[In-Depth Review] The COVID-19 Pandemic and the Spirit of the Times

Kim Young-woo, Senior Expert at the Win-Win Growth Committee.

In Germany, there is the 'Philosophenweg' (Philosopher's Path). It is a walking trail located across the river from Heidelberg Castle. This approximately 2km path became famous because many philosophers, writers, and students such as Kant, Hegel, and Goethe were known to have contemplated there. After crossing the river and climbing the steep path, vineyards unfold, and benches surrounded by flowers are placed along the center of the parallel paths. The beautiful view of the Heidelberg fortress, which began in the 18th century, is quietly spread out along with its decalcomania reflected in the river water.

What might the philosophers have thought while walking this path? Those who traveled this path were not merely admiring the scenery. They showed interest in the spiritual culture of the Germanic people and believed this formed the national spirit. As their thoughts were organized into numerous writings, the national spirit combined with the universal world spirit to complete the 'Zeitgeist.' The Zeitgeist was born on the Philosophenweg and came to refer to the ideas and trends that dominate the philosophy, literature, and arts of an era.

The Zeitgeist, which emerged from the late 18th century, developed around Hegel and Herder and expanded through the 19th century into various fields such as history, law, and economics. Especially in history, it was used to mean the power that creates the characteristics or universal values that run through an era. This also laid the groundwork for the unification of Germany at the end of the 19th century. In the late 20th century, the concept of Zeitgeist expanded to refer to the social common sense, values, and the background that created them, unique to a particular era.

With the spread of COVID-19, what is the Zeitgeist given to us? The current economic situation is so severe that it is compared to the Great Depression of 1929. Even South Korea, which has relatively well managed the COVID pandemic, is experiencing a decline in economic growth rate, with the pain concentrated on economically vulnerable groups, intensifying income and wealth polarization. Ultimately, the Zeitgeist given to us now results in overcoming COVID-19 along with resolving social and economic disparities.

One of the most proactive responses to the COVID pandemic currently facing the global economy is co-growth based on cooperation and trust among companies. Co-growth is a Korean model of inclusive growth. Inclusive growth here means a growth system where not only small and medium-sized enterprises but also small business owners, self-employed individuals, and low-income vulnerable groups can participate in growth and share its fruits.

To concretize this Zeitgeist, the corporate ecosystem must first be transformed into a virtuous cycle system. Advanced economies are showing rapid technological convergence trends across various industries to secure new growth engines accelerated by the Fourth Industrial Revolution. Accordingly, competitiveness through inter-company linkage depends on how harmoniously companies, including cooperative SMEs, form networks to create win-win synergies.

South Korea must actively promote co-growth among companies to respond to changes and the flow of the times. I am confident that the path to revitalizing our economy and moving toward sustainable growth lies in fusing the strengths of each?large companies' globalization and technological capabilities, SMEs' diversity and flexibility, and venture companies' creativity?to generate synergy.

Hegel, who emphasized the Zeitgeist, said, "The owl of Minerva spreads its wings only with the falling of dusk." This is generally interpreted as "philosophy does not predict the future but only clearly understands the meaning of phenomena after they occur." However, it can also be interpreted as "wisdom and philosophy are needed when the world is engulfed in darkness." The reason we reconsider the Zeitgeist in this dark world due to the COVID pandemic is precisely this.

Kim Young-woo, Expert Member, Korea Commission for Corporate Partnership