Financial Crisis and Social Security: The Paradox of the Republic of Korea

Shin Dong-Myeon

86 citations0/0 files storedInternational Social Security Review

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Social Policy and Reform Studies Social Sciences and Policies Asian Industrial and Economic Development

Abstract

This paper seeks to answer the questions why and how the social security system in the Republic of Korea has expanded in the wake of the financial crisis. The author first reviews the characteristics of the Korean welfare system before turning to the social effects of the financial crisis, then examining the resultant changes to the social security system and highlighting the driving forces behind them. The paper argues that the development of the system can be mainly attributed to the change of policy networks from a symbiotic alliance between the State and business to a tripartite corporatismand growing social demands for social welfare.

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