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Income Inequality in Korea - An Analysis of Trends, Causes, and Answers (Hardcover)
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Income Inequality in Korea - An Analysis of Trends, Causes, and Answers (Hardcover)
Series: Harvard East Asian Monographs
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In the early 1990s, South Korea was showcased as a country that had
combined extraordinary economic growth with a narrowing of income
distribution, achieving remarkably low rates of unemployment and
poverty. In the years following the financial crisis of 1997-1998,
however, these rates ballooned to pre-crisis levels, giving rise to
the perception that the gap between the rich and the poor in Korea
had once again widened. Income Inequality in Korea explores the
relationship between economic growth and social developments in
Korea over the last three decades. Analyzing the forces behind the
equalizing trends in the 1980s and early 1990s, and the
deterioration evident in the post-crisis years, Chong-Bum An and
Barry Bosworth investigate the macroeconomic conditions, gains in
educational attainment, demographic changes and conditions in labor
markets, and social welfare policies that have contributed to the
evolution of income inequality over time. The authors also raise
fundamental questions about whether the pre-crisis pattern of
combining strong economic growth with improving equality can be
restored, as well as how government policies might be designed to
promote that objective. The book concludes with a discussion of
some proposals for improving the efficacy of redistributive
policies in Korea.
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