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Surrounded on three sides by water, Korea is an oceanic nation that depends on the import of 95 percent of its energy sources and the export of its manufactured goods via maritime routes. Maritime transport is Korea’s lifeline, and between the 16th century iron-clad “turtle ships” that propelled their creator,…
Korea has once again been threatened by financial contagion that started in another country. In 1997, it began with Thai baht; this time, the trouble started on Wall Street. Since release of the October issue of Korea Insight, Korea’s financial markets have come under heavy pressure. The government of Korea…
When the curtain fell on the XXIX Beijing Olympics, South Korean athletes, with 13 gold, 10 silver, and 8 bronze medals, had proven once again that, ranking seventh in the overall medal table, their country was among the world’s top sporting nations. Korean Olympic glory began over seven decades ago,…
Black September, Meltdown Monday, America’s Financial 9/11, Financial Tsunami, Perfect Storm, worse financial crisis since the Great Depression 1929… Whatever the term used, recent events on Wall Street will certainly go down in the record books. The speed at which so many prestigious financial institutions collapsed is a dramatic turning…
Adhering to the action-for-action framework of the February 13, 2007 agreement, North Korea and the United States traded symbolic actions last week that grabbed the headlines—explosive video footage of North Korea’s destroying part of its Yongbyon nuclear complex and announcements of dramatic change in Bush administration’s policies. Before the dust…
International oil prices have risen dramatically, raising the possibility of a “third oil shock.” During the first oil crisis in 1973, the annual average price soared to $85/barrel (bbl) in today’s equivalent value. Just six years later, the second oil shock arrived, as crude averaged $152/bbl. As of May this…