Labor Leaders are
Glad to See Hyundai's Chief in Jail
Dr. Bill Belew
Issue I - June 10, 2006
Introduction by Mr. Stolyarov:
This article by Dr. Bill Belew presents another
example of economic inefficiency caused by domineering and coercive
labor unions. The unions—happy
over the recent imprisonment of Hyundai's CEO Chung Mong Koo—would
rather gladly watch their company stagnate and decline than accept the
leadership of a man they dislike; their personality politics stand in
the way of economic progress.
Labor leaders in Korea are not disappointed to
see Hyundai CEO, Chung Mong Koo, take a fall.
What union leaders ( I hate unions ) hope for
is that this will give Hyundai Motors a chance
to make another leap forward because they will be out from under the
"emperor-like" rule of Chung.
Hyundai is the world's number 7 auto-maker, and
Chung now owns 5.2% of it from jail. Though he owned such a small
portion, he had near-absolute control and was even said to be a
micro-manager to the point of deciding what color the parts under the
hood should be.
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Dr. Bill Belew is a former Intelligence
Officer for a Destroyer Squadron. He lived 20 years in Japan, where he
started a language school for Japanese
Dr. Belew teaches classes for a vocational school and online for a
See Dr. Belew's blog,
for news and discussions about business and current events in Russia and
for Dr. Belew's reports on business in China and
on business in Japan.
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