Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal

Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal
Author: Yangkyoon Byeon
Publisher: International Monetary Fund
Total Pages: 41
Release: 2017-11-17
Genre: Business & Economics
ISBN: 1484330390

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Korea is facing mounting economic challenges. Productivity growth has been on a trend decline amid demographic headwinds, while the societal demand for inclusive growth has been on a steep rise. Furthermore, the government-led unbalanced growth model—which served Korea well in the past—has become less effective and politically palatable in recent years. As such, Korea needs a major paradigm shift to embark on a new sustainable and inclusive growth path. But policy response has been modest at best with no major reforms being implemented over the past two decades. We propose a paradigm shift in Korea’s economic framework, involving a simultaneous big push for greater economic freedom and stronger social protection within the parameters set by long-run fiscal sustainability. We also provide a detailed account of structural reforms to boost economic freedom and sustainable funding plans for stronger social protection.

Korea's Paradigm Shift for Sustainable and Inclusive Growth

Korea's Paradigm Shift for Sustainable and Inclusive Growth
Author:
Publisher:
Total Pages: 40
Release: 2017
Genre:
ISBN:

Download Korea's Paradigm Shift for Sustainable and Inclusive Growth Book in PDF, Epub and Kindle

Korea is facing mounting economic challenges. Productivity growth has been on a trend decline amid demographic headwinds, while the societal demand for inclusive growth has been on a steep rise. Furthermore, the government-led unbalanced growth model—which served Korea well in the past—has become less effective and politically palatable in recent years. As such, Korea needs a major paradigm shift to embark on a new sustainable and inclusive growth path. But policy response has been modest at best with no major reforms being implemented over the past two decades. We propose a paradigm shift in Korea’s economic framework, involving a simultaneous big push for greater economic freedom and stronger social protection within the parameters set by long-run fiscal sustainability. We also provide a detailed account of structural reforms to boost economic freedom and sustainable funding plans for stronger social protection.

Growth in a Time of Change

Growth in a Time of Change
Author: Hyeon-Wook Kim
Publisher: Brookings Institution Press
Total Pages: 376
Release: 2020-02-25
Genre: Business & Economics
ISBN: 0815737769

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Growth in a Time of Change: Global and Country Perspectives on a New Agenda is the first of a two-book research project that addresses new issues and challenges for economic growth arising from ongoing significant change in the world economy, focusing especially on technological transformation. The project is a collaboration between the Brookings Institution and the Korea Development Institute. Part I of the book looks at key elements of change from a global perspective. It analyzes how technological change, shifts in investment, and demographic transition are affecting potential economic growth globally and across major groups of economies. The contributors explore possible scenarios for the global economy as the digital revolution drives rapid technological change, including impacts on growth, jobs, income distribution, trade balances, and capital flows. Technology is changing the global configuration of comparative advantage and globalization increasingly has a digital dimension. The implications of these developments for the future of sectors such as manufacturing and for international trade are assessed. Part II of the book addresses new issues in the growth agenda from the perspective of an individual major economy: South Korea. The chapters in this section analyze how macroeconomic developments and technological change are influencing the behavior of households and firms in terms of their decisions to consume, save, and invest. Rising income and wealth inequalities are a major concern globally. Against this backdrop, trends in the labor income share and wage inequalities in South Korea are analyzed in terms of the role played by technology, industrial concentration, shifts in labor demand and supply, and other factors. Throughout the book, the contributors, in their analysis of both global and Korea-specific trends and prospects, place emphasis on drawing implications for policy.

Management for Sustainable and Inclusive Development in a Transforming Asia

Management for Sustainable and Inclusive Development in a Transforming Asia
Author: Hiromi Shioji
Publisher: Springer Nature
Total Pages: 340
Release: 2020-12-04
Genre: Business & Economics
ISBN: 9811581959

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This book identifies the ongoing management issues and compatible management systems for sustainable and inclusive development in a transforming Asia. In the dynamic process of economic development in Asia, many positive and also negative issues have arisen. Since the latter half of the 1990s, the network economy based on digital technologies began to be established and technological and cross-border transfer of managerial knowledge became easier. This change in technological and market structure now requires companies to meet another dimension of competition. In this new paradigm, many Asian companies are struggling with turbulent new managerial and organizational issues together with economic and social problems that concentrate at the bottom of the pyramid. This book elucidates these issues, keeping sustainability and inclusiveness in mind. The book is highly recommended not only for academicians but also business people who seek an in-depth and up-to-date overview of dynamically changing business and industrial structures in Asia focusing on sustainability and inclusion issues.

OECD Economic Surveys: Korea 2018

OECD Economic Surveys: Korea 2018
Author: OECD
Publisher: OECD Publishing
Total Pages: 160
Release: 2018-06-20
Genre:
ISBN: 9264300821

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Economic growth picked up in 2017, but reforms are needed to sustain Korea's convergence toward the income levels in the most advanced countries. Its labour productivity is 46% below the top half of OECD countries, reflecting problems in the service sector. In addition, productivity in small ...

Sustainable Development Goals in the Republic of Korea

Sustainable Development Goals in the Republic of Korea
Author: Tae Yong Jung
Publisher: Routledge
Total Pages: 194
Release: 2018-05-15
Genre: Social Science
ISBN: 135106746X

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This book explores the attempts of South Korea in its to achieve the UN’s Sustainable Development Goals (SDGs) by 2030. It addresses 6 of the 17 goals – clean water, affordable and clean energy, decent work and economic growth, sustainable cities and communities, climate action, and partnership – and defines specific national strategies. For each strategy, the contributors define the research indicators they selected, then analyze and examine the extent to which South Korea has met the SDG concerned. They draw these conclusions from national and international reports, government documents and policy papers on SDGs. South Korea’s experience in sustainable development and green programs will contribute to the planning of long-term development strategies for developing countries.

Labor Market Duality in Korea

Labor Market Duality in Korea
Author: Johanna Schauer
Publisher: International Monetary Fund
Total Pages: 36
Release: 2018-06-01
Genre: Business & Economics
ISBN: 1484357930

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Labor market duality is a complex and critical issue for many countries that can lower productivity, contribute to inequality and result in negative externalities. In this paper, I study duality in the Korean labor market and analyze its sources and potential policy options. I find that employment protection legislations and large productivity differentials are the key drivers of Korea’s duality. In addition, applying a general equilibrium search-and-matching model and calibrating it to the Korean economy, I show that well-calibrated flexicurity policies can significantly reduce duality and inequality and raise welfare and productivity. Notably, the introduction of all three pillars—flexiblity, a strong safety net and active labor market policies—is critical for its success. If only one pillar is introduced it can result in negative side-effects and might not reduce duality.

Can Green Sustain Growth?

Can Green Sustain Growth?
Author: John Zysman
Publisher: Stanford University Press
Total Pages: 347
Release: 2013-11-27
Genre: Business & Economics
ISBN: 080478857X

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Green growth has proven to be politically popular, but economically elusive. Can Green Sustain Growth? asks how we can move from theoretical support to implementation, and argues that this leap will require radical experimentation. But systemic change is costly, and a sweeping shift cannot be accomplished without political support, not to mention large-scale cooperation between business and government. Insightful and timely, this book brings together eight original, international case studies to consider what we can learn from the implementation of green growth strategies to date. This analysis reveals that coalitions for green experimentation emerge and survive when they link climate solutions to specific problems with near-term benefits that appeal to both environmental and industrial interests. Based on these findings, the volume delivers concrete policy recommendations for the next steps in the necessary shift toward sustainable prosperity.

Shifting Paradigms

Shifting Paradigms
Author: Zia Qureshi
Publisher: Brookings Institution Press
Total Pages: 298
Release: 2022-01-11
Genre: Business & Economics
ISBN: 081573901X

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Addressing the big questions about how technological change is transforming economies and societies Rapid technological change—likely to accelerate as a consequence of the COVID-19 pandemic—is reshaping economies and how they grow. But change also causes disruption, creates winners and losers, and produces social stress. This book examines the challenges of digital transformation and suggests how creative policies can make it more productive and inclusive. Shifting Paradigms is the second book on technological change produced by a joint research project of the Brookings Institution and the Korea Development Institute. Contributors are experts from the United States, Europe, and Korea. The first volume, Growth in a Time of Change, was published by Brookings in February 2020. The book's underlying thesis is that the future is arriving faster than expected. Long-accepted paradigms about economic growth are changing as digital technologies transform markets and nearly every aspect of business and work. Change will only intensify with advances in artificial intelligence and other innovations. Investors, business leaders, workers, and public officials face many questions. Is rising market concentration inevitable with the new technologies or can their benefits be more widely shared? How can the promise of FinTech be captured while managing risks? Should workers fear the new automation? Are technology-driven shifts in business and work causing income inequality to rise? How should public policy respond? Shifting Paradigms addresses these questions in an engaging manner for anyone interested in understanding how the economic and social agenda is being transformed by today's winds of change.