News Snapshot:
By Juhern Kim IN 1962, former South Korean President Park Chung-hee said, “if you can see factories fuming out gas, it is a sign of advent success.” It was a metaphor for industrialization. The dominant business model at that time delivered private profits, while creating public losses in the form of externalities, mainly environmental degradation. The same trend happened everywhere across the globe. That was the zeitgeist of the 20 th century, so it is futile to dwell on the past. People did not know what was wrong with it, because the whole system that ignored negative spillovers encouraged reckless...
