What’s next after development?
What’s next after development?
Some policy directions for Korea
This concluding chapter first summarizes some of the key issues facing South Korea on the external front in its engagement with Asia. Second, it focuses on the domestic economy to underscore the importance of several outstanding and emergent internal challenges that external engagement alone is unlikely to resolve. The after-development phase is challenging but seriously needs engagement. It needs to ensure growth in a soft global economy, address inequality and share prosperity by regulating chaebols, support small and medium enterprises (SMEs) and irregular workers, and pursue better income distribution and social welfare, especially for women and the elderly to make it easier for them to enter and remain in the workforce. The chapter ends with an epilogue by briefly examining whether Korea is likely to experience a Japanese type long-term recession and what might be some of the implications of Korean unification on after-development dynamics.
Keywords: emergent internal challenges, global growth, chaebols, SMEs, income distribution, social welfare, irregular workers, the elderly, Korean unification, women
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