[Desk Column] The Hero of the 'Corona Pandemic' War

On the 2nd, aircraft are parked at the apron of Incheon International Airport. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Lee Cho-hee] When I was young, one corner of my room's bookshelf was filled with collections of biographies of great figures. Looking at the nearly 100 volumes, I thought that with so many great people in the world, no ordinary achievement would be enough to make a name there. Among them were generals or patriotic martyrs like Yi Seong-gye, Yi Sun-sin, and Ahn Jung-geun, as well as war heroes like Genghis Khan and Napoleon. Politicians such as Jeong Mong-ju, Syngman Rhee, Lincoln, and Churchill also appeared.

When looking at the war hero stories among the figures in the books, there is a commonality across East and West. It is the theory that "heroes arise in troubled times." The more difficult the era, the more people yearn for strong leaders or heroes. Therefore, it is said that in troubled times, it is not so difficult to earn the title of hero compared to times of peace. The war heroes appearing in the biographies are, in reality, figures who waged conquest wars by invading other countries and seizing territories. They made rivers of the blood of countless allies and built mountains of the corpses of even more enemies?mere "war criminals." Yet history recorded them as "heroes."

Reading Chinese history and classics, one can easily find cases where individuals who were merely rural local officials during peaceful times became feudal lords in troubled times. However, those who pacified troubled times did not succeed simply by luck. If Liu Bei only had skills in weaving mats, or Cao Cao was only knowledgeable, they would not have risen to leadership in times of war. It means that one must be able to reveal a hidden trump card at a true moment of crisis.

Just as troubled times call forth heroes, times of crisis require capable people to demonstrate their abilities. The world is now facing the greatest crisis since World War II. Due to the COVID-19 pandemic, the global economy is suddenly in the midst of a "perfect storm"?a massive economic crisis.

In South Korea, which was the second fastest after China in the early spread of COVID-19, the situation has become too serious to describe with mere words. Like a scene from the movie "Contagion," released nine years ago about a new infectious disease disaster, gyms, schools, and airports all came to a halt. Just as the movie distributed vaccines by lottery based on birth dates, people experienced a new system of buying masks on a 5-day rotation schedule. Daily life collapsed, leading to paralysis of the real economy. Companies with halved earnings are conducting large-scale layoffs, wage cuts, and unpaid leaves. Production lines of large corporations have stopped, and exports have taken a direct hit. Due to restrictions on outside activities, many small business owners have closed their shops, and low-income vulnerable groups such as part-time and day laborers are pushed to the brink of livelihood and survival.

Due to the spread of the novel coronavirus infection, universities have postponed the start of the semester and are conducting classes online. On the 17th, the Yonsei University campus in Seodaemun-gu, Seoul, appeared quiet. Photo by Jinhyung Kang aymsdream@

Although the government has been announcing support measures daily, there is no sign of relief anywhere. Why is that? Could it be because no "hero" has emerged from the fiscal and financial authorities responsible for the economic system, even as the country's economy collapses due to the epidemic? Especially, failing companies are eagerly awaiting a "solver" from the financial authorities who could be their savior.

The problem is that the financial authorities are not accustomed to crisis escape plans that help someone. Having experienced several financial crises such as the IMF crisis, they have only sharpened the whip for regulation and the blade for cutting, but have never properly handed out a life jacket.

Look at the support measures for the aviation industry, which is at a crossroads of survival. It is said that the aviation industry, practically in a shutdown situation, cannot survive even three months. Despite various self-help measures, liquidity shortages due to fixed costs are severe. The aviation industry, as a key industry, must play an important role in the post-pandemic economic recovery phase. This is why many countries, including the United States, actively support their national airlines. How about our financial authorities? Instead of leaving it solely to policy banks, they should be deliberating and creating plans on how much and in what ways to support, together with the Korea Development Bank and Export-Import Bank of Korea.

The Korean economy is suffering critical damage. There is no more time to hesitate. Financial authorities should not only demand companies' self-help efforts. The government must provide answers as soon as possible. It is time to temporarily put down the authority that only wielded the whip during peaceful times. Now is the time to show the true leader who exerts power in troubled times.