Economist Cho Soon 'the Keynes of South Korea' dies at 94

South Korea’s former finance minister and central bank governor Cho Soon died at 94 of natural causes on Thursday.

Cho, a renowned economist called the John Maynard Keynes of South Korea, made a significant contribution to laying the foundation from which the developing country grew into Asia’s fourth-largest economy. He expanded his career into politics, serving as Seoul’s first publicly elected mayor -- leading both the mainstream conservative and liberal parties.

“Cho left a great mark on the development of South Korea’s economy,” said Bank of Korea Governor Rhee Chang-yong, expressing his condolences. “I’d like to recall the wisdom the deceased gave when the economy is facing various difficulties,” Rhee said, adding that Cho was his mentor.

MENTOR TO POLICYMAKERS

Born in 1928, Cho started his career as a Seoul National University professor in 1968 after earning a doctorate in economics at the University of California, Berkeley.

His countless students included key policymakers such as former Prime Minister Chung Un-chan and ex-Fair Trade Commission Chairman Kim Sang-jo.

“Cho stressed that social science is diffcult without the reality,” said former BOK head Kim Choong-soo.

Cho was appointed as finance minister in 1988 by then the late President Roh Tae-woo, beginning his career as a top government official. Cho also served as the central bank's governor from 1992 to 1993.

He kicked off his political career in 1995 being elected mayor of Seoul, South Korea’s capital. Between 1998-2000, Cho served as a lawmaker representing his hometown Gangneung, 168 kilometers east of Seoul.

After retiring from politics, he settled into a role as a veteran economic advisor, serving as an honorary professor at Seoul National University and working at various institutes such as the presidential National Economic Advisory Council.

Finance Minister Choo Kyung-ho, who worked with Cho as a secretary when he was the minister, offered his condolences, saying “the deceased stood as a great mountain in Korean economics and academia.”

Write to Do-Won Lim, Mi-Hyun Jo and Jung-hwan Hwang at van7691@hankyung.com
Jongwoo Cheon edited this article.