• 사회경제평론
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• v.31 no.1
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• pp.63-105
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• 2018

Keynes proposed revolutionary claims in his General Theory that the capitalist economy have the following characteristics: unemployment is general, unemployment could not be automatically restored, business cycle and crisis are inherent in the capitalist economy. Hicks refuted Keynes that unemployment is a special case of depression, and Modigliani argued that it is only valid under a particular assumption of wage rigidity. Also, Pigou and Patinkin contended that unemployment can be automatically recovered in the flexible wages and prices system. These refutations have made the revolutionary reforms appeared in Keynes's General Theory to decline. However, their claims did not correctly interpret Keynes's theories, nor effectively refute them. They interpreted Keynes narrowly within the framework of the classical tradition and refuted Keynes using the claims of the classics. The revolutionary nature of Keynes's General Theory could be not undermined by their refutation, but rather may be more useful in analyzing today's economic reality.

• Journal of the Korean association of regional geographers
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• v.21 no.1
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• pp.137-152
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• 2015

The purpose of this research is to reveal the problems of the Western based development discourse, and to derive the future direction of postdevelopment as sustainable development. This study attempted to reveal the historical process of formation and change on development discourse. Development generally regarded as the overcome of underdevelopment, inducing the marginalization of the South as a place to follow the development model of the North. State based development discourse (Keynesian development discourse) focused on the growth by industrialization, and the supreme aim of the South was to overcome the underdevelopment. Neoliberalism development discourse emphasized on the market principle based on free competition which was recognized as the best way to provide development. However, neoliberalism discourse has been criticized for the concentration of power and inequality of class, causing on the consideration of postdevelopment because of its emphasis on growth rather than distribution and life value. This research revealed the ways of postdevelopment with fair trade and ethical consumption. However, fair trade and ethical consumption discourses clearly show somewhat limitation subsuming into neoliberal development discourse. In this respect, future ways for postdevelopment have to consider the overcoming of powers based on market and capital, and to orient into the value of redistribution in development process.

• Journal of the Economic Geographical Society of Korea
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• v.25 no.2
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• pp.237-253
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• 2022

This article offers an account of how regional development policy in Korea has evolved under the influence of actor-networks comprising the cultural circuit of soft capitalism. In so doing, the roles played by transnational actor-networks forged between global consulting firms and national business media are emphasized. For this discussion, the waning of spatial Keynesianism in the country is contextualized in the first place, with particular attention to changing planning goals of key regional development policies including consultancies, influential policy gurus (e.g., Michael Porter and Richard Florida), and local business media outlet Maekyong are found to be key movers and shakers in the transition. These empirical findings call for striking a balance between dominant structuralist accounts and emerging actor-oriented approaches, and also help shed a new light on the dualistic conceptualization of managerialist and entrepreneurial governance in a way that the latter may be a new form of the former.

• Korean Journal of Labor Studies
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• v.24 no.3
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• pp.109-142
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• 2018

This paper aims to analyze the Award wage system in Australia for construction workers. Considering low wages and precarious employment situation of construction workers in general, it is of advantage especially for them in Australia. Furthermore, it seems to be instructive for Korean construction workers, who stand in more precarious and unstable situation and furthermore are lack of fair wage and social safety. After strong and longstanding labour struggle in the late 19th century in Australia, it has been established a tripartite institution called as 'tribunal' between trade unions, employers, and the government. Under the highly institutionalized form of industrial relations, it functions as an arbitration and conciliation system between labour and management. The Award wage system stands in the middle point. This Award wage system including various welfare provisions is settled by the tribunal, today renamed as Fair Work Commission. In this wage system should be defined level of minimum wages according to the various skill levels, which are in turn connected with compulsory superannuation and Medicare as well as vocational education and training. Furthermore, it provides especially for the construction workers, who suffer from job instability, so-called 'portable benefits', which relate to long service leave and redundancy pay. Considering general conditions of precarious construction workers in Korea, In that respect, the Australian Award wage system would be very instructive for our social wage and safety system for construction workers.

• 한국사회정책
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• v.25 no.3
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• pp.175-208
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• 2018

The purpose of this article is to evaluate Korea's income-led growth policy that is still in dispute. To do this, I discussed the content, background and implications of the income-led growth theory. Next, I discussed the role of income-led growth as a growth strategy in the Korean economy. The income-led growth theory comes from the Keynesian tradition which emphasizes the role of demand in the economic growth. The basic idea emerged nearly 80 years ago, and the current model emerged about 30 years ago. Some of the Korean researchers began to pay attention to this issue when ILO researchers discussed it in 2010. The recent emphasis on income-led growth theory was due to the tendency of declining labor income, thus forming a consensus that increasing inequality can hamper growth. The effectiveness of the income-led growth strategy, which can lead to economic growth by increasing the share of labor income, is theoretically and empirically controversial. However, it is understandable why income-led growth strategies have emerged. Income-led growth is not a short-term strategy nor a key of growth strategy. However, in current socio economic structures, the prescriptions of income-led growth theory is meaningful in that it enables sustainable growth by making the economic system healthy. In addition, unlike the West, the government's welfare expenditure can play a significant role as part of the income-led growth prescriptions in Korea.