More interesting than the battle pitting GM vs. Ford for the purchase of Daewoo Motor Co. is the battle pitting Korea against the world.
Horrors! cries Hyundai Motor Co. - GM's ownership of Daewoo will make the Korean industry uncompetitive!
Meanwhile, the Korean government has put the brakes on the possibility of a quick deal by setting up an auction for Daewoo. This is the same government that made sure that the failed Kia Motors ended up as part of Hyundai.
A couple of principles: 1. Korea built its auto industry on the markets of the rest of the world. When Korea finally joins the rest of the world, Korea and its consumers will benefit. 2. Competition works. The Japanese made the American auto industry stronger and helped consumers. If GM or Ford gets Daewoo, the benefits to Korea and Koreans will be enormous.