does Financialization Lead to a Moral Economy?

The KAUPA Letters, 2022

A student who was about to leave his classroom after my recent Global Business class asked me two... more A student who was about to leave his classroom after my recent Global Business class asked me two interrelated questions as follows: " Does 'financialization' lead to a moral economy? Does 'financialization' bring benefits to the broader community? I hope you answer my questions in our next class, citing, if necessary, contemporary examples and issues of the globalized world." "Financialization" is commonly referred to as a phenomenon by which finance, and its way of thinking, dominates every corner of the business.

A Stray Thought on "Happiness"

KAUPA Letters, 2024

The Washington Post reported (April 2, 2024), "Americans under 40 are so disillusioned with capit... more The Washington Post reported (April 2, 2024), "Americans under 40 are so disillusioned with capitalism." Many older people also are disillusioned with capitalism; some of them even dare to project its Neoliberal kind, if adopted throughout the world, would expedite the eventual demise of the human species by commodifying almost everything human society needs. Will the Homo sapiens ever become wise and humane enough to realize that it is only through others that one finds one's individuality and that it is only through others one comes to appreciate the meaning of values and the value of meaning? If humans cannot acquire this gem of wisdom taught by their many sages in East and West for two millennia, they will prove French philosopher Michel Foucault (1926-1984) correct. In 1966, Foucault wagered that "man would be erased, like a face drawn in sand at the edge of the sea." Is there more reason why humans are on the Earth than there is for animals or plants, stones, rivers, seas, and the air?

Recollections and Reflections on Syngman Rhee (이승만

Recollection and Reflections on Syngman Rhee, 2023

If anyone were interested in knowing about today’s South Korea, one should first know about both ... more

Regarding the proclamation, "Private property is the source of freedom in America!"

KAUPA Letters, 2024

In response to my Letters essay, "Is Property Right an Absolute Human Right?" (April 1, 2024), a ... more In response to my Letters essay, "Is Property Right an Absolute Human Right?" (April 1, 2024), a former American student of mine has recently sent me his proclamation, "Private property is the source of freedom in America!" He contended that the proclamation would be supported by John Stuart Mill, British philosopher, economist, moral, and political theorist (1806-1873). Mill said: "Nothing is implied in property but the right of each to his faculties, to what he can produce by them, and to whatever he can get for them in a fair market." I am sharing my comment (edited for readers). KAUPA members may encounter such (current or former) students as mine.

Is Property Right an Absolute Human Right? A "Failed" Economist's View

KAUPA Letters, 2024

The debate over property rights is very old. The debate over markets and property rights goes bac... more The debate over property rights is very old. The debate over markets and property rights goes back at least as far as Plato and Aristotle. My mainstream economist colleagues tend to regard property right as an absolute human right. I don't believe so. A human right is the right of a human being to be and to live with dignity commensurate with his or her intrinsic worth. The property right is the right to possess non-human objects that originally are not parts of oneself. One can enjoy the equal human right where properties are held in common. If exclusive ownership of properties (e.g., land, natural resources) and their products is a deprivation of others of their share, a huge question is begged what legitimates a person's claim to a property. Propertywhat mainstream economists call the most fundamental concept of economics and business-is an ethical concept. The UN Universal Declaration of Human Rights is an outline of the common good, sketching the various individual well-being in the global community. Shouldn't we endorse the priority of the common possession of the goods of the earth over a legitimate, but derivative, right to private property? Two related questions are: Is private property the source of freedom? Is private property a foundation of happiness?

A Revisit to Samuel Huntington's "The Clash of Civilizations?" --The Perspective of Koreans

KAUPA Letters, 2022

In 1993, Samuel P. Huntington wrote a "provocative" article-"The Clash of Civilizations?" in Fore... more In 1993, Samuel P. Huntington wrote a "provocative" article-"The Clash of Civilizations?" in Foreign Affairs. The famed late political scientist developed his "hypothesis that the fundamental source of conflict in this new world will not be primarily ideological or primarily economic." Unlike Huntington, we argue that civilization is too abstract a unit for peoples and nations to identify with it. It is doubtful that there will be civilizations as effective historical agents. Nations will persist, minding their interests across many distinctions and divisions. Convergence of interests rather than civilizational affinity will bring the nations closer. Advocacy of civilizations will hardly promote peace and the welfare of humankind. Wise geopolitical policymakers, especially those in the countries (e.g., Korea) "geographically condemned" to live as neighbors to what some prominent Chinese academics call "the world's only civilization to last continuously for over 5,000 years," should not be distracted by any pseudo-theory of civilizations.

중국의 세계화 (China's Globalization) with an extended summary in English

KAUPA Letters, 2023

Some savvy observers point out that China is the country that has benefited the most economically... more Some savvy observers point out that China is the country that has benefited the most economically from its pursuit of globalization among all nations in the world. Undoubtedly, China has been rising by leaps and bounds economically and militarily. A genuinely globalized nation, however, respects other countries and minds and appropriates its images in the world. Without ethical respectability, neither power nor utility will elicit respect from the global community. How a nation treats its people and its neighbors, however small and weak they may be, has become a measure of the nation's respectability. In this respect, China has a long way to go.

A Stray Thought on "Happiness"

KAUPA Letters, 2024

The Washington Post reported (April 2, 2024), "Americans under 40 are so disillusioned with capit... more The Washington Post reported (April 2, 2024), "Americans under 40 are so disillusioned with capitalism." Many older people also are disillusioned with capitalism; some of them even dare to project its Neoliberal kind, if adopted throughout the world, would expedite the eventual demise of the human species by commoditizing almost everything human society needs. Will the Homo sapiens ever become wise and humane enough to realize that it is only through others that one finds one's individuality and that it is only through others one comes to appreciate the meaning of values and the value of meaning? If humans cannot acquire this gem of wisdom taught by their many sages in East and West for two millennia, they will prove French philosopher Michel Foucault (1926-1984) correct. In 1966, Foucault wagered that "man would be erased, like a face drawn in sand at the edge of the sea." Is there more reason why humans are on the Earth than there is for animals or plants, stones, rivers, seas, and the air?

Strive To Benefit Humanity 홍익인간 for Oct 1 2022

KAUPA Letters, 2022

Abstract The ideas of the ancient Korean advocates of “Strive to Benefit Humanity” (홍익인간) are no... more Abstract
The ideas of the ancient Korean advocates of “Strive to Benefit Humanity” (홍익인간) are not “esoteric” theories or principles that only a few selected elites can understand; they are “exoteric” enough that anyone with average intelligence can grasp them. I interpret them (for the speakers of English) as (1) Things can have value, but only persons can have worth (dignity as a cognate); (2) A collective is a collection of things and people in a region of space. In contrast, a community is the existence of persons recognizing one another as persons having dignity, with emotional and ethical relationships. The community need not be in one place; (3) Well-being has the conception of goodness and virtue (both moral and intellectual) as constituents, whereas wealth means possession of valued things; and (4) Humans are beings that claim freedom and autonomy and recognize responsibility for their thoughts, intentions, and actions. It was evident to the ancient Korean thinkers that a world in which the aims of different individuals or groups are compatible would become happier than the one in which they are conflicting. Accordingly, they believed it should be a wise social system to encourage compatible purposes and discourage conflicting ones by designing social systems for this end. The promoters of 홍익인간 in ancient Korea would not hesitate to treat any Koreans who endorse the idea of Homoeconomicus (clever economic animals) as totally screwed-up or misguided Koreans.

My reading of history tells me that when Asian imperialists wanted to conquer their target country, they commonly justified their conquest by rewriting the latter's history as the latter had been a part of their empire since ancient times. And that was what Imperial Japan did in the early 20th century and is what the current Chinese government and its sycophant historians controlled by the Chinese Communist Party (CCP) have been doing toward the Korean people and their land in the 21st century.

FORGING A MORAL BASIS FOR EMERGING ECONOMIES

Journal of Global Trade, Ethics And Law, 2023

Aristotle said that politics is the master science. What he calls politics is not what is now cal... more Aristotle said that politics is the master science. What he calls politics is not what is now called political science but the culmination of ethics. Per Aristotle, economics, a dimension of ethics, posits the eudaimonia (human flourishing or well-being, erroneously translated as happiness) or summum bonum for human society and describes the regional structures of human social existence. Economics cannot, therefore, be a positive science but must be a normative science. Morality has disappeared from economics being taught at American universities. The prevailing paradigm adopted by mainstream economics is Homo Economicus, which is the "wrong reduction of a man." Such a gross reduction of a human into a rational agent who maximizes his utility subject to the given budget constraint leaves dormant higher human values (compassion, empathy, brotherhood, and sisterhood, to name a few), and this mechanical decision-maker is likely to destroy himself and the society in which he operates. Economics (taught and practiced in America) is the fish that has jumped out of its pond and is now dying of thirst. Ethics is the water that gives it life. The best way to save it is to bring economics back to the pond where it belongs. What is truly needed is a paradigm shift in the teaching and practice of economics. Last but not least, economists in emerging countries should forge a moral basis for their national economy and form a vision of how to construct a system of political economy that will achieve the maximum well-being of the citizens and social justice. In doing so, they should synthesize their normative value judgments with scientific perspectives in economics. Old, labelled models like capitalism and socialism are modifiable constructs.

"A Frail Wish on Human Morality" Versus "A Life-or-Death Question for Humanity"

From 1800 to 2000, per capita world GDP grew at an annual growth rate of 1.2% or 12 times 0.1% of... more From 1800 to 2000, per capita world GDP grew at an annual growth rate of 1.2% or 12 times 0.1% of preceding 1800 years. If the per capita GDP were used as a proxy for the average living standard, it would take 700 hundred years to double the living standard if it grew at an annual rate of 0.1 %, and slightly less than 60 years if it rose at an annual rate of 1.2%, respectively. The 200+ years of capitalist development altered the nature of the Earth fundamentally and irrevocably. Man-made materials and wastes, and massive use of fossil fuels, have radically transformed the entire Earth, especially, increasing atmospheric carbon dioxide that causes global warming. Will climate change in the Anthropocene Epoch alter the Earth toward conditions like

"A Frail Wish on Human Morality" Versus "A Life-or-Death Question for Humanity"

KAUPA Letters, 2024

From 1800 to 2000, per capita world GDP grew at an annual growth rate of 1.2% or 12 times 0.1% of... more From 1800 to 2000, per capita world GDP grew at an annual growth rate of 1.2% or 12 times 0.1% of preceding 1800 years. If the per capita GDP were used as a proxy for the average living standard, it would take 700 hundred years to double the living standard if it grew at an annual rate of 0.1 %, and slightly less than 60 years if it rose at an annual rate of 1.2%, respectively. The 200+ years of capitalist development altered the nature of the Earth fundamentally and irrevocably. Man-made materials and wastes, and massive use of fossil fuels, have radically transformed the entire Earth, especially, increasing atmospheric carbon dioxide that causes global warming. Will climate change in the Anthropocene Epoch alter the Earth toward conditions like

Regarding the proclamation, "Private property is the source of freedom in America!"

KAUPA Letters, 2024

In capitalism, immorality, iniquity, vileness, or wickedness has tainted the cause of private pro... more In capitalism, immorality, iniquity, vileness, or wickedness has tainted the cause of private property. History seems to agree with former US Secretary of Labor Robert B. Reich, who said: There are five ways to accumulate private property in the order of a billion dollars: (i) profiting from a monopoly, (ii) insider trading, (iii) political payoffs, (iv) fraud, and (v) inheritance. Progressive intellectuals regard America as a plutocracy rather than a democracy. Plutocratic properties are not truly private properties. They are privately controlled public properties. In a democracy, they should be either reduced to genuinely private properties through due process or publicly controlled.

Remembrance and Return

KAUPA Letters, 2023

I remember and return to my days of sojourn in America that started more than a half-century ago.... more I remember and return to my days of sojourn in America that started more than a half-century ago. On the first day of my arrival in U.S. territory, i.e., in San Francisco, a total stranger Caucasian male (who was dressed like a Texas cowboy) asked me an out-of-context question: "Are you Chinese?" My answer: "No!" His second question: "Are you Japanese?" My second response: "Hell, No!" His third remark: "Oh, you must be Korean." My last reaction: "Now, you are damn rightfinally." This kind of "incident" was repeated after that wherever I went in the US. I also visited Japan frequently to help a large American firm organize and run overseas ventures as the firm began to make foreign direct investments. The first thing I noticed during my numerous trips to Tokyo, Osaka, and other major cities in Japan was the institutionalization of Japanese racism toward Koreans. I was shocked at how rampant and intense the Japanese racism toward Koreans wasmuch stronger and more vicious than the racism I witnessed in America. I often wonder how substantively the Japanese have changed since the 1980s. Consider the reality that they keep electing illiberal Liberal Democratic Party elites like Shinzo Abe and his followers as prime ministers and are still nurturing such extreme right-wing groups as Nippon Kaigi (Japan Conference), a hotbed of Japanese chauvinism and racism toward other Asians. Given such a sad reality, can global citizens expect Japan to evolve, i.e., change for the better? Even if the answer were affirmative, at what speed would the Japanese nation evolve? It was a great fortune for me, as a university educator, to have had two outstanding Chinese students some years ago. When they graduated, they gave me a pair of scrolls of calligraphic artwork as a gift. I am still hanging the two scrolls on my office wall. If translated into English, the pair of scrolls states: "Books link the four seas. Friendship unites the five continents." Whenever I visited China, I found time to have square meals with them and their families. I call them "my adopted families in China."

Remembrance and Return

I remember and return to my days of sojourn in America that started more than a half-century ago.... more I remember and return to my days of sojourn in America that started more than a half-century ago. On the first day of my arrival in U.S. territory, i.e., in San Francisco, a total stranger Caucasian male (who was dressed like a Texas cowboy) asked me an out-of-context question: "Are you Chinese?" My answer: "No!" His second question: "Are you Japanese?" My second response: "Hell, No!" His third remark: "Oh, you must be Korean." My last reaction: "Now, you are damn rightfinally." This kind of "incident" was repeated after that wherever I went in the US. I also visited Japan frequently to help a large American firm organize and run overseas ventures as the firm began to make foreign direct investments. The first thing I noticed during my numerous trips to Tokyo, Osaka, and other major cities in Japan was the institutionalization of Japanese racism toward Koreans. I was shocked at how rampant and intense the Japanese racism toward Koreans wasmuch stronger and more vicious than the racism I witnessed in America. I often wonder how substantively the Japanese have changed since the 1980s. Consider the reality that they keep electing illiberal Liberal Democratic Party elites like Shinzo Abe and his followers as prime ministers and are still nurturing such extreme right-wing groups as Nippon Kaigi (Japan Conference), a hotbed of Japanese chauvinism and racism toward other Asians. Given such a sad reality, can global citizens expect Japan to evolve, i.e., change for the better? Even if the answer were affirmative, at what speed would the Japanese nation evolve? It was a great fortune for me, as a university educator, to have had two outstanding Chinese students some years ago. When they graduated, they gave me a pair of scrolls of calligraphic artwork as a gift. I am still hanging the two scrolls on my office wall. If translated into English, the pair of scrolls states: "Books link the four seas. Friendship unites the five continents." Whenever I visited China, I found time to have square meals with them and their families. I call them "my adopted families in China."

Is TANSTAAFL Always Valid

KAUPA Letters

In the Wealth of Nations (1776), Adam Smith warned that "negligence and profusion" would inevitab... more In the Wealth of Nations (1776), Adam Smith warned that "negligence and profusion" would inevitably result when businesses are organized as corporations (limited liability companies) and that "merchants and manufacturers" (meaning capitalists) are forever inclined to come up with conspiracies against the general public and to constantly endeavor to create the most profitable form of enterprisenamely, monopolies or other forms of privilege-often with assistance from the government by lobbying. Due to the mechanics of malfeasance permeated in the American economy, some Americans (or sectors of the economy) have enjoyed for the past four decades (an extended period) not only "free lunch" but also "free dinner, midnight snack, and following morning breakfast." The mighty lobbying power wielded by big corporations whose principal interests are synonymous with those of the rich and super-rich Americans raises a serous question: Is America a democracy or a plutocracy pretending to be a democracy? Or has America adopted (and become addicted to) "socialism for the rich" and rough capitalism for the rest of Americans?

Have South Korean Leaders Gained a Real Global Perspective in Their Education

KAUPA Lettrs, 2024

Using South Korea (a medium-sized country in terms of population) as a case, the article discusse... more Using South Korea (a medium-sized country in terms of population) as a case, the article discusses the meaning of successful global education. Before people of any such nation can talk about "globalization" with a straight face, they should first learn who they are and what they are with dignity. A nation that is properly aware of the world must thus be aware of itself. A nationespecially, the leaders or elites who represent the nation in the world arenashould understand not only what it is today, and why and how it has become what it is today, but also what will be in the future in a global context. Where there is no self-understanding, the word "globalization" will mean no more than a centrifugal emulation of other nations.

A Reflection on the Ramseyer Controversy on "Comfort Women"

The KAUPA Letters, 2021

Regardless of whether one is a business executive, economist, historian, or lawyer, if he subordi... more

Dark Side of Shinzo Abe's Legacy: Do Americans have to apologize for dropping nuclear bombs on Hiroshima and Nagasaki in 1945

The KAUPA Letters, 2022

Since the reports on the assassination of Shinzo Abe on July 8, American newspapers and other med... more Since the reports on the assassination of Shinzo Abe on July 8, American newspapers and other media provided numerous expositions of the late Japanese prime minister. For example, The Atlantic magazine proclaimed on July 8, "Shinzo Abe Made the World Better." Its staff writer David Frum asserted: "The assassinated Japanese leader was the visionary architect of a vital security alliance in the Indo-Pacific region." Quoting Abe, New York Times columnist David Leonhardt reported on July 12: "Japan alone cannot balance China's military power, so Japan and America must cooperate to achieve a balance," Abe said. "The U.S.-Japan alliance is vital for America too.

Is TANSTAAFL Always Valid

The KAUPA Letters, 2022

Once upon a time, TANSTAAFL was made a king of all the lands where the ruling ideology was capita... more Once upon a time, TANSTAAFL was made a king of all the lands where the ruling ideology was capitalism. His first act was to summon all his economic advisers and instruct them to write up all the economic knowledge all the lands possessed. After years of work, the economists compiled twenty-five volumes, each about 400 pages long. Looking at the lengthy books, the king told his economists: "I am a very busy man, running all the lands, and I do not have time to read the volumes. Therefore, I ask you to summarize your findings in one volume without losing any substance." After many years of rewriting, the economic advisors summarized the twentyfive volumes in one volume and proudly sent the latter to the king.

Does Financialization Lead to a Moral Economy?

The KAUPA Letters, 2022

A student who was about to leave his classroom after my recent Global Business class asked me two... more A student who was about to leave his classroom after my recent Global Business class asked me two interrelated questions as follows: " Does 'financialization' lead to a moral economy? Does 'financialization' bring benefits to the broader community? I hope you answer my questions in our next class, citing, if necessary, contemporary examples and issues of the globalized world." "Financialization" is commonly referred to as a phenomenon by which finance, and its way of thinking, dominates every corner of the business.

A Stray Thought on "Happiness"

KAUPA Letters, 2024

The Washington Post reported (April 2, 2024), "Americans under 40 are so disillusioned with capit... more The Washington Post reported (April 2, 2024), "Americans under 40 are so disillusioned with capitalism." Many older people also are disillusioned with capitalism; some of them even dare to project its Neoliberal kind, if adopted throughout the world, would expedite the eventual demise of the human species by commodifying almost everything human society needs. Will the Homo sapiens ever become wise and humane enough to realize that it is only through others that one finds one's individuality and that it is only through others one comes to appreciate the meaning of values and the value of meaning? If humans cannot acquire this gem of wisdom taught by their many sages in East and West for two millennia, they will prove French philosopher Michel Foucault (1926-1984) correct. In 1966, Foucault wagered that "man would be erased, like a face drawn in sand at the edge of the sea." Is there more reason why humans are on the Earth than there is for animals or plants, stones, rivers, seas, and the air?

Recollections and Reflections on Syngman Rhee (이승만

Recollection and Reflections on Syngman Rhee, 2023

If anyone were interested in knowing about today’s South Korea, one should first know about both ... more

Regarding the proclamation, "Private property is the source of freedom in America!"

KAUPA Letters, 2024

In response to my Letters essay, "Is Property Right an Absolute Human Right?" (April 1, 2024), a ... more In response to my Letters essay, "Is Property Right an Absolute Human Right?" (April 1, 2024), a former American student of mine has recently sent me his proclamation, "Private property is the source of freedom in America!" He contended that the proclamation would be supported by John Stuart Mill, British philosopher, economist, moral, and political theorist (1806-1873). Mill said: "Nothing is implied in property but the right of each to his faculties, to what he can produce by them, and to whatever he can get for them in a fair market." I am sharing my comment (edited for readers). KAUPA members may encounter such (current or former) students as mine.

Is Property Right an Absolute Human Right? A "Failed" Economist's View

KAUPA Letters, 2024

The debate over property rights is very old. The debate over markets and property rights goes bac... more The debate over property rights is very old. The debate over markets and property rights goes back at least as far as Plato and Aristotle. My mainstream economist colleagues tend to regard property right as an absolute human right. I don't believe so. A human right is the right of a human being to be and to live with dignity commensurate with his or her intrinsic worth. The property right is the right to possess non-human objects that originally are not parts of oneself. One can enjoy the equal human right where properties are held in common. If exclusive ownership of properties (e.g., land, natural resources) and their products is a deprivation of others of their share, a huge question is begged what legitimates a person's claim to a property. Propertywhat mainstream economists call the most fundamental concept of economics and business-is an ethical concept. The UN Universal Declaration of Human Rights is an outline of the common good, sketching the various individual well-being in the global community. Shouldn't we endorse the priority of the common possession of the goods of the earth over a legitimate, but derivative, right to private property? Two related questions are: Is private property the source of freedom? Is private property a foundation of happiness?

A Revisit to Samuel Huntington's "The Clash of Civilizations?" --The Perspective of Koreans

KAUPA Letters, 2022

In 1993, Samuel P. Huntington wrote a "provocative" article-"The Clash of Civilizations?" in Fore... more In 1993, Samuel P. Huntington wrote a "provocative" article-"The Clash of Civilizations?" in Foreign Affairs. The famed late political scientist developed his "hypothesis that the fundamental source of conflict in this new world will not be primarily ideological or primarily economic." Unlike Huntington, we argue that civilization is too abstract a unit for peoples and nations to identify with it. It is doubtful that there will be civilizations as effective historical agents. Nations will persist, minding their interests across many distinctions and divisions. Convergence of interests rather than civilizational affinity will bring the nations closer. Advocacy of civilizations will hardly promote peace and the welfare of humankind. Wise geopolitical policymakers, especially those in the countries (e.g., Korea) "geographically condemned" to live as neighbors to what some prominent Chinese academics call "the world's only civilization to last continuously for over 5,000 years," should not be distracted by any pseudo-theory of civilizations.

중국의 세계화 (China's Globalization) with an extended summary in English

KAUPA Letters, 2023

Some savvy observers point out that China is the country that has benefited the most economically... more Some savvy observers point out that China is the country that has benefited the most economically from its pursuit of globalization among all nations in the world. Undoubtedly, China has been rising by leaps and bounds economically and militarily. A genuinely globalized nation, however, respects other countries and minds and appropriates its images in the world. Without ethical respectability, neither power nor utility will elicit respect from the global community. How a nation treats its people and its neighbors, however small and weak they may be, has become a measure of the nation's respectability. In this respect, China has a long way to go.

A Stray Thought on "Happiness"

KAUPA Letters, 2024

The Washington Post reported (April 2, 2024), "Americans under 40 are so disillusioned with capit... more The Washington Post reported (April 2, 2024), "Americans under 40 are so disillusioned with capitalism." Many older people also are disillusioned with capitalism; some of them even dare to project its Neoliberal kind, if adopted throughout the world, would expedite the eventual demise of the human species by commoditizing almost everything human society needs. Will the Homo sapiens ever become wise and humane enough to realize that it is only through others that one finds one's individuality and that it is only through others one comes to appreciate the meaning of values and the value of meaning? If humans cannot acquire this gem of wisdom taught by their many sages in East and West for two millennia, they will prove French philosopher Michel Foucault (1926-1984) correct. In 1966, Foucault wagered that "man would be erased, like a face drawn in sand at the edge of the sea." Is there more reason why humans are on the Earth than there is for animals or plants, stones, rivers, seas, and the air?

Strive To Benefit Humanity 홍익인간 for Oct 1 2022

KAUPA Letters, 2022

Abstract The ideas of the ancient Korean advocates of “Strive to Benefit Humanity” (홍익인간) are no... more Abstract
The ideas of the ancient Korean advocates of “Strive to Benefit Humanity” (홍익인간) are not “esoteric” theories or principles that only a few selected elites can understand; they are “exoteric” enough that anyone with average intelligence can grasp them. I interpret them (for the speakers of English) as (1) Things can have value, but only persons can have worth (dignity as a cognate); (2) A collective is a collection of things and people in a region of space. In contrast, a community is the existence of persons recognizing one another as persons having dignity, with emotional and ethical relationships. The community need not be in one place; (3) Well-being has the conception of goodness and virtue (both moral and intellectual) as constituents, whereas wealth means possession of valued things; and (4) Humans are beings that claim freedom and autonomy and recognize responsibility for their thoughts, intentions, and actions. It was evident to the ancient Korean thinkers that a world in which the aims of different individuals or groups are compatible would become happier than the one in which they are conflicting. Accordingly, they believed it should be a wise social system to encourage compatible purposes and discourage conflicting ones by designing social systems for this end. The promoters of 홍익인간 in ancient Korea would not hesitate to treat any Koreans who endorse the idea of Homoeconomicus (clever economic animals) as totally screwed-up or misguided Koreans.

My reading of history tells me that when Asian imperialists wanted to conquer their target country, they commonly justified their conquest by rewriting the latter's history as the latter had been a part of their empire since ancient times. And that was what Imperial Japan did in the early 20th century and is what the current Chinese government and its sycophant historians controlled by the Chinese Communist Party (CCP) have been doing toward the Korean people and their land in the 21st century.

FORGING A MORAL BASIS FOR EMERGING ECONOMIES

Journal of Global Trade, Ethics And Law, 2023

Aristotle said that politics is the master science. What he calls politics is not what is now cal... more Aristotle said that politics is the master science. What he calls politics is not what is now called political science but the culmination of ethics. Per Aristotle, economics, a dimension of ethics, posits the eudaimonia (human flourishing or well-being, erroneously translated as happiness) or summum bonum for human society and describes the regional structures of human social existence. Economics cannot, therefore, be a positive science but must be a normative science. Morality has disappeared from economics being taught at American universities. The prevailing paradigm adopted by mainstream economics is Homo Economicus, which is the "wrong reduction of a man." Such a gross reduction of a human into a rational agent who maximizes his utility subject to the given budget constraint leaves dormant higher human values (compassion, empathy, brotherhood, and sisterhood, to name a few), and this mechanical decision-maker is likely to destroy himself and the society in which he operates. Economics (taught and practiced in America) is the fish that has jumped out of its pond and is now dying of thirst. Ethics is the water that gives it life. The best way to save it is to bring economics back to the pond where it belongs. What is truly needed is a paradigm shift in the teaching and practice of economics. Last but not least, economists in emerging countries should forge a moral basis for their national economy and form a vision of how to construct a system of political economy that will achieve the maximum well-being of the citizens and social justice. In doing so, they should synthesize their normative value judgments with scientific perspectives in economics. Old, labelled models like capitalism and socialism are modifiable constructs.

Some Economic and Ethical Problems with Trade Sanctions

by Robert McGee and Yeomin Yoon

Numerous articles have been written on economic sanctions over the past few decades. Most papers ... more Numerous articles have been written on economic sanctions over the past few decades. Most papers take an overall approach, focusing on the utilities and disutilities of sanctions in general or on a specific sanction. While this paper also looks at general aspects of sanctions, it goes beyond the usual focus and also examines some particular aspects of economic sanctions that are often overlooked in both the economic and ethical literature. Rather than limiting itself to utilitarian aspects of sanction policy, the paper also applies other ethical approaches to evaluate whether sanctions pass the ethical test. The possibility of compensation for losses caused by the imposition of sanctions is also discussed. A bibliography with links to more than 100 articles on trade is also included. BIO Robert W. McGee is an accounting professor and best-selling novelist who has published 58 nonfiction books and more than 700 scholarly articles. He is an attorney and CPA who has lectured or worked in more than 30 countries, and has earned 13 doctorates from universities in the United States and four European countries. The Social Science Research Network has ranked him as high as #2 in the world All-Time among accounting professors and #30 in the world All-Time

9 ABSTRACT Technical Flaws.pdf

by Robert McGee and Yeomin Yoon

The U.S. antidumping law suffers from a series of defects in its implementation, resulting in the... more The U.S. antidumping law suffers from a series of defects in its implementation, resulting in the unwarranted finding of illegal predatory pricing by foreign companies. In light of the existing technical flaws outlined in this Article, it is clear that the U.S. antidumping law is merely a form of protectionism, designed to serve the interests of domestic industry at the expense of consumers. This article briefly profiles the U.S. antidumping law in light of the U.S.-Korean trade experience. Section 2 provides background information on the U.S. antidumping law. Section 3 discusses the current U.S.-Korean trade policy. Section 4 analyzes some of the shortcomings of the U.S. law, using the U.S. relationship with Korea as a model for understanding these problems. Section 5 discusses the threat that the existing antidumping law poses as a means of harassing foreign producers. Section 6 addresses the effects of antidumping that are often overlooked by policy makers. In light of both the protectionist nature of the statute as well as the defects in the implementation of the statute, this article concludes that a reexamination of the U.S. antidumping law is necessary, and that an outright repeal should be considered.

Rethinking the U.S. Antidumping Laws with Reference to China, Japan and Korea 1

by Robert McGee and Yeomin Yoon

The stated purpose of the antidumping laws is to prevent unfair trade and to punish foreign produ... more The stated purpose of the antidumping laws is to prevent unfair trade and to punish foreign producers for predatory pricing. The practical effect, however, is to prevent foreign producers from selling their products in a domestic market, even when pricing has not been abnormally low or predatory. The way the antidumping laws are structured, domestic producers can enlist the help of government to prevent foreign competition even when there has been no dumping. This paper examines recent trends in the application of antidumping laws, with special reference to the three East Asian trading partners of the U.S., China, Japan, and South Korea, both as a target and as an initiator of antidumping investigations. The paper points out some welfare problems with antidumping laws-they are a negative sum game-and discusses whether the antidumping laws are capable of being reformed. A different version of this paper was first published in 2002 and was reprinted in 2009. The present version includes a bibliography on trade, including more than 100 links to studies on trade.

Antidumping Laws Should Be Consigned to the History Books

by Robert McGee and Yeomin Yoon

Antidumping laws have existed in some form since the early twentieth century. Ostensibly aimed at... more Antidumping laws have existed in some form since the early twentieth century. Ostensibly aimed at protecting domestic producers from unfair trade practices, they have frequently been used as weapons of protectionism even when dumping has not occurred. When this happens, some special interest group gains at the expense of the general public. Studies have found that antidumping laws result in a negative-sum game, since the losses exceed the gains, an outcome that violates utilitarian ethical principles. Antidumping laws also violate property and contract rights, since they prevent consenting adults from trading the property they have for the property they want. This paper begins with a review of the theory and practice of antidumping laws, then proceeds to apply ethical principles to determine whether individuals who launch antidumping investigations are acting ethically and concludes that President Barack Obama " needs to be bold on trade " by starting out with correcting the popular view that " dumping " is bad and those who dump should be penalized. Frederic Bastiat pointed out the fallacy of this view in 1845, yet the view is not only still with many American politicians but widely believed to be true among U.S. domestic manufacturers. President Obama should proclaim the following: In a free enterprise economic system, domestic producers have no inherent claim on the funds of consumers. The only ethical way of obtaining consumer funds is through voluntary trade. Using the force of government to obtain the funds (by prohibiting foreign suppliers from competing) puts domestic producers in the role of the aggressor, and in fact makes consumers the real victims. That is exactly what happens when a domestic producer appeals to the government to request an anti-dumping investigation against some foreign producer that is merely taking away business. Therefore, all anti-dumping laws and policies should be abrogated to promote freer trade. A bibliography containing links to more than 100 trade articles is also included.

A Look at Labor Standards and Neglected Human Rights Issues 1

by Robert McGee and Yeomin Yoon

Various groups have been demanding that discussions of labor standards be included in all future ... more Various groups have been demanding that discussions of labor standards be included in all future trade negotiations. The press is full of stories of alleged exploitation of child labor and other employment abuses in developing countries and human rights groups have demanded that something be done about it. However, the press and the academic literature have neglected various property, contract and association rights issues relating to labor standards in lesser developed countries. This paper attempts to remedy that deficiency and to start a discussion of some issues that have been overlooked or inadequately discussed. The tools of analysis will include both utilitarian ethics and rights-based ethics. A bibliography with links to more than 100 papers on trade is also included. The full paper may be downloaded at http://ssrn.com/abstract=2861247 BIO Robert W. McGee is an accounting professor and best-selling novelist who has published 58 nonfiction books and more than 700 scholarly articles. He is an attorney and CPA who has lectured or worked in more than 30 countries, and has earned 13 doctorates from universities in the United States and four European countries. The Social Science Research Network has ranked him as high as #2 in the world All-Time among accounting professors and #30 in the world All-Time among all social scientists. Various studies have ranked him #1 in the world for both

Book review Teens Speak KAUPA Letters June 2022

KAUPA Letters, 2022

The vast Asian aspect of world history is NOT "incidental" to the main logic of world history, wh... more The vast Asian aspect of world history is NOT "incidental" to the main logic of world history, which many Americans regard as "Western," meaning white Europe and white America -- the latter is an offshoot of the former. The global citizens of the 21st century should rectify such an absurd ignorance and misunderstanding of history. The history of the world resists a monolithic interpretation of the white pre-Greco-Roman pagan, Greco-Roman, Jewish, and Christian model.