A Study for the Meeting of OECD Social Policy Ministers and Policy Forum
The financial crisis that swept through the world in 2008 put into question the stable growth of the market economy. As economic nosedive was wrecking havoc on the livelihood of the people around the world, the biggest challenge governments faced was about how to protect people’s property and health. Fortunately, through cooperation and prompt policy responses, they seem to have succeeded in minimizing the impact of the financial crisis, at least, for now.
However, there still remains anxiety about the fundamental problems that caused the financial crisis, thus it is reasonable to expect that the crisis response will continue to exist for some time. The OECD Social Policy Ministers’ Meeting in May 2011 is held to discuss post-crisis social policies. It is very important to share each country’s experience and wisdom on how to address job insecurity and income inequality exacerbated by the financial crisis under fiscal constraints.
This report is a result of compiling presentation and discussion materials for the Korea’s representative for the Meeting. Therefore, this report is unlike other research reports in form, but the contents go beyond just a mere compilation of existing materials to an evaluation of the achievements and limitations of the Korea’s social policies in the last decade, exploring the directions for further development. The OECD recommendations on the development of post-crisis social policies will be an important asset for the development of our country’s welfare policy.