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Economic and social consequences of globalization : The case of South Korea

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Frame of Image ocial consequences. While Korea benefited enormously from active participation in the world economy, it had its share of agonies of globalization. The latest financial crisis brought about a drastic increase in joblessness and a sudden worsening of income distribution as well as a fall in real incomes. Even before the crisis, after 1993 there appeared uneasy developments in income distibution such as the cessation of the rising trend of the wage share and the narrowing trend of the wage differential by education and the resumption of the worsening trende of firm-size wage differential. This experience shows that appropriate competition and industrial policies are required to cope with the tendency for economic liberalization to aggravate income distribution.
---------------------------------------------------------------------------------------------------------* The original version of this paper was prepared for the project on “Globalization and Social Policy” led by Lance Taylor, Center for Economic Policy Analysis, New School University. We are thankful to the useful comments we received from him, John Langmore and others at the CEPA conference held in January 1999.
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Introduction Globalization of the economy is producing new opportunities for many, but it also poses serious risks. To the extent that globalization generates new problems, it requires new policy responses. Whether globalization can serve to reduce poverty and raise the living standards of the majority of th


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Title Economic and social consequences of globalization
Similar Titles
Sub Title

The case of South Korea

Material Type Proceedings
Author(English)

You, Jong-Il ; Lee, Ju-Ho

Publisher

[Seoul] : Korea Development Institute

Date 1999
Pages 44
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < General
Social Development < General
Holding KDI; KDI School
License

Abstract

This paper looks at the South Korean experience with economic globalization with an emphasis on its social consequences. While Korea benefited enormously from active
participation in the world economy, it had its share of agonies of globalization. The
latest financial crisis brought about
a drastic increase in joblessness and a sudden worsening of income distribution as well as a fall in real incomes. Even before the crisis, after 1993 there appeared uneasy developments in income distibution such as the cessation of the rising trend of the wage share and the narrowing trend of the wage differential by education and the resumption of the worsening trende of firm-size wage
differential. This experience shows that appropriate competition and industrial policies are required to cope with the tendency for economic liberalization to aggravate income distribution.