• KDI Journal of Economic Policy
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• v.30 no.1
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• pp.171-209
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• 2008

The Great Depression is one of the most important economic incidents in the twentieth century. A significant and long-lasting impact of this event is the rise of the government intervention to the economy. Under the catastrophic downturn of the economic condition worldwide, people required their government to play an active role for economic recovery, and this $mentalit{\acute{e}}$ prolonged even after the Second World War. Social science textbooks taught at Korean high schools mostly referred to the Great Depression for explaining the reason of government intervention in economy. However, the mainstream view commonly found in the textbooks provides a misleading theological interpretation. It argues that inherent flaws of the market economy causes over-production/under-consumption, and that this mismatch ends up with economic crisis. The chaotic situation was resolved by substitution of the governments for the market, and the New Deal was introduced as the monumental example ('laissez-faire economy ${\rightarrow}$over-production${\rightarrow}$the Great Depression${\rightarrow}$government intervention${\rightarrow}$economic recovery'). Based on economic historians' researches for past three decades, I argue that this mainstream view commits the fallacy of ex-post justification. Unlike what the mainstream view claims, the Great Depression was neither the result of the 'market failure', nor the recovery from the Great Depression but was due to successful government policies. For substantiating this claim, I suggest three points. First, blaming the weakness or instability of the market economy as the cause of the Great Depression is groundless. Unlike what the textbooks describe, the rise of the U.S. stock price during the 1920s cannot be said as a bubble, and there was no sign of under-consumption during the 1920s. On the contrary, a new consensus emerging from the 1980s among economic historians illustrates that the Great Depression was originated from 'the government failure' rather than from the 'market failure'. Policymakers of European countries tried to return to the gold standard regime before the First World War, but discrepancies between this policy and the reality made the world economy vulnerable. Second, the mainstream view identifies the New Deal as Keynesian interventionism and glorifies it for saving the U.S. economy from the crisis. However, this argument is not true. The New Deal was not Keynesian at all. What the U.S. government actually tried was not macroeconomic stabilization but price and quantity control. In addition, New Deal did not brought about economic recovery that people generally believe. Even after the New Deal, industrial production or employment level remained quite low until the late 1930s. Lastly, studies on individual New Deal policies show that they did not work as they were intended. For example, the National Industrial Recovery Act increased unemployment, and the Agricultural Adjustment Act expelled tenants from their land. Third, the mainstream view characterizes the economic order before the Great Depression as laissez-faire, and it tends to attribute all the vice during the Industrial Revolution era to the uncontrolled market economy. However, historical studies show that various economic and social problems of the Industrial Revolution period such as inequality problems, child labor, or environmental problems cannot be simply ascribed to the problems of the market economy. In conclusion, the remedy for all these problems in high school textbooks is not to use the Great Depression as an example showing the weakness of the market economy. The Great Depression should be introduced simply as a historical momentum that had initiated the growth of government intervention. This reform of high school textbooks is imperative for enhancing the right understanding of economy and history.

• Journal of Korea Port Economic Association
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• v.34 no.1
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• pp.51-64
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• 2018

The purpose of this paper is to analyze the productivity change of the Korean shipbuilding industry between 2001-2008 and 2008-2015 by using MPI(Malmquist Productivity Index) to decompose the sources of total factor productivity growth into technical efficiency change, scale efficiency change, pure efficiency change, technical change. The empirical results are as follows. In the first half of the year (2001-2008), productivity increased by 2.8%, which was due to technological advances rather than technical efficiency. In the second half (2008-2015), productivity change declined by -3.4%. This is attributable to the technical efficiency deterioration and technological degeneration caused by a decrease in shipbuilding orders due to the global economic downturn after the global financial crisis and the rise of Chinese shipbuilding industry. In the first half of the period, productivity change was higher than in the second half. Especially, the difference between the two periods is attributed to the technical change and it was proved by statistical verification. The policy implications of this paper suggest that the government and each DMU need to develop new technologies to cope with changes in the global shipbuilding industry environment and strategies to eliminate inefficiencies in order to increase productivity in the future.

• Journal of Korea Port Economic Association
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• v.30 no.4
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• pp.169-198
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• 2014

Due to the recent worldwide economic downturn, companies are required to put more effort into their innovation and quality improvement. In particular, business relationship is increasingly emphasized to be changed from a vertical relationship to a more horizontal relationship, such as collaborative partnership based on trust. In the logistics industry, through the collaboration, consignors can gain competitive advantages by focusing on their core capabilities, and freight forwarders also take advantages of securing stable cargoes and specialist expertise in distribution. Therefore, this study aims to identify key factors for developing a collaborative partnership between freight forwarders and consignors, and further examine the differences between the two groups empirically by using questionnaire survey. Based on the results, the main factors were found as follows: 1) Trust Building, 2) Competence Improvement, 3) Business Ecosystem and 4) Government Assistance. According to the analysis on sub-factors, first, among the four main factors, it turned out that trust is the most important variable. Specifically, the sub-factor of providing regular and stable service was revealed to be most critical. Second, it was found that forwarders need to improve services on 'Information Exchange System' and 'Electronic Data Interchange'. Finally, it is necessary for both consignors and forwarders to have better understanding of partnership. Key implications for both groups are highlighted based on the results.

• Korean Journal of Construction Engineering and Management
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• v.15 no.4
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• pp.107-118
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• 2014

Electrical Construction industry uses Construction industry's statistical data for business outlook. Because there are not electrical construction business view's statistical data. It has own unique characteristic which is different from construction industry. So it must have a electrical construction Business Index. This study was focused on developing the business index of electrical construction business. Electrical construction business index consists of electrical construction composite Index(ECI) and the electrical construction business survey index(EBSI). This study experimentally analyzes the business views of electrical construction industry in 2/4 quarter of 2014. The leading Index of ECI indicates -0.4% compared with 1/4 quarter of 2014, coincidence index also shows that electrical construction industry's business cycle is in an economic downturn. EBSI is 83.5 in 2/4 quarter of 2014, down from 95.2 in 1/4 quarter of 2014. It means that electrical construction company has a pessimistic prediction. As a result we know that the Business Index of Electrical Construction Business shows similar results. It is expected to make contribution for electrical contractors to establish management strategies and prepare responses to economic changes by providing information about economic trends of electrical construction business and forecasting future economy.

• Journal of Technology Innovation
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• v.28 no.4
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• pp.127-150
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• 2020

The World Health Organization (WHO) declared the third pandemic in history after the Hong Kong flu and swine flu. The outbreak of Corona 19 dramatically reduced exchanges between countries, while rapid contagion created a time gap in economic fluctuations by country. In January 2020, the trade dispute between the US and China entered into a consensus phase, but the economic decoupling phenomenon caused by Corona 19 made it difficult for China to balance trade with the US and made it difficult to comply with the terms of the trade dispute agreement between the US and China. President Trump attributed the responsibility for the spread of Corona 19 to China, and pointed out that the cause of the economic downturn was the infringement of Chinese trade secrets and illegal copies, and protectionism arose. As a result, China protested fiercely, and the conflict with the United States deepened. The US has declared trade sanctions on Huawei and SMIC, which are key companies in China's semiconductor industry, and is predicting the risk of a disconnection of the semiconductor value chain between the US and China. The separation of the value chain of the semiconductor industry has the potential to have a big impact on the semiconductor industry, a structure that is highly specialized and monopolized by certain countries and companies in the value chain. This paper aims to deal with the risk of disconnection in the semiconductor value chain between the US and China reignited by Corona 19, the impact and change of the global semiconductor industry value chain, and the response strategies of Korean semiconductor companies.

• Journal of the Korea Furniture Society
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• v.24 no.1
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• pp.24-32
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• 2013

The aim of the present study was to investigate and analyze a tendency of the Philippines furniture which are not well-known in Korean market yet, but have been emerging as an OEM base, through the Manila FAME 2012. The study was conducted by visiting some furniture companies in Philippines for the active understanding regarding the current status of the Philippines furniture, in consideration of the material, functional and structural aspects of the goods which were exhibited on the Manila FAME 2012. The methods of the investigation were to research the related literatures concerned and materials had been collected over the internet, to visit the Manila FAME 2012 at work and finally to visit furniture companies in Philippines. Manila FAME has been based on the DTI (DTI: Department of Trade and Industry) through CITEM (CITEM: The Center for International Trade Mission and Expositions) since 1983. The exhibition whichincludes various sorts from furniture, traditional artifacts, leisure goods, gifts, jewelry and clothes is becoming such a potent force by integrating three exhibitions such as Manila Now, CEBUNEXT and Bijoux Cebu, what all had been held before the world economic downturn. The features of the Philippines furniture shown on the Manila FAME are as follows: First, they are focusing on the maximum of function to the exclusion of the decoration and they were mostly made of various kinds of mahogany like jambilina, acacia, bamboo, wisteria and Manila hemp growing up in the Philippines indeed and finally there were a lot of the simple designs of the curved line which were exactly the material nature of the wisteria and Manila hemp.

• Korean Journal of Construction Engineering and Management
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• v.11 no.3
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• pp.115-124
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• 2010

Along with the recent economic downturn, domestic construction companies have also faced with many difficulties and obstacles. To overcome this situations, now they are trying to continuous efforts to improve efficiency and productivity of project performance through many means including the reduction of fixed cost expenditures. Level of work performance of construction field managers is very important factor of productivity improvement for successive performance of construction project. This study attempts to analyse level and influence factors for work performance of field managers in construction companies through analysis of work burden and level of work performance. Also this study attempts to present basic data of the improvement directions for enhancing construction efficiency and productivity in future.

• Journal of the Korea Convergence Society
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• v.8 no.7
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• pp.199-205
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• 2017

Despite the economic downturn, the amount of clothing being discarded is increasing due to the fast fashion. The purpose of this study is to propose a fashion sharing service development to settle the rational consumption culture along with the abandoned clothes problem. Shared fashion rental service has attracted as a solution to environmental problems not only when clothes are incinerated but also in manufacturing process, but there is a lack of precedent research. Therefore, this study is meaningful in that it has developed two development plans based on the results of analysis of service case based on three factors by Rachel Botsman. First, active community development. Second, it is the creation of goods through activation of the shared economy. In this study, there are limitations that can't be proved through actual application, so more research is needed through empirical studies on actual users in the future.

• Journal of the Korean Data and Information Science Society
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• v.27 no.5
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• pp.1327-1336
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• 2016

Most cases of child abuse in South Korea are caused by parents in the family home. Currently, these types of incidents are growing. Child abuse creates irreparable damage to a child's development and its effects are prolonged. This damage can create a maladjusted adolescent and adult criminal acts. Because of this damage and the long lasting effects on a person and society as a whole, special attention needs to be paid to this pressing issue. South Korea's rapidly changing social environment has created a variety of new family forms including dual-income families and single-parent families. With the current economic downturn and accompanying employment instability, many families exist in uneasy financial and emotional states. The children in these stressful family environments are the most vulnerable and live in risk of experiencing physical or psychological abuse from their parents. In the context of significant and often difficult social changes, this study identifies the characteristics of child abuse based on family status and parental mental health.

• Journal of the Korea Fashion and Costume Design Association
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• v.21 no.3
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• pp.161-172
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• 2019

This study examines the characteristics and recent changes of the Hanbok industrial cluster in Gwangju Metropolitan City, in order to understand the problems in the activation of the Hanbok industry and to seek future policies. A total 32 companies comprise the 'Small Manufacturer Specialized Support Center of Hanbok' and were surveyed with a 41 questions with questions in four categories. The Gwangju Hanbok area has been in existence for more than 40 years and was composed of small groups of one or two manufacturers. They are experiencing the same difficulties as other Hanbok clusters, such as the aging of workers, the downturn of dress culture, and changing consumption paradigms. However, since 2015, various efforts have been made in order to seek countermeasures to cope with such difficulties, particularly with the foundation of the 'Small Manufacturer Specialized Support Center of Hanbok' with the support of the Ministry of Small Venture Business. This study focuses on the alterations in the current Hanbok industry due to the IT industrialization as well as the changes in the locations of the Hanbok clusters due to the revitalization of old towns by local governments., The results providing an opportunity to appreciate the problems therein and seek the solutions. Small manufacturers of the Hanbok cluster are trying to improve their entrepreneurship, digital technology application, and knowledge in accordance with the socio-economic trends, but they have limitations to practically apply it to business, barely keeping the minimum production base. The central government and the Gwangju should reinforce and expand the support for marketing and public relations for the Hanbok to foster the designer population, to establish mutual brands, to raise brand awareness, and to promote the technological perfection of the individual businesses, to allow them to cope with the current market trends, in order for the technological development and firm settlement of the local Hanbok industrial cluster.