Chapter 9: An Era of Change (2)
It's an era of change.
And also an era of splendor.
The 63 Building, symbol of the skyline, rises high, and the middle class is steadily growing. Companies, one after another, increase their debts and indulge in overinvestment. As long as you have a college degree, corporations line up to hire you.
Truly... it’s a boom time.
Chairman Yoo Seong-pil is no exception. The major corporations of Korea, charging forward like crazed bulls, will only come to a halt once a foreign exchange crisis hits. Only then will they begin to strengthen their foundations.
‘But not yet.’
After all, it was this very overinvestment that transformed South Korea from a developing country into a middle-income one—and eventually into an advanced nation.
“...The yen really was too weak. Exports skyrocketed, and American companies started to groan.”
A weak yen means you can exchange more yen for fewer dollars. In other words, even expensive Japanese goods become cheap when exported to the U.S.
That is—exports thrive.
“Right. The U.S. saw a massive current account deficit. No way they were going to sit back and let that continue. Japan was pushing up right under their nose, and the almighty U.S.—or really, any country—wasn’t going to just let that happen.”
“Exactly. It was unprecedented to begin with. Threatening the U.S. with nothing but economic power, without any diplomatic or military backing... Hm. That makes things relatively favorable for our country then.”