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Welfare state and global financial crisis : A case study of South Korea

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  • Welfare state and global financial crisis
  • Bae, Jiyoung
  • International Institute of Social and Economic Sciences


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Title Welfare state and global financial crisis
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Sub Title

A case study of South Korea

Material Type Reports
Author(English)

Bae, Jiyoung

Publisher

Prague:International Institute of Social and Economic Sciences

Date 2014-09
Series Title; No ILO Asian Regional Programme on Governance of Labour Migration Working Paper / 2
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Government and Law < Political Development
Holding IISES

Abstract

This research project examines how and to what extent the 1997 Asian financial crisis influenced the development of Korean welfare state system. Korea's success in overcoming the Asian financial crisis shows that Korea perceived and reconstructed structural problems very quickly. The national debate ignited by the crisis was not only important in restructuring of the economy but also in expansion of social policies. This counters the neo-liberal assertion that market-driven globalisation renders social policy marginal in economic development. Why Korea was able to develop a welfare state system unlike other East Asian countries, which simultaneously faced the financial crisis? In explaining the development of welfare states in Europe, scholars assume that industrialisation, democratisation, and, in particular, growing labour movements and leftist political parties as crucial factors. (The rest omitted)

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