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Economic threat to human security: Household debt problem in Korea

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  • Hyun-Seok Yu

Abstract

Economic crisis is perceived as an important threat to the economic security of a nation state. It often brings about the collapse of national economic system, which has an important ramification to national security. This study attempts to analyze the impact of the 1997 economic crisis on the human security in Korea, and the economic policy introduced by the government to overcome the crisis. This study reveals that the. policy package introduced to stimulate domestic demand and resolve the unemployment problem has brought about the household debt crisis in Korea, which is not just an economic problem but a social and human problem. In a society, which lacks proper rescue institutions, like Korea, household debt problem has often resulted in family suicide and crime, consequently becoming a major blow to human security. The Korean case illustrates the negative human security implications of the policy package designed to improve the national economic security of the country.

Suggested Citation

  • Hyun-Seok Yu, 2003. "Economic threat to human security: Household debt problem in Korea," Global Economic Review, Taylor & Francis Journals, vol. 32(3), pages 67-83.
    • Handle: RePEc:taf:glecrv:v:32:y:2003:i:3:p:67-83
    DOI: 10.1080/12265080308422925
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