Korea's financial crisis was as dramatic as it was unexpected. Between October and December 1997, Korea was reduced from the world's 11th largest economy to an economy surviving on overnight loans from international financial institutions. Consequently... See More +, Korea experienced a devastating economic decline. In 1998 real GDP fell by 5.8 percent and the number of unemployed rose by over one million. The Korean government implemented wide-ranging labor market reforms to accommodate needed structural changes, and was determined to build a stronger and more durable social safety net so as to mitigate the painful social costs of structural adjustment. The studies that comprise this volume are organized into five areas: income support programs, labor law and labor market regulations, active labor market policies, the labor market and gender, and Korean experiences in a comparative context. Critical assessments of the findings of the papers are also discussed briefly in the first chapter.