This study aims to analyze the issue of economic restructuring, which is being delayed after the economic crisis, and develop measures to resolve economic crises from long-term perspectives.
The Korean economy may have avoided a national economic breakdown for the time being, but the current delay in substantive economic restructuring may set up another economic crisis. It is partly because of the government’s concern of a temporary increase in unemployment, fear of the chain bankruptcy of financial institutions, and insolvency of the financial sector. Fully aware of the government’s position, Korean corporations are also expecting special treatment and benefits from the government, exhibiting only lukewarm attitudes toward restructuring.
If current circumstances continue, it is evident another nation-wide economic crisis will take place, and therefore, it is imperative actions be implemented, such as eradication of collusion between politics and industry, elimination of the government’s involvement in the financial sector, execution of prompt restructuring based on the principles of the market economy, and improvement in transparency through supervision of a financial watchdog group. Moreover, measures should be established in order to nurture private companies, increase flexibility in the labor market, promote venture enterprises, and stimulate job creation in the public sector so that negative side effects of economic restructuring can be mitigated.
경제위기극복과 구조조정을 위한 종합대책(Comprehensive measures for overcoming economic crisis and restructuring)
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Economy < Economic Administration|