Bill Clinton: “Can you tell us exactly what you did? In the restructuring, did you change the organization of your company; did you…”

“Can you tell us exactly what you did? In the restructuring, did you change the organization of your company; did you reduce the layers of administration; did you reorganize the way the workers were working? How did you restructure your company? What were the two or three most important elements of your restructuring? [Chairman Park described selling off joint ventures and real estate holdings; reducing the work force through an early retirement program and strengthened pension programs; and merging nine separate companies into one. Park Byung Yeop, president, Pantech, said that as president of a small company, he thought the country's focus on big companies had contributed to the crisis, but that the Korean Government's restructuring program was on the right track. He stated that smaller companies would be the driving force for further growth of the Korean economy, noting that Motorola, one of the biggest telecommunications firms in Korea, had invested in his company. Yoo Seong-min, director, Korean Development Institute, stated that conglomerates were the unique characteristic of the Korean economy, contributing to development in the past as well as to the current crisis, and that while restructuring and reform efforts had been criticized for being too slow, he believed that moving too fast would have some bad effects. He then asked how the United States had harmonized economic development with political democratization.]”