Abstract
The financial crisis that began in late 1997, led to a catastrophic downturn of economic and social development in Korea. Rather than dealing with the macroeconomic and financial issues of the crisis, this study analyzes human aspects of the turmoil, that is, the social impact of the economic crisis on Korea. After reviewing indicators of unemployment, poverty, and income distribution in Korea during and after the crisis, this study details the responses and programs that the government undertook to promote employment, to alleviate poverty, and to protect the vulnerable. Since it is expected that the unemployment rate will remain high for a long period even after the economy recovers from the worst of the crisis, this study suggests the necessity of the government’s special efforts to strengthen the system of social protection.
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Jang, J. (2003). Economic Crisis and Its Consequences. In: Shin, D.C., Rutkowski, C.P., Park, CM. (eds) The Quality of Life in Korea. Social Indicators Research Series, vol 14. Springer, Dordrecht. https://doi.org/10.1007/978-94-017-0281-2_4
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DOI: https://doi.org/10.1007/978-94-017-0281-2_4
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