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Issue Report

Collection of full-length papers and in-depth analysis of economic and management issues.

Seoul's Public Welfare System

Seoul's Public Welfare System

PARK Chan-Young

Nov. 1, 1996

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I. The need to strengthen the public welfare system

Presently, the Korean government is moving from a mercantilist state-led economic system towards a system based on free competition in the private sector. Non-competitive enterprises will be allowed to go bankrupt, and as a result, employment will be unstable. The collapse of the life long employment system and the opening of the economy to foreign economic power will aggravate this trend. Furthermore, as governmental controls over the economy decline, the fluctuation of the business cycle will be more severe, further reducing livelihood security. It is therefore imperative that the social security system be strengthened to increase the livelihood security of the people, as the globalization of the Korean economy will increase the people’s desire for the advanced social security system.

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