Korean Chic

Seoul is a well-kept secret that must have gotten lost in the transmission queue of the Commonwealth’s coconut telegraph. I’ve filed more than one Saipan Tribune column from Seoul, amidst all the happy chaos of more activity than I thought you could ever fit into a country, let alone a city. This isn’t the time of year to visit, it gets so cold there that the sky can’t even breathe, but when springtime hits, I can’t think of a better place to inhale some city life.

Seoul has confidence without arrogance, culture without introspective sappiness, energy without end, and, these days, fashion that is turning some heads. On this last note, a flair for cosmopolitan fashion has spawned a vibrant clothes design industry, and now Korean pop culture is grabbing international headlines. And thus we are introduced to Korean actor Yon-sama, who was featured in the BBC World News on Monday. Headline: “Japan’s showbiz fans look to S. Korea.”

Whoa, Japan? Japan and Korea haven’t traditionally had warm and fuzzy feelings for each other, but the fact remains that Korean pop culture, as epitomized by Yon-sama, is now a marketable export. I don’t know if he has graced Saipan’s shores with a television or film project, but it is just a matter of time until he does.

It’s just another feather in the cap of South Korea, which is the economy I’ve had the most optimism about since 1999 or so. And it’s a feather in the Commonwealth’s cap as well, since a rising economic tide in Korea will lift more tourism boats on the CNMI’s shore. Korea has bootstrapped its way up the economic value-added food chain. Its cars now grace American highways, and are even used by at least one major U.S. auto rental firm. Samsung builds helicopters, not exactly a low-tech proposition. Korea boasts some of the largest, if not the largest, ship builders. And when it comes to electronics, the nation isn’t a slouch, either.

Meanwhile, Korean’s economic thinkers are pretty darned good. I’m a bit biased on this note, since my first economics professor was a visiting prof from Korea. Bias or not, though, I’ve read my share of economics reports from the Hermit Kingdom, and a lot of their economists know what they’re talking about. That bodes well for the country. And that’s pretty rare these days, where many economists have become either hired liars for cynical political agendas, or beard-scratching numbskulls on academic payrolls.

So, can you bet on Korea? Well, yeah, inasmuch as you can bet on anything in this uncertain world. I’d have no qualms about holding won, or about investing in a legitimate Korean business if it was well-managed. Barring some cataclysm, Korea’s economy will probably double in size over the next generation, which will put it, on a per-person basis, way ahead of Europe’s dank and dim socialist economies. So we’ll soon add Korea to the list of Asian economies that have surpassed many of Europe’s per-capita: Japan, Hong Kong, Singapore, and, soon, very soon, Taiwan, too. Gee, do you see a trend here?

Yes, perhaps Korean Chic has arrived. (We cross a lot of cultures in the Tribune’s readership, so I’ll note that “chic” is a French term adopted by Americans that means “stylish” or “fashionable.” It’s pronounced “sheik,” everywhere except Texas, where many do, indeed, say “chick,” but I won’t argue with a locale that has frequent flyer miles on the electric chair.)

Conclusion: Visit Seoul when the weather warms. Amid all the industrial, retail, and cultural activity, you’ll see something else: one of the world’s future economic stars preparing to take the world’s stage. Good for them. They’ve earned it.

(Ed Stephens, Jr. is an economist and columnist for the Saipan Tribune. Ed4Saipan@yahoo.com)