Shown above is a new book written by Prof. Lee Phil-sang at Seoul National University. Its title is “Politics, Economics and South Korea.” Photo courtesy of Vision Bridge

Prof. Lee’s new book sheds light on world’s economy

After World War II came to an end in 1945, the United States became the most dominant economic, military, and political superpower in the world, which is called Pax-Americana.

In the 21st century, however, the dominance of the U.S. has been challenged by China, which has charged fast in economy and military at a fast pace.

The question is whether or not China will be able to establish fresh unipolarity by nudging past the U.S. _ Beijing’s dream of building Pax-Sinica.

Prof. Lee Phil-sang at Seoul National University argues in his latest book, “Politics, Economics and South Korea,” that the rise of China will not end up making a new hegemonic power.

“The U.S. could become the leading power through the two world wars. China lacks such a dramatic historical momentum to become a superpower,” Lee said.

“In addition, China is a socialistic state, which is supposed to keep facing public demands for democracy. Such a country would struggle to lead the liberal international order.”

As far as the economy is concerned, Lee said that there are many risk factors of the communist country, including rising sovereign debts, widening income gaps, and deep-seated corruption.

Prof. Lee points out that just like China, politics have been roadblocks to the economy in Korea.

The famed economist encourages Korean politicians to put forth efforts to renovate through dramatic changes and deregulations so that the economy can thrive.

“We need to rev up our growth engines,” Lee said. “Based on increased growth potential, our economy should benefit all the people.”