Golden Spoon Investment Portfolio - Chapter 420

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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420. Let me give your idea a try.

“Broadband, you said?”
“Yes, sir.”

Under the curious gazes of Kim Jae-chun and Woo Chun-il, I answered with utmost seriousness.

“First, second, and third—it’s all broadband. For Korea to overcome the foreign exchange crisis and leap into the developed world, we must become the global leader in broadband.”

Without a shred of hesitation, my conviction was evident. Kim Jae-chun folded his arms and asked with curious interest.

“But what exactly is broadband?”
“It has several meanings, but simply put, it refers to ultra-high-speed internet infrastructure.”
“The internet, you say….”
“You’re likely aware that the dot-com boom has swept through the United States recently, drawing significant attention to internet-related companies.”

Seeing both men nod, I continued my explanation calmly.

“Just as the invention of the steam engine transformed the world, the future will shift from industrial society into an information society.”

Kim Jae-chun showed interest and picked up the thread.

“You’re talking about the Third Wave that the famous futurist wrote about.”
“Precisely.”

The Third Wave, a bestseller by a world-renowned futurist, was a cherished read that had deeply impressed Kim Jae-chun, so he listened with even greater focus.

“The key to moving toward an information society is the internet, which transcends time and space to unite the entire world. And the foundation that activates the internet is broadband.”
“Is it that important?”
“Currently, the way we use the internet is by transmitting data through a device called a modem, utilizing existing telephone lines.”

I shrugged my shoulders.

“But that’s far too slow, and more critically, the amount of data we can transmit is severely limited. In contrast, by building a separate internet network using coaxial or fiber-optic cables, we could exchange vastly more diverse data at speeds hundreds of times faster.”

At this, Woo Chun-il tilted his head slightly with a look of lingering doubt.

“I understand that broadband is beneficial. But I’m skeptical whether it will have a significant immediate effect on reviving an economy that’s on life support and injecting vitality into it.”

No matter how bright the future prospects of an industry might be, if the economic foundation crumbles right now, Korea could end up stalled at the threshold of developed nations, just like the South American countries, and fall into the middle-income trap.
That’s why I couldn’t be certain whether broadband could truly revive the economy.
As if anticipating such a reaction, Seok-won answered confidently without hesitation.

“That’s precisely why broadband is so necessary.”

Kim Jae-chun let out a thoughtful hum and asked with one arm resting on the sofa’s armrest.

“Then explain to me in detail why that is.”
“First, the process of laying dedicated internet infrastructure nationwide requires substantial capital investment in infrastructure construction, which has the effect of stimulating the economy by injecting money into it.”

Large-scale civil engineering projects and infrastructure development were universally recognized by politicians as a quick remedy for revitalizing a sluggish economy, so both men nodded in agreement.

“But infrastructure construction is merely secondary. The real catalyst is the venture companies that will naturally emerge once high-speed internet is established.”

Seok-won looked between Kim Jae-chun and Woo Chun-il, speaking with measured intensity and conviction.

“Our resource-poor nation’s only true strength lies in having many highly educated, talented individuals. If we establish high-speed communication networks that allow faster and more convenient internet access than today, numerous IT venture companies will emerge, just as the dot-com boom is sweeping through the United States.”

Both men listened intently, drawn in by Seok-won’s confident expression.

“During the industrialization era, Korea achieved compressed economic growth centered on large corporations like Hyunwoo and Saesung. Now we must intensively cultivate IT venture companies to secure future core industries. If we do this, Korean economy will take another leap forward in the coming new millennium and truly ascend to the ranks of advanced nations.”
“Hmm. IT venture companies, you say….”

While Kim Jae-chun stood with arms crossed, contemplating, Woo Chun-il raised another careful objection.

“The urgent issue right now is unemployment. Can IT venture companies really replace large-scale labor-intensive operations like automobile factories, shipbuilding, and construction?”

Seok-won answered with ease, even a smile playing at the corners of his mouth.

“There’s no law saying IT venture companies must remain small forever. Rather, with their dynamic energy and innovative ideas, they have far greater potential for rapid growth compared to existing companies.”
“….”
“Just look at Netscape, a venture company I invested in—it grew into a company worth tens of billions of dollars in just a few years.”
“Now that you mention it, I do recall hearing that you made substantial profits from some company called Netscape.”

Kim Jae-chun’s words prompted Seok-won to nod.

“That’s correct. We started in a small office with fewer than ten employees, but now we’ve grown into a company with thousands of workers.”

Kim Jae-chun stroked his chin with one hand, still contemplating the matter.
Yet as he listened, the scales seemed to tip—a cautiously optimistic expression flickered across his face.

“The unemployment crisis among existing workers who lost their jobs due to the International Monetary Fund is severe, but what concerns me even more is that young people entering the labor market for the first time are struggling to find any employment opportunities at all as the economy deteriorates.”

Kim Jae-chun, who hadn’t had the leisure to consider such matters until now, responded with a darkened expression.

“Youth unemployment is certainly a problem.”
“As the economy grows and Korea’s distinctive passion for education intensifies, nearly a million university graduates will flood into the market each year. If most of them cannot find employment and remain jobless, it will become a grave social crisis.”
“Hmm.”

Seok-won continued speaking as he watched Kim Jae-chun furrow his brow, clearly troubled by the mere thought.

“However, if we nurture venture enterprises, we can resolve a substantial portion of the high-education unemployment problem.”

Woo Chun-il, the Secretary-General who had been listening, slapped his knee with his palm.

“So you’re saying we encourage entrepreneurship to reduce the number of unemployed!”

Seok-won smiled gently, as if confirming the correct answer.

“Moreover, the International Monetary Fund is demanding that we address excessive and redundant investments by large corporations. This approach could serve as a means to resolve that issue as well.”
“Indeed. As you say, we could achieve two birds with one stone.”

Kim Jae-chun’s eyes gleamed for a moment, but his expression soon grew somewhat apprehensive.

“But I’m concerned whether we can truly succeed in the internet business, which even the United States—the world’s strongest nation—has only just begun.”
“On the contrary, it is precisely because we are Korea that we can succeed.”
“What do you mean by that?”

Seok-won calmly explained his reasoning as he observed Kim Jae-chun’s puzzled gaze.

“The United States, with a total land area of approximately 9,834,000 square kilometers, is 98 times larger than Korea in sheer size. California alone is 4.2 times larger than Korea.”
“It really brings home just how vast the United States is.”
“While vast territory is certainly enviable, when it comes to constructing entirely new infrastructure like the internet, it becomes a significant disadvantage. Simply put, it requires 98 times more cost and effort than Korea would need.”
“Now that you mention it, that makes sense.”

In fact, it was the United States that served as the IT hub where global tech giants like Microsoft, Google, and Amazon were born and grew.
Yet ironically, even past 2025, there were still enormous dead zones where not only ultra-high-speed networks were unavailable, but even mobile phones couldn’t get a signal.

“In contrast, Korea’s smaller territory means it can build internet infrastructure far more quickly and efficiently than the United States. It’s actually a more advantageous condition for fostering the IT industry.”
“Hmm. So Korea could actually be in a much better position than the United States? I suppose that’s what you’d call a paradigm shift.”

As Kim Jae-chun continued to marvel, I offered him an even more encouraging perspective.

“Moreover, since previous administrations have already laid the groundwork, we can proceed with ultra-high-speed network construction quite smoothly.”
“What? There’s already groundwork in place? Is that really true?”

Seok-won nodded slightly and replied.

“Yes. The previous administration introduced electronic switching systems, which enabled PC communications, and the Kim Sung-gyu administration established the Ministry of Information and Communication for the first time and laid out a basic informatization promotion plan, creating the foundation.”
“I wasn’t aware of that.”

Kim Jae-chun let out a soft exclamation.
Secretary-General Woo Chun-il also looked at me with surprise and asked.

“How do you know all these things?”
“As I mentioned, I believe the internet will be a major growth sector going forward, so I’ve been researching and studying various aspects of it.”

At that, Kim Jae-chun’s expression became deeply satisfied.

“Indeed. There’s clearly a reason you’ve achieved such great success at such a young age.”
“You’re absolutely right.”

Secretary-General Woo Chun-il also chimed in with praise for Seok-won.
My refusal to rest on success and continued dedication to learning appeared admirable in the eyes of these two senior figures.

“Not only is this foundation already in place, but when you add the characteristic of Koreans—who show no resistance to new products and technologies and actually embrace them faster than anyone else—I believe the IT industry based on the internet will definitely succeed in Korea. And it will become the next-generation industry that will drive the economy for decades to come.”
“Hmm. I see….”

After hearing the full explanation, Kim Jae-chun stroked his chin with one hand and deliberated for a long time.
Meanwhile, I moistened my dry throat with the now-cold coffee, waiting for his thoughts to conclude.
Before long, Kim Jae-chun lifted his head, having reached a decision.

“Very well. Let’s give it a try as you suggest.”
“A wise decision, sir.”

Kim Jae-chun leaned back against the sofa, his expression noticeably lighter than before.

“I thought you might be able to offer some solution, and I’m glad I asked. I’ve been feeling trapped in a thick fog all this time, but now I can see a path forward.”
“I’m relieved I could be of some help.”

Seok-won replied with characteristic humility.
Kim Jae-chun, who had been observing him intently, then asked in a measured tone.

“While we’re on the subject, could you help me with something at the Blue House?”
“You mean me, sir?”
“Yes. If you were to help, it would be an enormous asset.”

Seok-won sensed an ominous premonition of being drawn into politics and quickly declined with an awkward expression.

“I appreciate the offer, but I have many matters demanding my attention, so I’m afraid that won’t be possible.”

At the same time, he carefully left room for the other man’s feelings not to be hurt.

“However, if you need assistance as you do now, I will always be happy to help from the outside.”

Kim Jae-chun made no effort to hide his disappointment.

“If that’s your wish, then so be it.”
“I apologize.”
“Not at all. You have your own business to run—it’s just my greed. But don’t forget your promise to help if I need it.”
“Of course.”

After that, Kim Jae-chun and Seok-won continued their deep conversation late into the evening, discussing ways to overcome the foreign exchange crisis and the International Monetary Fund management system more quickly.

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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