경영대학 부학장/경영학부장

The best alternative to the long-term period of recession(stagnation) is HUFS Business School.

Paul Krugman, professor of Princeton University and Nobel prize laureate in economics, depicted "The panic will never come back, but the recession will continue for a long time" in his book 'Economics of the recession'. Hopefully his prediction is wrong, but it is true that many international and national economic conditions have been much more harsh.

Despite much recovery after the global financial crisis in 2008, the economy of the U.S. and Europe are still struggling with recession. Russia and China emerging as the superpower also lost their vitalities―the way of their manufactured goods and raw material exports, being blockaded by the aftermath of world wide economic recession. Japan, once South Korea's economic growth model, is wandering in the endlessly long recession tunnel of 20 years beyond the 'lost decade'.

KOSPI index which shows the performance of Korean economy has remained flat for several years between 1800 and 2100 points without any noticeable growth. Youth unemployment has reached to the extreme, 'one million unemployed young people'. Samsung electronics which was expected to be the top forever, took the powerful prescription of freezing employee wage in years as the growth rate of Galaxy sale has been slowdown. Hyundai-Kia motors which occupied a monopoly position in Korean automobile domestic market share has fallen from nearly 80% to 60%.

Business group or conglomerate―tycoon(in Japan) or chaebol enterprises(in Korea) as examples―seemed to be solid forever such as STX, Dongyang, Woongjin Group had disappeared and the CEOs of SK, Hanwha, and CJ group are restrained in custody and faced a management crisis.

In such a long period of recession, how can we promote the future in any survival strategy?

有子, the Chinese philosopher in confucianism, has left the following quote: "A wise man clung to the underlying basis with endeavor, and when the basis is right to stand dao(道) occurs in all things." It means the same 'Back to the basic' in English. What if Current CEOs have unconsciously forgotten the common sense and basic information for business management such as HR organizing, Marketing, Finance, Accounting, Strategy, Production management, Management information, International management which are learned at the college and company life? What if ex-or in-ternal financial crisis or the ups and downs of enterprises are also caused by violating the basic rules under the name of expedient or custom? This is not wrong in retrospect to the fact that the global financial crisis in 2008; investment banks' moral hazard and easygoing control of supervisory authorities were regarded as the reasons. Now it is time to review the basics for the business management and reexamine the decision-making process of companies and executives.
HUFS Department of Business, as the best Korean global university, will give you an opportunity to make your business basement confirmed by an orthodox method with excellent faculty and the latest educational facilities.

경영대학 부학장/경영학부장 이창준