Two years has already passed since the IMF system started in Korea. At first when the Minister of Finance and Economy announced that "Korea can't help getting aid from the IMF and Koreans have to follow the IMF policy."  I didn't know what that situation was exactly. But since then, I came to know and think about this economic crisis through many things affected by the IMF system.
        At the begining of the IMF system, we were in a very serious foreign exchange crisis. So most citizens, from the young to the old, participated in collecting gold to secure many more dollars. The movement impressed me profoundly, like the past independence movement against Japan. I think that was a kind of expression of strong patriotism that we can take pride in. Maybe it gave us the chance to think of our country in this individualistic society.
        Nowadays the news is covering the restructuring of Daewoo with big attention. The reason is that Daewoo is the second largest conglomerate of Korea, and it can affect the Korean economy directly. I think one of the problems of the Korean economy is the conglomerates, the so-called chaebols. It is true that  a few chaebols like Samsung and Hyundai have led our economy mainly, and they have contributed to the economic develoment in many ways until now. But they also caused the economic collapse. In the past, even though they didn't have their own assets, they could expand their many kinds of subsidiaries with political connections. Also they got  financial aid from the government if they had some problems in their business. At that time they spent the money on giving  bribes instead of investing in the development of technology. So it made the Korean  economy weak and incompetent. Therefore finally we confronted the economic problem. Daewoo has sold off their subsidiaries lately to survive in this serious situation.
        I think Daewoo deserves to meet that consequence and it's one of the processes to reform the economy. It's the right time to change the management of conglomerates. Therefore other chaebols have to implement  restructuring plans quickly. Actually the meaning of conglomerate is not a large size company, but a strong competitive company. So conglomerates have to specilize in a specific segment in business and improve their competitive power against other countries's companies. These days President Kim Dae-Jung is trying to force chief executive officers to restructure their conglomerates by the end of this year. This is very reasonable instruction can make our economy brighter.
        In my school days I heard from the news, "Koreans spend lots of money on their trips abroad compared to other countries." Frankly, Koreans indulged in luxury  before becoming an advanced country. This was a worrying thing.  After the IMF system, however, we seem to have changed our habits in consumption  into more humble ways. In this aspect the IMF system has given us a good lesson. I also  came to save  money and other goods and to appreciate  all things that I have now. I hope we keep this habit continuously.
        IMF will be an unforgettable word in Korean history. It changed most parts of Korean society variously and gave us many things--good or bad. Nobody knows when we'll escape from the IMF aid. But as we have tried for about two years, we have to do our best in each position to overcome the IMF bailout. Maybe this is the most basic solution.