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1 results

  • 11 - Inequality, Jobs, and Welfare

  • Jaymin Lee, Yonsei University, Seoul
  • Book:
    The Tortuous Path of South Korean Economic Development
    Published online:
    07 December 2023
    Print publication:
    21 December 2023, pp 357-399

  • Summary

    Inequality of market income rose after the 1997 crisis and then leveled off while the government redistribution increased over the years; however, the transfer to the rich through the real estate market increased immediately before the crisis. The inequality of market income rose after the crisis as the massive layoff of workers and the slowdown of growth led to job shortages and as labor market dualism deepened between large enterprises’ and small and medium-sized enterprises’ workers and regular and non-regular workers. Inequality also widened as the labor share of income fell, though the rising share of capital income was retained within firms rather than distributed to households. Unions have often failed to represent the interests of the whole working class. Welfare expenditure has risen substantially to narrow the inequality of disposable income; however, the welfare system has problems of coverage and sustainability, which are aggravated by the population's aging.