Economic bipolarization and its effects on the Korean economy and society

.

Chapter 5 in Social Trust and Economic Development, 2019, pp 142-175 from Edward Elgar Publishing

Abstract: Chapter 5 investigates the causes, effects, and remedial measures of income bipolarization, which is one of the most critical economic and social issues in Korea. Income bipolarization has serious adverse impacts not only on the country’s economic growth, but also on various spheres of society, including social justice, trust, and conflict. Income bipolarization begets education and health bipolarization in Korea, which hinders social mobility and exacerbates income inequality, indicating a vicious circle between income and social bipolarization. It follows that Korea’s current state of socioeconomic bipolarization is untenable for its sustainable social and economic development. Not only to cut the vicious circle, but to enhance social justice in the sense of Rawlsian ethics, redistribution should expand in Korea. The causes of income bipolarization identified suggest policy proposals including the mitigation of dualism in the labour market and the wage gap between workers for chaebols and SMEs as well as an expansion in social spending to the OECD average.

Keywords: Asian Studies; Business and Management; Economics and Finance (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/view/9781784719593/chapter05.xhtml (application/pdf)
Our link check indicates that this URL is bad, the error code is: 503 Service Temporarily Unavailable

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:16629_5

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla ().