「Inclusive Korea 2018」 Seeking a New Policy Paradigm for Inclusion, Innovation and Peace
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#General(Other)
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[Keynote Speech 2] Towards a Korean New Deal
LEE Joung-woo2018.05.28
Keynote Speech 2. Towards a Korean New Deal
LEE Joung-woo Emeritus Professor, Kyungpook National University
□ Despite the continued efforts to alleviate Korea’s polarization since the 1997-1998 financial crisis, both growth and polarization have deteriorated.
○ The U.S. adopted the New Deal initiative in the 1920s to resolve the economic stagnation and polarization following the Great Depression. This included several reformative programs that regulated the business practices of large companies and offered various welfare programs to the poor, amongst others.
○ Korea needs to take bold steps like the New Deal to tackle the current slow growth and polarization.
□ A Korean New Deal should pursue the national vision for ‘welfare’ and ‘economic democratization’ by raising taxes to expand welfare spending and to reduce the inequality between labor and management. This will enable a virtuous cycle between better distribution, higher growth and more employment.
○ Inclusion and innovation go hand in hand. Thus, the direction for Korea’s inclusive growth is to create a social safety net that enables people to pursue innovation without the fear of failure.
LEE Joung-woo Emeritus Professor, Kyungpook National University
□ Despite the continued efforts to alleviate Korea’s polarization since the 1997-1998 financial crisis, both growth and polarization have deteriorated.
○ The U.S. adopted the New Deal initiative in the 1920s to resolve the economic stagnation and polarization following the Great Depression. This included several reformative programs that regulated the business practices of large companies and offered various welfare programs to the poor, amongst others.
○ Korea needs to take bold steps like the New Deal to tackle the current slow growth and polarization.
□ A Korean New Deal should pursue the national vision for ‘welfare’ and ‘economic democratization’ by raising taxes to expand welfare spending and to reduce the inequality between labor and management. This will enable a virtuous cycle between better distribution, higher growth and more employment.
○ Inclusion and innovation go hand in hand. Thus, the direction for Korea’s inclusive growth is to create a social safety net that enables people to pursue innovation without the fear of failure.
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