The Korean model of export-oriented and compressed economic growth, the basis of its rapid economic growth rate in the late 20th century, is now facing serious challenges of income polarization and unemployment following the financial crises of 1997 and 2008. Searching for an alternative paradigm to correct these problems, the public’s interest in a welfare state model has recently increased, and the political circles are proposing competing welfare policies. This session will provide diverse views regarding how to simultaneously pursue both economic growth and welfare while maintaining a capitalist economy and democracy, based on the experiences of other countries.
- What is an optimum choice between “universal welfare” and “selective welfare,” beyond social safety net measures?
- Are the chaebol tax, Buffett tax, and similar measures effective tools for achieving a viable welfare state within a market economy?
- How could Korea’s dichotomous structure between chaebols and SMEs be restructured to generate a more synergistic partnership to maintain a balanced business organization and income distribution?
- How can the notion of corporate social responsibility (CSR) be incorporated into a welfare paradigm within a market economy?

- Moderator
AHN, Choong Yong (Chairman, Regulatory Reform Committee)

- Presenters
N.K. SINGH (Member, The Parliament of India / former Finance Secretary)
LIM, Wonhyuk (Director, Office of Development Research, KDI Center for International Development)
Michael HELLBECK (COO & Head of Regulatory Affairs, Standard Chartered Bank, Korea)
SONG, Hong (Senior Fellow, Director of Research Section of International Trade, Institute of World Economy and Politics, CASS)

- Rapporteur
KIM, Hyun-jin (Global Asia Fellow, East Asia Foundation)