친기업주의와 한국경제 = On the Pro-Business Policy in Korea

다국어 초록 (Multilingual Abstract)

20 years passed after the 1987 democratization of Korea. However, economic
democracy has not been achieved. Market distortion due to the big conglomerates persists and bi-polarization deteriorated economic inequality.
The new administration pursues a policy of Reagan and Thatcher style; tax
cut, deregulation and privatization. However, the Anglo-American economic
environment in the 1980s and South Korean one in 2008 are very different. In
U.S. and U.K., market discipline worked properly and social security system was in place. From the perspectives of economic historian, the new policy is more like the American policy before the Great Depression under the presidency of Hoover. This paper shows that the share of Personal Disposable Income in Gross Domestic Product has decreased to 55%, which means GDP does not reflect the national income properly. With worsening income inequality, Korean economy desperately needs a policy of growth enhancing income redistribution.

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