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PAGE10
THEARGUS,JUNE1,1999
THEORY & CRITIQUE
Focus/Pramoedya,representativewriterofIndonesia
ReflectingAbsurdSocietytoHisWorks
I.Athirdworldliterature?
former teacher and activist who was
unit of the siliwangi Division¡¯s
theNetherlandsalongwithhisfamily
allowed to write 1975, he put down
W
ecan¡¯tsaythataliteratureof
alsoawriter,hadalotofinfluenceon
Regiment, which operated in East
at the invitation of the Dutch-
onpaperfour-volumebeginningwith
onecountryissuperiorornot
Pram¡¯s perspective, and his mother,
Jakarta, when the Republican
Indonesian Institute for Cultural
¡®EarthofMankind¡¯.Hisprisondiary,
to another country¡¯s. It is wrong that
Saidah, was a devout Islamite. M.
government carried out its
cooperation, Sticusa. There he wrote
¡®The silent song of a Mute¡¯, is an
people call the literature of England
Toerwasastarpupilinschool.
rationalization
program,
he
Korupsi and Midah si Maris Bergigi
evocativeaccountofBuru,thepainof
and America as ¡®the first world
He entered the private Boedi
voluntarily resigned, with the final
Emas. However, he didn¡¯t adopt
abuse and lives of the many fellow
literature¡¯ and literature of Asia and
Detomoschool,wherehisfatherwas
rankof2ndlieutenant,commandinga
Western life and he returned to
prisonerswhodiedontheisland.
Africa as ¡®third world literature¡¯. In
seated as principal. His Dutch
section.ReturningtoJakartaheedited
Indonesia. He was banished by wife
The contents of Buru tetralogy are
fact,literatureofAsiaandAfricahas
language scores were below the
the journal ¡®Sadar¡¯, the Indonesian
because he wasn¡¯t able to earn
that youngman struggle in order to
notbeenevaluatedasitis.Thereason
government school standard. He felt
edition of ¡®The voice of free
money. In 1955, he married again
independence of Indonesia. Hero,
is that people have a tendency to
inferior around government school
Indonesia¡¯togetherwithNapospos.
MaimunahThamrin,presentlife.
Minke protest against absurd polisy
appraise literature by connecting
kids.Thisfeelingofinferioritymade
In 1947, he was catched by Dutch
HevisitedChinatoparticipate20th
ofcolonialreignasaboriginalspeech
value to the economic level of the
himafraidtoexpresshisopinion,and
marine corps, distributing widely
anniverary event of Lu-xun and this
man.
country and from view point of
atthatpointhestartedtowrite.
leafletsagainstDutcharmy.
was important to his literature
Nevertheless, it was banned by
western standards. Pramoedya
Oncehehadcompletedelementary
He lived in jail until Dutch army
activity. Taking the opportunity, he
reason that it include the content of
(Pram),whoisarepresentativewriter
school,hewantedtogoontoMULO
withdraw, December in 1949. There,
thought that people is the most
classstruggle.Sincehisreleasefrom
of Indonesia, has been selected as a
(Meer Uitgebreid Lager Onderwijs).
hewrotePerburuan(winingfirstprize
important at one country and he
prison in 1979, Pram has lived in
candidate for Nobel since 1980.
Hewenttohisfatherandtoldhimhe
fromtheBalaiPustaka)andKeluarga
supported Sukarno¡¯s progressive
Jakarta.At73,heisphysicallyrobust
A.Teeuw Dutch literature researcher,
wanted to continue his education.
Gerilya which are representative
policy.In1960,hewaslockedupfor
and conversationally combative. His
says that Pram is a great writer who
But,atthattime,hisfatherwasliving
worksofearlyworkactivity.
tenmonthsonaccountthathisnovel,
hearing never recovered after
would appear only one time a
a dissipated life because he was
At Perburuan, Pram described
¡®HoaKiandiIndonesia¡¯,wasdepend
policemenclubbedhimwithrifleson
century.
disappointed with the nationalist
rebellion matter, fatherland defense
overseas Chinese. After he released,
arresting him in 1965. Now, he is
In late April, a seminar on the
movement, he didn¡¯t care about his
corps fighted against Japanese army
he taught history and literature at
participating seminar which held in
subject of Pram¡¯s work was held in
family.
at Blitar of Java, in 1945. Their
Univ.. Also he introduced socialism
America.Theonehopeforthefuture,
America. Scholars who researched
So when the new school year
rebellion plan faile because Karmin
realism, translating Maxim Gorki¡¯s
hebelieves,liesinanewgeneration,
the literature of Pram said if we
startedPramhadtocomebackhome.
inform to Japanese. However, hero
novel,¡®Ibunda¡¯intoIndonesian.
whose ¡®hands are not bloody and
wouldunderstandhisworkswell,we
He took his books and ran into the
Hardo is not contrary to his
Indonesia¡¯s tragedy of 1965, the
whose mouth, have not been soiled
should know his life. He lived under
cemetery, which lay between the
expectations to Karmin and forgive
mostsignificanteventinthenation¡¯s
bythegovernment¡¯scakes¡¯.
colonialreignandstayedinjailfor17
schoolandhome.Therewasacastor
him. Pram also wrote about Wahab,
history,alsoalteredthecourseofhis
Pram,borntoanationalistfamilyin
years and a half years. Still, he must
bean tree and he grabbed hold of it
he ever met who was a war
life. That year, following an
central Java and mostly self-taught,
Pram, having an interview with a prof. of HUFS at his home, said, ¡°I
get his government¡¯s permission
andscreamed.Hesays,¡°Evennow,I
correspondentatkeluargaGerilya.
attempted coup, Indonesia was
has been public figure and prolific
livedundercolonialreignandgovernment¡¯spressuresoInoticedand
when he wants to travel, and can¡¯t
amremindedofthat,myeyesstillget
Saaman brothers killed their
thrown into political instability. The
writer. For his writings and
reflectedittomyworks.¡±
vote. For example, when Pram won
teary.¡±Afterwards,hewrote¡®Hebirth
stepfatherwhoassistedtheopponent.
Partai Komunis Indonesia (PKI) was
conviction, he has been imprisoned
the Magsaysay prize, for a kind of
the next¡¯ of the content about family
couldn¡¯t receive a diploma,
office paid for his training as a
Pram described well their agony
blamedforthecoupattempt.Suharto
under the Dutch, Japanese, Sukarmo
Asia novel, the government stopped
discord was caused by poverty
certification of qualifications. After,
stenographer and he joined the first
afterwards. This is message Pram
who suppressed coup regarded that
and Suharto. He tried to reflect
him from going to Manila to receive
recallinghismemory.
he had to work for the family, take
training course at the Chuo Sangi-in,
intend to transmit, human should try
Pram was among the thousands
tragedy of society and nation to his
it.Heseeshimselfastheproductofa
In 1940, he went to a radio
careofeverything,nursinghismother
Jakarta.Itwasthereforthefirsttime
to real human life and literature
identifiedasPKIsupportersalthough
works and above all, he described
¡®failedgeneration¡¯.Pramalwayssays
technical school in Surabaya. His
who was badly ill. In 1942, his
thathewroteabook,aboutMuhamad
shouldplayarole.Acoloniallifehe
hewasneveramemberoftheparty.
humanlife,hopingthatpeopleofthe
that a writer cannot separate himself
mother and he should pay for it. At
motherdiedwhilegivingbirthtoher
Yamin.In1945,heattendedlectures
have lived was not humanistic,
He was imprisoned without trial and
third world under colonialreign can
from the era and class to which he
five in the morning he would go to
youngest child. He published ¡®a man
attheIslamicUniv.
especially since he has witnessed a
spirit much of the next 14 years
livehumanely.
belongs.
the bridge that connected the village
whoconcede¡¯whichdescribedfamily
contractmurderatBlorainchildhood,
confinedtotheprisonislandofBuru.
and the city. He bought paddy that
air at that time his mother die. Pram
III.Literaturerelatedlife
healwaysthinkhumane.
At first, he was denied writing
II.Hisearlylife
had just been harvested and sold it
wentontostudyuptoclass2ofthe
He fled to East Java, where he
FromMay1950totheendof1951,
materials, he composed orally and
Pramoedya Ananta Toer was born
again later in planting season. At the
Tamen Siswa, as well as working in
heard the proclamation and returned
he was editor in the Modern
relatedtohisfellowprisonershisepic
ByJeongMin-hee
as the eldest son of 9 brothers and
the time when he finished the
the Japanese news agency ¡®Domei¡¯.
to Jakarta after a brief visit to Blora.
Indonesia Literature department of
about the awakening of Indonesian
AssociateEditorof
sisters in the north of Java in
technical school, Japan arrived to
When he was about to enter class 3,
He joined a pemuda paramilitary
theBalaiPustaka.In1951hemarried
political consciousness in the early
Theory&CritiqueSection
February,1925.Hisfather,M.Toer,a
threaten Indonesian. Accordingly, he
the Japanese closed the school. His
organization, then entered an army
to IIlyas and in 1953 Pram lived in
part of this century. When finally
Neo-File
Seminar
KOSDAQ,BullishStockMarket
5 18,MilestoneofKoreanMovement
R
ecently our stock market has been
1996tomeetboththeneedsofinvestors
ofliquidity. Currently,theaveragedaily
T
herehavebeen 3incidentsinthe20C
verybullish. KOSPI,KoreaStock
who want high risk-return opportunities
tradingvolumeislessthan1%ofthatof
in Korea which many people in the
PriceIndex,rosealmost20%duringlast
and emerging enterprises that have to
KSE.
world were affected by and which they can
April, for just one month period.
finance capital for growth. Its function
However, KOSDAQ market has been
remember by now. They are the 3 1
Investors of all ranks flock to the stock
can be stated as follows: (1) to facilitate
on a strong rally since the start of this
independence movement, the 4 19 revolu-
market in the hope of becoming a
corporate financing for promising small
year on the back of small investors¡¯
tionandthe518Gwangjupeople¡¯sstruggle.
millionaire. As a consequence, it is not
and medium-sized firms and venture
activebuyingofventurebusinessshares.
The 5 18 people¡¯s struggle had an
uncommon these days to meet people
businesses, (2) to provide new exciting
Stock prices of some venture firms,
influenced on subsequent
Korean
hilariouslytalkingabouttheirinvestment
investment opportunities for investors,
including telecommunications and
movements, as well as working to
experiencesinstocks. Ordinaryinvestors
and (3) to help venture capital firms
Internet-related corporations, are on an
weakening JeonDu-hwan¡¯spoliticalpower.
in the secondary market are usually
redeeminvestmentcapitalandsetupnew
upward spiral. While KOSDAQ Index
Whenwelookbackon5 18inthepresent
interested in the stocks traded in the
investmentfunds.
hasrisenby75%sincethebeginningof
age,which isrepresented by theIMF crisis
organized exchange market. But many
KOSDAQ is the Korean version of
this year, Venture Index - an auxiliary
and neo-liberalism, 5 18 shows us a
stocks not listed in the Korea Stock
America¡¯s NASDAQ (National
KOSDAQmarketindex-hasbeenupas
directionforovercomingtoday¡¯srisks.
Exchange are also worth of investing.
Association of Securities Dealers
much as 120%.
For example,
Onthe15thofMay,a5 18symposium,
Wecallthemarketofthissort¡°theover-
Automated Quotation) System, which is
shareholders of Goldbank Communica-
titled¡®Is5 18finished? The518people¡¯s
the-counter (OTC) market¡±. The OTC
apartoftheOTCmarket. TheU.S.OTC
tions, an Internet-related venture firm,
struggleandthedirectionofKorean society¡¯
marketisnotaformalorganizationwith
marketisthelargestsegmentoftheU.S.
have enjoyed incredibly thirtyfold
was held at the International Conference
membership requirements or a specific
secondarymarketintermsofthenumber
increase in stock price during the five
room, Dasankwan, of Sogang University.
listofstocksdeemedeligiblefortrading.
ofissuestradedaswellasthediversityof
month period, from 960 won early this
This symposium was supervised by the
To have their shares traded on the OTC
quality. While about 2,600 issues are
yearto30,700woninMay. Thiskindof
Korean Progressive Academic Council
JeongMin-hee/TheArgus
market, the unlisted companies have to
tradedontheNewYorkStockExchange,
hot market results from the worldwide
(KPAC), sponsored by the 5 18 memorial
register with KSDA (Korean Securities
almost6,000issuesareactivelytradedon
phenomenon of crazing for Internet-
foundation,and supportedbyGwangjuCity
Souththroughthemodern historyofKorea.
action of 5 18 involved groups. Recently,
DealersAssociation). Then,theirstocks
theNASDAQmarket. Famousstocksof
related shares. The U.S. stock market
Hall. The symposium was opened by Kang
One of the national meanings of 5 18 is
Gwangju citizen groups are trying to
are traded on the KOSDAQ (Korean
suchcompaniesasMicroSoftandApple
thesedaysisrepresentedbythestrength
Jung-ku,a joint representativeof KPAC,
providing opportunity for anti-foreign
inform the world about 5 18. They also
SecuritiesDealersAutomatedQuotation)
Computerarealsoactivelytradedonthe
ofInternet-relatedsharessuchasYahoo,
who made a speech. Then there were
power. In relation to this, Yoon Han-bong
should inform the world not only about the
stock market through its advanced
NASDAQmarket.
Amazon, and so on. For instance,
congratulatory addresses by Lee Young-hee
whoistheheadof Researchof Nation¡¯s
meaningof5 18butalsoaboutthedirection
automatedtradingsystem.
As of last March, KOSDAQ market
Amazon, the Internet bookstore, has
(Honorary Professor of Hanyang Univ.).
Future, raised a question on the reason
oftoday¡¯smovement.
Asamatteroffact,stockmarket¡¯srole
consists of 328 registered companies, of
earnedashighas800%increaseinstock
Prof. Lee emphasized that 5 18 would
why America doesn¡¯t attack North Korea
The scale of this symposium was very
is to provide direct financing for firms
which 261 firms are of small and
price during the past one year. High
remain linked with Gwangjuism in world
like Yugoslavia and Iraq. To this Kang
wide and the sub-titles too many and
and investment return for investors.
medium-sized enterprises. Among them,
stock price is mainly due to the fast
history, saying that he was among those
Jung-gu,apublisher,saidthatNorthKoreais
complex,since5 18isavery importantand
StringentlistingrequirementsontheKSE
thereare113venturefirmsand8mutual
growth in annual sales of USD 610
capturedatbypoliceatthattime.
themostsensitivemattertoAmerica.
big matter. Nevertheless, audiences could
(Korea Stock Exchange), however,
fundcompanies. Althoughitamountsto
million in 1998, compared to USD 148
The program of the symposium, which
When we go through the 5 18 struggle,
notseeall ofthe symposiumbecause the3
underminethisobjective. Forfirmsmost
almostthehalfofKoreaStockExchange
millionin1997. Butmarketopinionsare
was a little bit complex, was as follows.
we cannot help thinking particularity of the
sections progressed at the same time.
needy of capital, specifically small and
in terms of the number of listed
divided as for the appropriateness of
First, An Byung-uk, who is a prof. of
area,comparedwith Kyoungsang province.
People who delivered congratulatory
medium-sized enterprises and venture
companies, KOSDAQ¡¯s total equity
prices of these venture shares. Some
Catholic Univ., and Matin Hart-Landsberg
The state of 5 18 afterwards strengthen
addresses,and thepanels themselves,were
businesses, it is not easy to obtain
market value is as little as 8.5 trillion
people believe they are over valued,
who is a prof. of Lewis & Clark College,
region¡¯semotionbetweenCheonra province
veryfamousscholarsandsocialactivists.
efficient access to the exchange market.
won,just5%ofKSE. Themostserious
othersdonot.
madekeynote addresses. Then therest of
and Kyoungsang province. In the light of
They prepared this symposium well.
KOSDAQmarkethasopenedonJuly1,
problemofKOSDAQmarketisthelack
Wehavetorealizethatnotallventure
the program was divided into 3
human rights and law, 5 18 settled a new
However,there wereno womenonthe
businessesare¡®Midastouch¡¯. Eachyear
simultaneoussections.
human rights concept, departing from
panel, though the role of women has
KOSDAQStockMarketvs.StockExchangeMarket
as many as 400 ~ 800 venture firms are
Is 5 18 really finished? Never. The
people for themselves. It also showed the
been important in the history of the
newlylistedonNASDAQ,butalmostthe
issues it struggled against have not been
importance of people¡¯s decisive power,
Korean struggle. During the debate, the
KOSDAQStockMarket
StockExangeMarket
same number of companies are delisted
solved completely, and Gwangju citizens
excluding America and adding the
focusofthe symposiumbecamesomewhat
TransactionSite
KoreaStockExchange
KOSDAQSecuritiesCompany
following business failure. It applies to
are still angry. The Gwangju struggle
possibility of participating democracy. The
dim, but we can get more knowledge
Stockstraded
KSDA-listedstocks
KSE-listedstocks
KOSDAQ market as well. Those who
offered 4 important lesson. First, Koreans
form of press reports at that time also were
relating to 5 18. There were many in the
consider investing to KOSDAQ stocks
canuniteinorder toprotestagainsttyranny;
very important to the people. The Press
audience, and they listen seriously.
TradingHours
9:00am-3:00pm
9:00am-12:00am
should acknowledge that high expected
andsecondly,thoseinpower dosoanyway
distortedandhidfromviewterriblesightsof
Obviously,5 18isnotfinished. Weshould
Weekday
1:00pm-3:00pm
returnsaregiveninrewardforhighrisks
theycan. Third, theAmericangovernment
theday.Accordingly,peoplewhohavebeen
research themeaningofthatdayandtoday
Tradingunit
Oneshare
Tenshares
taken.
doesn¡¯t regard democratic development of
living in other areas outside of Cheonra
ceaselessly. For starters, try visiting
Settlement
thesecondbusinessday
thesameasleft
South Korea as a priority order. Fourth,
province don¡¯t know minutely, even now,
Gwangjucemetery.
followingthetrade
industrializationand democracy shouldrun
theatrocitiesthatoccurredGwangju.
Margintrading
Notpermitted
Permitted
KangHyo-suk
parallel and the separation of them is
Thequestionraised todayiswhat isthe
DailychangeLimit
12%
15%
dangerous.
assignment 5 18, faced under changed
Professorof BusinessAdministrationDept.
ByJeongMin-hee
We should know that the substance of
circumstances? In connection with this
AssociateEditorof Theory&CritiqueSection
America has been situated in North and
question, we should pay attention to the
THEARGUS,JUNE1,1999
THEORY & CRITIQUE
Focus/Pramoedya,representativewriterofIndonesia
ReflectingAbsurdSocietytoHisWorks
I.Athirdworldliterature?
former teacher and activist who was
unit of the siliwangi Division¡¯s
theNetherlandsalongwithhisfamily
allowed to write 1975, he put down
W
ecan¡¯tsaythataliteratureof
alsoawriter,hadalotofinfluenceon
Regiment, which operated in East
at the invitation of the Dutch-
onpaperfour-volumebeginningwith
onecountryissuperiorornot
Pram¡¯s perspective, and his mother,
Jakarta, when the Republican
Indonesian Institute for Cultural
¡®EarthofMankind¡¯.Hisprisondiary,
to another country¡¯s. It is wrong that
Saidah, was a devout Islamite. M.
government carried out its
cooperation, Sticusa. There he wrote
¡®The silent song of a Mute¡¯, is an
people call the literature of England
Toerwasastarpupilinschool.
rationalization
program,
he
Korupsi and Midah si Maris Bergigi
evocativeaccountofBuru,thepainof
and America as ¡®the first world
He entered the private Boedi
voluntarily resigned, with the final
Emas. However, he didn¡¯t adopt
abuse and lives of the many fellow
literature¡¯ and literature of Asia and
Detomoschool,wherehisfatherwas
rankof2ndlieutenant,commandinga
Western life and he returned to
prisonerswhodiedontheisland.
Africa as ¡®third world literature¡¯. In
seated as principal. His Dutch
section.ReturningtoJakartaheedited
Indonesia. He was banished by wife
The contents of Buru tetralogy are
fact,literatureofAsiaandAfricahas
language scores were below the
the journal ¡®Sadar¡¯, the Indonesian
because he wasn¡¯t able to earn
that youngman struggle in order to
notbeenevaluatedasitis.Thereason
government school standard. He felt
edition of ¡®The voice of free
money. In 1955, he married again
independence of Indonesia. Hero,
is that people have a tendency to
inferior around government school
Indonesia¡¯togetherwithNapospos.
MaimunahThamrin,presentlife.
Minke protest against absurd polisy
appraise literature by connecting
kids.Thisfeelingofinferioritymade
In 1947, he was catched by Dutch
HevisitedChinatoparticipate20th
ofcolonialreignasaboriginalspeech
value to the economic level of the
himafraidtoexpresshisopinion,and
marine corps, distributing widely
anniverary event of Lu-xun and this
man.
country and from view point of
atthatpointhestartedtowrite.
leafletsagainstDutcharmy.
was important to his literature
Nevertheless, it was banned by
western standards. Pramoedya
Oncehehadcompletedelementary
He lived in jail until Dutch army
activity. Taking the opportunity, he
reason that it include the content of
(Pram),whoisarepresentativewriter
school,hewantedtogoontoMULO
withdraw, December in 1949. There,
thought that people is the most
classstruggle.Sincehisreleasefrom
of Indonesia, has been selected as a
(Meer Uitgebreid Lager Onderwijs).
hewrotePerburuan(winingfirstprize
important at one country and he
prison in 1979, Pram has lived in
candidate for Nobel since 1980.
Hewenttohisfatherandtoldhimhe
fromtheBalaiPustaka)andKeluarga
supported Sukarno¡¯s progressive
Jakarta.At73,heisphysicallyrobust
A.Teeuw Dutch literature researcher,
wanted to continue his education.
Gerilya which are representative
policy.In1960,hewaslockedupfor
and conversationally combative. His
says that Pram is a great writer who
But,atthattime,hisfatherwasliving
worksofearlyworkactivity.
tenmonthsonaccountthathisnovel,
hearing never recovered after
would appear only one time a
a dissipated life because he was
At Perburuan, Pram described
¡®HoaKiandiIndonesia¡¯,wasdepend
policemenclubbedhimwithrifleson
century.
disappointed with the nationalist
rebellion matter, fatherland defense
overseas Chinese. After he released,
arresting him in 1965. Now, he is
In late April, a seminar on the
movement, he didn¡¯t care about his
corps fighted against Japanese army
he taught history and literature at
participating seminar which held in
subject of Pram¡¯s work was held in
family.
at Blitar of Java, in 1945. Their
Univ.. Also he introduced socialism
America.Theonehopeforthefuture,
America. Scholars who researched
So when the new school year
rebellion plan faile because Karmin
realism, translating Maxim Gorki¡¯s
hebelieves,liesinanewgeneration,
the literature of Pram said if we
startedPramhadtocomebackhome.
inform to Japanese. However, hero
novel,¡®Ibunda¡¯intoIndonesian.
whose ¡®hands are not bloody and
wouldunderstandhisworkswell,we
He took his books and ran into the
Hardo is not contrary to his
Indonesia¡¯s tragedy of 1965, the
whose mouth, have not been soiled
should know his life. He lived under
cemetery, which lay between the
expectations to Karmin and forgive
mostsignificanteventinthenation¡¯s
bythegovernment¡¯scakes¡¯.
colonialreignandstayedinjailfor17
schoolandhome.Therewasacastor
him. Pram also wrote about Wahab,
history,alsoalteredthecourseofhis
Pram,borntoanationalistfamilyin
years and a half years. Still, he must
bean tree and he grabbed hold of it
he ever met who was a war
life. That year, following an
central Java and mostly self-taught,
Pram, having an interview with a prof. of HUFS at his home, said, ¡°I
get his government¡¯s permission
andscreamed.Hesays,¡°Evennow,I
correspondentatkeluargaGerilya.
attempted coup, Indonesia was
has been public figure and prolific
livedundercolonialreignandgovernment¡¯spressuresoInoticedand
when he wants to travel, and can¡¯t
amremindedofthat,myeyesstillget
Saaman brothers killed their
thrown into political instability. The
writer. For his writings and
reflectedittomyworks.¡±
vote. For example, when Pram won
teary.¡±Afterwards,hewrote¡®Hebirth
stepfatherwhoassistedtheopponent.
Partai Komunis Indonesia (PKI) was
conviction, he has been imprisoned
the Magsaysay prize, for a kind of
the next¡¯ of the content about family
couldn¡¯t receive a diploma,
office paid for his training as a
Pram described well their agony
blamedforthecoupattempt.Suharto
under the Dutch, Japanese, Sukarmo
Asia novel, the government stopped
discord was caused by poverty
certification of qualifications. After,
stenographer and he joined the first
afterwards. This is message Pram
who suppressed coup regarded that
and Suharto. He tried to reflect
him from going to Manila to receive
recallinghismemory.
he had to work for the family, take
training course at the Chuo Sangi-in,
intend to transmit, human should try
Pram was among the thousands
tragedy of society and nation to his
it.Heseeshimselfastheproductofa
In 1940, he went to a radio
careofeverything,nursinghismother
Jakarta.Itwasthereforthefirsttime
to real human life and literature
identifiedasPKIsupportersalthough
works and above all, he described
¡®failedgeneration¡¯.Pramalwayssays
technical school in Surabaya. His
who was badly ill. In 1942, his
thathewroteabook,aboutMuhamad
shouldplayarole.Acoloniallifehe
hewasneveramemberoftheparty.
humanlife,hopingthatpeopleofthe
that a writer cannot separate himself
mother and he should pay for it. At
motherdiedwhilegivingbirthtoher
Yamin.In1945,heattendedlectures
have lived was not humanistic,
He was imprisoned without trial and
third world under colonialreign can
from the era and class to which he
five in the morning he would go to
youngest child. He published ¡®a man
attheIslamicUniv.
especially since he has witnessed a
spirit much of the next 14 years
livehumanely.
belongs.
the bridge that connected the village
whoconcede¡¯whichdescribedfamily
contractmurderatBlorainchildhood,
confinedtotheprisonislandofBuru.
and the city. He bought paddy that
air at that time his mother die. Pram
III.Literaturerelatedlife
healwaysthinkhumane.
At first, he was denied writing
II.Hisearlylife
had just been harvested and sold it
wentontostudyuptoclass2ofthe
He fled to East Java, where he
FromMay1950totheendof1951,
materials, he composed orally and
Pramoedya Ananta Toer was born
again later in planting season. At the
Tamen Siswa, as well as working in
heard the proclamation and returned
he was editor in the Modern
relatedtohisfellowprisonershisepic
ByJeongMin-hee
as the eldest son of 9 brothers and
the time when he finished the
the Japanese news agency ¡®Domei¡¯.
to Jakarta after a brief visit to Blora.
Indonesia Literature department of
about the awakening of Indonesian
AssociateEditorof
sisters in the north of Java in
technical school, Japan arrived to
When he was about to enter class 3,
He joined a pemuda paramilitary
theBalaiPustaka.In1951hemarried
political consciousness in the early
Theory&CritiqueSection
February,1925.Hisfather,M.Toer,a
threaten Indonesian. Accordingly, he
the Japanese closed the school. His
organization, then entered an army
to IIlyas and in 1953 Pram lived in
part of this century. When finally
Neo-File
Seminar
KOSDAQ,BullishStockMarket
5 18,MilestoneofKoreanMovement
R
ecently our stock market has been
1996tomeetboththeneedsofinvestors
ofliquidity. Currently,theaveragedaily
T
herehavebeen 3incidentsinthe20C
verybullish. KOSPI,KoreaStock
who want high risk-return opportunities
tradingvolumeislessthan1%ofthatof
in Korea which many people in the
PriceIndex,rosealmost20%duringlast
and emerging enterprises that have to
KSE.
world were affected by and which they can
April, for just one month period.
finance capital for growth. Its function
However, KOSDAQ market has been
remember by now. They are the 3 1
Investors of all ranks flock to the stock
can be stated as follows: (1) to facilitate
on a strong rally since the start of this
independence movement, the 4 19 revolu-
market in the hope of becoming a
corporate financing for promising small
year on the back of small investors¡¯
tionandthe518Gwangjupeople¡¯sstruggle.
millionaire. As a consequence, it is not
and medium-sized firms and venture
activebuyingofventurebusinessshares.
The 5 18 people¡¯s struggle had an
uncommon these days to meet people
businesses, (2) to provide new exciting
Stock prices of some venture firms,
influenced on subsequent
Korean
hilariouslytalkingabouttheirinvestment
investment opportunities for investors,
including telecommunications and
movements, as well as working to
experiencesinstocks. Ordinaryinvestors
and (3) to help venture capital firms
Internet-related corporations, are on an
weakening JeonDu-hwan¡¯spoliticalpower.
in the secondary market are usually
redeeminvestmentcapitalandsetupnew
upward spiral. While KOSDAQ Index
Whenwelookbackon5 18inthepresent
interested in the stocks traded in the
investmentfunds.
hasrisenby75%sincethebeginningof
age,which isrepresented by theIMF crisis
organized exchange market. But many
KOSDAQ is the Korean version of
this year, Venture Index - an auxiliary
and neo-liberalism, 5 18 shows us a
stocks not listed in the Korea Stock
America¡¯s NASDAQ (National
KOSDAQmarketindex-hasbeenupas
directionforovercomingtoday¡¯srisks.
Exchange are also worth of investing.
Association of Securities Dealers
much as 120%.
For example,
Onthe15thofMay,a5 18symposium,
Wecallthemarketofthissort¡°theover-
Automated Quotation) System, which is
shareholders of Goldbank Communica-
titled¡®Is5 18finished? The518people¡¯s
the-counter (OTC) market¡±. The OTC
apartoftheOTCmarket. TheU.S.OTC
tions, an Internet-related venture firm,
struggleandthedirectionofKorean society¡¯
marketisnotaformalorganizationwith
marketisthelargestsegmentoftheU.S.
have enjoyed incredibly thirtyfold
was held at the International Conference
membership requirements or a specific
secondarymarketintermsofthenumber
increase in stock price during the five
room, Dasankwan, of Sogang University.
listofstocksdeemedeligiblefortrading.
ofissuestradedaswellasthediversityof
month period, from 960 won early this
This symposium was supervised by the
To have their shares traded on the OTC
quality. While about 2,600 issues are
yearto30,700woninMay. Thiskindof
Korean Progressive Academic Council
JeongMin-hee/TheArgus
market, the unlisted companies have to
tradedontheNewYorkStockExchange,
hot market results from the worldwide
(KPAC), sponsored by the 5 18 memorial
register with KSDA (Korean Securities
almost6,000issuesareactivelytradedon
phenomenon of crazing for Internet-
foundation,and supportedbyGwangjuCity
Souththroughthemodern historyofKorea.
action of 5 18 involved groups. Recently,
DealersAssociation). Then,theirstocks
theNASDAQmarket. Famousstocksof
related shares. The U.S. stock market
Hall. The symposium was opened by Kang
One of the national meanings of 5 18 is
Gwangju citizen groups are trying to
are traded on the KOSDAQ (Korean
suchcompaniesasMicroSoftandApple
thesedaysisrepresentedbythestrength
Jung-ku,a joint representativeof KPAC,
providing opportunity for anti-foreign
inform the world about 5 18. They also
SecuritiesDealersAutomatedQuotation)
Computerarealsoactivelytradedonthe
ofInternet-relatedsharessuchasYahoo,
who made a speech. Then there were
power. In relation to this, Yoon Han-bong
should inform the world not only about the
stock market through its advanced
NASDAQmarket.
Amazon, and so on. For instance,
congratulatory addresses by Lee Young-hee
whoistheheadof Researchof Nation¡¯s
meaningof5 18butalsoaboutthedirection
automatedtradingsystem.
As of last March, KOSDAQ market
Amazon, the Internet bookstore, has
(Honorary Professor of Hanyang Univ.).
Future, raised a question on the reason
oftoday¡¯smovement.
Asamatteroffact,stockmarket¡¯srole
consists of 328 registered companies, of
earnedashighas800%increaseinstock
Prof. Lee emphasized that 5 18 would
why America doesn¡¯t attack North Korea
The scale of this symposium was very
is to provide direct financing for firms
which 261 firms are of small and
price during the past one year. High
remain linked with Gwangjuism in world
like Yugoslavia and Iraq. To this Kang
wide and the sub-titles too many and
and investment return for investors.
medium-sized enterprises. Among them,
stock price is mainly due to the fast
history, saying that he was among those
Jung-gu,apublisher,saidthatNorthKoreais
complex,since5 18isavery importantand
StringentlistingrequirementsontheKSE
thereare113venturefirmsand8mutual
growth in annual sales of USD 610
capturedatbypoliceatthattime.
themostsensitivemattertoAmerica.
big matter. Nevertheless, audiences could
(Korea Stock Exchange), however,
fundcompanies. Althoughitamountsto
million in 1998, compared to USD 148
The program of the symposium, which
When we go through the 5 18 struggle,
notseeall ofthe symposiumbecause the3
underminethisobjective. Forfirmsmost
almostthehalfofKoreaStockExchange
millionin1997. Butmarketopinionsare
was a little bit complex, was as follows.
we cannot help thinking particularity of the
sections progressed at the same time.
needy of capital, specifically small and
in terms of the number of listed
divided as for the appropriateness of
First, An Byung-uk, who is a prof. of
area,comparedwith Kyoungsang province.
People who delivered congratulatory
medium-sized enterprises and venture
companies, KOSDAQ¡¯s total equity
prices of these venture shares. Some
Catholic Univ., and Matin Hart-Landsberg
The state of 5 18 afterwards strengthen
addresses,and thepanels themselves,were
businesses, it is not easy to obtain
market value is as little as 8.5 trillion
people believe they are over valued,
who is a prof. of Lewis & Clark College,
region¡¯semotionbetweenCheonra province
veryfamousscholarsandsocialactivists.
efficient access to the exchange market.
won,just5%ofKSE. Themostserious
othersdonot.
madekeynote addresses. Then therest of
and Kyoungsang province. In the light of
They prepared this symposium well.
KOSDAQmarkethasopenedonJuly1,
problemofKOSDAQmarketisthelack
Wehavetorealizethatnotallventure
the program was divided into 3
human rights and law, 5 18 settled a new
However,there wereno womenonthe
businessesare¡®Midastouch¡¯. Eachyear
simultaneoussections.
human rights concept, departing from
panel, though the role of women has
KOSDAQStockMarketvs.StockExchangeMarket
as many as 400 ~ 800 venture firms are
Is 5 18 really finished? Never. The
people for themselves. It also showed the
been important in the history of the
newlylistedonNASDAQ,butalmostthe
issues it struggled against have not been
importance of people¡¯s decisive power,
Korean struggle. During the debate, the
KOSDAQStockMarket
StockExangeMarket
same number of companies are delisted
solved completely, and Gwangju citizens
excluding America and adding the
focusofthe symposiumbecamesomewhat
TransactionSite
KoreaStockExchange
KOSDAQSecuritiesCompany
following business failure. It applies to
are still angry. The Gwangju struggle
possibility of participating democracy. The
dim, but we can get more knowledge
Stockstraded
KSDA-listedstocks
KSE-listedstocks
KOSDAQ market as well. Those who
offered 4 important lesson. First, Koreans
form of press reports at that time also were
relating to 5 18. There were many in the
consider investing to KOSDAQ stocks
canuniteinorder toprotestagainsttyranny;
very important to the people. The Press
audience, and they listen seriously.
TradingHours
9:00am-3:00pm
9:00am-12:00am
should acknowledge that high expected
andsecondly,thoseinpower dosoanyway
distortedandhidfromviewterriblesightsof
Obviously,5 18isnotfinished. Weshould
Weekday
1:00pm-3:00pm
returnsaregiveninrewardforhighrisks
theycan. Third, theAmericangovernment
theday.Accordingly,peoplewhohavebeen
research themeaningofthatdayandtoday
Tradingunit
Oneshare
Tenshares
taken.
doesn¡¯t regard democratic development of
living in other areas outside of Cheonra
ceaselessly. For starters, try visiting
Settlement
thesecondbusinessday
thesameasleft
South Korea as a priority order. Fourth,
province don¡¯t know minutely, even now,
Gwangjucemetery.
followingthetrade
industrializationand democracy shouldrun
theatrocitiesthatoccurredGwangju.
Margintrading
Notpermitted
Permitted
KangHyo-suk
parallel and the separation of them is
Thequestionraised todayiswhat isthe
DailychangeLimit
12%
15%
dangerous.
assignment 5 18, faced under changed
Professorof BusinessAdministrationDept.
ByJeongMin-hee
We should know that the substance of
circumstances? In connection with this
AssociateEditorof Theory&CritiqueSection
America has been situated in North and
question, we should pay attention to the
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