{"id":2196859,"date":"2022-06-16T18:23:52","date_gmt":"2022-06-16T09:23:52","guid":{"rendered":"https:\/\/www.nknews.org\/pro\/?p=2196859"},"modified":"2023-04-05T16:12:16","modified_gmt":"2023-04-05T07:12:16","slug":"an-age-of-economic-technocrats-arrives-in-south-korea","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2022\/06\/an-age-of-economic-technocrats-arrives-in-south-korea\/","title":{"rendered":"An age of economic technocrats arrives in South Korea"},"content":{"rendered":"
In the short time since Yoon Suk-yeol\u2019s inauguration, the new South Korean president has pursued policies that can be best summed up under the banner \u201cAnything but Moon Jae-in.\u201d Nowhere has the new administration\u2019s efforts to differentiate itself from its predecessor been more apparent than in its appointments of new economic officials.<\/span><\/p>\n Thus far, Yoon has shown a preference for naming professionals and technocrats with lots of experience in their fields. This is a change from previous administrations \u2014 liberal and conservative \u2014 that have tended to fill key ministerial positions with political friends or prominent university professors.<\/span><\/p>\n This difference suggests that Yoon\u2019s economic team will do away with more ideology-driven experiments like the Moon government\u2019s pursuit of \u201cincome-driven economic growth.\u201d It is likely to emphasize the need for economic growth, while following a conservative budgetary policy that avoids budget deficits.<\/span><\/p>\n But the new age of the economic technocrats is not without risks. The members of Yoon\u2019s team have similar backgrounds and thus could be prone to groupthink. And his appointment of a prime minister and chief of staff who also have economic backgrounds raises the possibility that they may seek to intervene in the activities of the agencies where they spent much of their professional lives working.<\/span><\/p>\n A TEAM OF (MOSTLY) EXPERTS<\/b><\/p>\n A survey of Yoon\u2019s economic appointees makes clear that they by and large have abundant professional experience related to their positions.<\/span><\/p>\n Choo Kyung-ho, the new minister of economy and finance, has worked in economy-related government agencies for some 30 years, including Economic Planning Board (EPB) and as vice minister of finance. He has also been head of the Office for Government Policy Coordination. Interestingly, he is the only team member who is not a graduate of Seoul National University (SNU), the nation\u2019s most prestigious school.<\/span><\/p>\n Lee Chang-yang, minister of trade, industry and energy, began his career at the ministry he now leads, spending 15 years there and later joining the research university KAIST as a professor of management.<\/span><\/p>\n Yoon appointed Choi Sang-mok as his senior economic secretary. Choi began his career at the finance ministry and rose to the rank of vice minister.<\/span><\/p>\n Finally, Kim Joo-hyun, tapped to be chairman of the Financial Services Commission (FSC), has spent his entire career at the finance ministry and FSC specializing in managing financial markets.<\/span><\/p>\n