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Published online by Cambridge University Press: 07 December 2023
The high economic growth created jobs to reduce inequality as well as poverty. However, in the 1960s and 1970s, the effect was more than offset by other factors, like the widening wage gap between skilled and unskilled workers. There was also a large amount of transfer to the rich through the real estate market, while fiscal policy transferred little to the poor. Industrial relations were repressive. In the 1980s, inequality slowed to widen as the offsetting factors weakened and the transfer through the real estate market decreased, but industrial relations became more repressive. South Korea sustained high economic growth through the democratization process because, while staving off a possible disaster, democratization was limited in scope. Democratization failed to narrow inequality as it interacted with other forces, but it led to reforms to enhance the transparency of the economy. Independent unions emerged with democratization, but it aggravated the non-performing loans problem.
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