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Globalization, income inequality, and deindustrialization : The case of South Korea

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  • Globalization, income inequality, and deindustrialization
  • Samy, Yiagadeesen
  • Korea Economic Institute of America


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Title Globalization, income inequality, and deindustrialization
Similar Titles
Sub Title

The case of South Korea

Material Type Reports
Author(English)

Samy, Yiagadeesen

Publisher

Washington, DC:Korea Economic Institute of America

Date 2014-07
Series Title; No Academic Paper Series
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Holding Korea Economic Institute of America

Abstract

This paper examines the evolution of income inequality in South Korea over the period 1965 to 2011 using a fairly new dataset, namely the Standardized World Income Inequality Database (SWIID). The author hypothesizes that it is possible to make sense of the evolution of income inequality in South Korea through an examination of structural changes in the economy, with industrialization and deindustrialization playing a crucial role. Building on the seminal contribution by Simon Kuznets, as long as growth and industrialization are positively correlated, a standard Kuznets relationship is obtained. When growth is accompanied by deindustrialization, income inequality declines initially and then increases again after a minimum point has been reached. The association of growth with deindustrialization that is driven by globalization is thus a key element behind the evolution of income inequality. (The rest omitted)