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Recent economic development and emerging social issues in Korea

In: Social Trust and Economic Development

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Abstract

Chapter 2 examines Korea’s economic development, economic policies, and economic institutions from the 1960s to today and their impact on society and social trust. Korean state-led economic policy played the pivotal role for the economy and society. Korea’s dirigiste policy paradigm, which focussed on economic growth, was successful until it caused the 1997 financial crisis. In response to the crisis, policy paradigm shifted from dirigisme to a liberalised and market-oriented economy, causing drastic economic reforms to be undertaken. Behind the façade of rapid economic growth, society has become dysfunctional and a drag on economic development, indicating that social progress is not only desirable in its own right, but an ineluctable element for economic progress. For the nation’s objective of sustainable and equitable social and economic development, policy should focus on the dynamic relationship between economic development and social trust.

Suggested Citation

  • ., 2019. "Recent economic development and emerging social issues in Korea," Chapters, in: Social Trust and Economic Development, chapter 2, pages 50-83, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16629_2
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