The expression "Black revolution" is frequently used when the mass media report the election of the 44th U.S. President-elect Barack Obama, the first African-American president. Following the greatest turnout since the election of John F. Kennedy, Obama got the support of 96% of African-American voters, 67% of Hispanic voters, and 43% of white voters. As a result, he swept Republican candidate John McCain by getting more than double the votes in the Electoral Colleges.

Obama's election pledges were "hope" and "change" through which he promised that he would bring many changes from the Bush administration, as can be seen through his speech: "The true strength of our nation comes not from the might of our arms or the scale of our wealth, but from the enduring power of our ideals: democracy, liberty, opportunity, and unyielding hope." In addition, he also pledged to terminate the Iraq war through a speedy withdrawal of American troops.

His election will influence the South Korean economy, politics, and diplomacy. First of all, communication between the U.S. and North Korea will become more active, and their relationship will be elevated by the new administration. Obama said that he has willingness to meet and communicate directly with the national leaders of North Korea and Iran, without any conditions. However, he does not take a generous position toward North Korea's possession of nuclear weapons. He emphasized the importance of diplomatic communication in solving nuclear problems, implying that he will try to concentrate on removing nuclear weapons from the world.

On the other hand, he opposes the automobile section of the South Korea-U.S. FTA. He said at a rally in South Dakota, "While Korea has exported hundreds of thousands of automobiles to the U.S. yearly, the U.S. has barely exported 5000 units to South Korea." As the sales volume of automobiles in the U.S. has decreased more than 30%, automobile manufacturers have come into crisis. The Obama administration will focus on reviving the national automobile industry as one or its first economic priorities. If he asks South Korea to renegotiate the automobile section of the FTA, it can have an adverse influence on the automobile sector of South Korea. In addition, the textile and steel industries are also a concern due to tightening of regulations as a result of protective trade policies. However, the electronics sector is expected to benefit from exporting electrical equipment to the U.S., as the Obama administration is likely to replace and mend the worn-out electricity infrastructure. The outlook for the IT sector is also bright as he pledged to promote broadband businesses across the U.S., implying he will improve the IT industry.

When Obama was elected U.S. president, the New York and Asian stock markets showed an upward trend. Although the "Obama effect" did not last long, it is to be hoped that the new U.S. president will deal with the current financial crisis and its influence on the world. The relationship between the world economy and the U.S. is so connected that they cannot be thought of separately. The world looks to him to solve the world financial crisis. Koreans also need to observe how the new U.S. administration takes action toward Korea and to respond accordingly.