Preparatory Issue 17
January 2023 |
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Happy New Year to all!
We'd like to send New Year greetings with the hope that all of you started to make new goals and share excitement with others.
However, it seems that there are many unresolved problems and exacerbated ones both domestically and internationally. In Korea, those who are responsible for the October 29 Itaewon disaster haven’t been revealed and punished even though the victims’ families and citizens have demanded it. Workers' struggles have been severely suppressed by the Yoon government's anti-labor policies. Also the disabled’s struggle to demand for basic rights at subway stations have continued for years. Internationally, the Washington-led New Cold War continues and tensions rise around the world. In early January, Japanese Prime Minister Fumio Kishida met with U.S. President Joe Biden in Washington and the U.S. supported "fully, thoroughly, completely" Japan's plan to double its defense spending, calling it "historic."
In the face of news that is more worrisome than exciting, we can recall the words of Antonio Gramsci, the Italian revolutionary who led the anti-fascist movement in the early 20th Century. Antonio Gramsci wrote in the Prison Notebooks: "The crisis consists precisely in the fact that the old is dying and the new cannot be born."
The crisis we face today can be solved only when we create new discourse, alternatives, and counter-force. In 2023, the International Strategy Center is going to move forward more enthusiastically to create “the new”. We hope many of you will join us.
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Interest Rate Hikes More Dangerous Than Inflation |
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Sohn Jong-pil (ISC, Policy Team Director)
Translated by Alice S. Kim(Translate Team)
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Korea has no choice but to raise interest rates in line with the global trend of interest rate hikes, but the situation in Korea is a little different from other countries. Hence the burden caused by the interest rate hike, even when taking into account some speculative elements, is causing financial difficulties to households and businesses. During the COVID-19 pandemic, the Korean government implemented a passive fiscal policy compared to other countries, resulting in a relatively low increase in national debt, but at the same time leading to rising debt for households and businesses experiencing economic hardship due to COVID-19. Other countries have begun to stimulate their economies by injecting huge amounts of finance by issuing government bonds. However, the Korean government, concerned about fiscal soundness, stopped providing pandemic financial assistance for a while, in the name of policy funds, which take the form of government loans, increasing the debt to households and businesses. The result of the interest rate hike that is being undertaken as a countermeasure against the global phenomenon of rising prices after the pandemic is that it is leading straight to an interest burden. According to the Bank of Korea, when the base interest rate is raised by 0.25 percentage points, the interest burden is 3.3 trillion won. According to media reports that the interest burden has increased to about 40 trillion won resulting from the interest rate hikes, the pain is inevitably great. |
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We had a 2023 New Year Party with members and people who have participated in our activities. We looked back on our activities in 2022 and shared what we like to do in 2023. Last year, the ISC organized 7 Progressive Forums, translated 2 books, hosted book clubs, organized the International Progressive Forum with a progressive political party and civil societies, studied Korean modern history and went on a history tour, published monthly newsletters in Korean and English sharing with 2,000 subscribers, joined people’s struggles on the streets, and had study sessions and discussions. While doing all these projects, we also made fun and meaningful memories! All of these were possible because you have been with us. We look forward to another amazing year with you in 2023! |
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[Feb Progressive Forum]
LULA'S 3RD TERM From A Social Movement View |
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Cassia Bechara is a member of Brazil's Landless Workers Movement(MST)'s national board and the coordinator of the International Relations Committee.
Date & Time: Sunday, February 19th 7:30pm
Programs: Interview + Q&A from audience (Eng. and Kor. interpretation)
INFO: Dae-Han Song (010-3489-0333)
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2F, 2 Dosin-ro 47-gil, Yeongdeungpo-gu, Seoul International Strategy Center
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