Jensen Huang, CEO of NVIDIA. / Courtesy of AFP

#1 The Genesis 40 and 41 of the 'Old Testament' contain the story of Joseph, who was sold as a slave in Egypt by his brothers, and how his fortunes changed significantly after interpreting dreams. After interpreting the dreams of two royal officials who had sinned, he went on to explain Pharaoh's two dreams. One dream depicted 'seven fat and handsome cows' being eaten by 'seven ugly and gaunt cows', and the other dream involved 'seven plump ears of grain' being swallowed by withered grains. Joseph interpreted this as a sign that after seven years of great abundance, there would come seven years of severe famine, and he advised Pharaoh to prepare for it. As the interpretation became reality, only Egypt had grain left.

#2 Zhuangzi, a thinker of the Warring States period in China, expounded the philosophy of 'unity of all things' (物我一體). This is a story from Zhuangzi's 'Equalizing Things' (齊物論篇). One day, Zhuangzi dreamed he was a butterfly, joyfully flying around, without realizing he was Zhuangzi. When he suddenly awoke, he found he was indeed Zhuangzi. This raised the question of whether he had been a butterfly dreaming he was Zhuangzi, or Zhuangzi dreaming he was a butterfly. While interpretations of this passage remain varied, it is often said to represent the state of unity of all things, meaning 'I am a butterfly, and the butterfly is me.' To the under-informed author, this passage signifies a state where one cannot distinguish between dream and reality, or at times, it suggests that a dream can become (true) reality and reality can become (illusory) dreams.

#3 One of the main characters in the film 'The Matrix' is named Morpheus. This is the American pronunciation of the dream deity Morpheus from Greek mythology. Morpheus, the son of Hypnos, the god of sleep, and Pasithea, the goddess of rest, symbolizes the significance of dreams well. This deity enters the dreams of Alcyone, a woman praying to Goddess Hera for her husband's safe return after he sets out to sea and encounters a storm, unaware he has died, and informs her that her husband is dead. The next day, her husband's corpse returns to her. This myth suggests that dreams can inform the future, fulfilling the role of 'prophetic dreams' (豫知夢).

When a person falls asleep, they first enter a 'non-REM' state for about 90 minutes before entering the 'REM' state. REM sleep occurs when parts of the brain remain awake during sleep, and it is said that one dreams during this time. Non-REM sleep is the opposite. Typically, non-REM and REM sleep occur in an 8 to 2 ratio, with a person dreaming once every 1 to 2 hours on average throughout the night. Some explain that in non-REM sleep, the body rests, while the mind rests in REM sleep. The English word for dream, 'dream', also originates from joy and play, which cannot be unrelated to this. Looking up the dictionary, dreams can mean not only a physiological phenomenon but also 'hopes or ideals one wants to realize' or 'futile expectations or delusions that have no chance of realization.' As dreams have accompanied humanity since the dawn of history, it is natural for such stories to be recorded frequently in the Bible and ancient texts. In literature and art, dreams often appear as physiological phenomena as well as symbols of hope, vision, or futile expectations.

In modern popular culture, dreams are frequently addressed with this meaning as well. In Korea, there are several songs titled 'Dream', such as Lee Hyun-woo's 'Dream', which refers to the physiological meaning, and Cho Yong-pil's 'Dream', which is used in the context of hope and goals. In the movie 'Dream', released in 1967 and starring Shin Young-kyun and Kim Hye-jeong, the plot involves a monk who seduces a woman who comes to pray at the temple, leading to a tragic ending, only to awaken and realize it was a dream. Here, the dream signifies something beyond a simple physiological phenomenon; it implies 'futile hope'.

At the beginning of March, the leader of the opposition party appeared on a YouTube program and remarked, "If a company like NVIDIA were to emerge, 70% of its equity would be held by the private sector, and 30% would be shared by the public, leading to a society where we wouldn't have to rely on taxes." It's unclear whether Morpheus entered his dream to inform him or whether he experienced a 'butterfly dream' state, hence the context of such remarks.

The ruling party responded by calling it "absurd remarks." Key figures from the ruling party, both former and current, also joined in. Criticism ranged from questioning, "How can a company like NVIDIA emerge like a fish-shaped pastry?" to statements like, "The underlying reasoning is completely ignorant," and, "If the state invests 30%, can such a corporation emerge?" They commented that the notion reflects "an idea of running the state like venture capital" and pointed out that this represents a "dangerous economic view."

Kim Kyung-won, Chair Professor at Sejong University - former Head of the Research Center at Samsung Securities, former Executive Director at Samsung Economic Research Institute, former Vice President of Strategy and Planning at CJ Group, former President of Daesung Holdings, and former Vice President and Dean of the School of Management and Economics at Sejong University.

Several people from the opposition party came forward to support the leader's claims. The case of Taiwan's TSMC was frequently cited. "TSMC was established with 48% equity contribution, about $220 million, from the Taiwanese government in 1987," and it was argued, "The company's largest shareholder is still the Taiwan National Development Fund, which holds about 6% equity. What's the problem with maximizing returns to the public by investing national wealth?" Additionally, the case of POSCO (Pohang Iron and Steel Company), which was established with support from the government utilizing 'claims against Japan' funds during President Park Chung-hee's era, was also mentioned. Both sides of the argument seem to have sufficient grounds. If likened to a dream, the ruling party views the opposition leader's remarks as a 'futile dream,' while the opposition believes that the dream represents 'a grand vision and goal.' For both sides' arguments to ultimately be valid, it would depend on whether that dream can be realized. However, such realizations come with preconditions.

First, there must be an outstanding and incorruptible professional manager. For instance, Park Tae-joon led POSCO to become a world-class steel company, and Morris Chang led TSMC. In a famous anecdote, Yoshihiro Inayama of Nippon Steel rejected Deng Xiaoping's request to build a steel plant like the Kimitsu plant in China, saying it was impossible because 'there is no Park Tae-joon in China.' Similarly, Morris Chang, who earned recognition through his 25 years at Texas Instruments, a leading IT company in America during the 1950s through the 1970s, rose to the position of vice president due to his skills.

Second, complete autonomy must be guaranteed for managers to execute their intentions freely. It's essential to evaluate managers based on long-term performance metrics over periods longer than five years, based on objective monitoring. Both Park Tae-joon and Morris Chang were granted complete autonomy in their management. In fact, in Park Tae-joon's case, this was possible because President Park Chung-hee trusted him entirely during his long rule. Morris Chang could also manage his company 100% independently; that's how he created the world's leading company in his field. In Korea, it is perhaps feasible to meet the first condition, with names like Jin Dae-jae and Hwang Chang-kyu, who led the semiconductor myth of Samsung Electronics, coming to mind. These are verified individuals in terms of capability and integrity. The issue lies with the second condition. Regardless of whether they are conservative or progressive, the political arena continues tightening its grip on corporations, which would likely not allow these 'ownerless' entities to remain unharmed. Especially given the current unstable political climate, the likelihood of forced political donations, national scrutiny, and frequent summons to the National Assembly for humiliation and punishment suggests keeping managerial autonomy may become quite challenging. Furthermore, with each regime change, personnel interventions and requests can be anticipated at relatively high likelihood.

Therefore, the dream of K-NVIDIA is likely to become 'a futile dream' in this country's political environment. This thought brings to mind the famous lyrics of a pop song, leaving a bitter taste.

"To dream, the impossible dream"

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