The social perils of the Korean financial crisis

Abstract

This article examines the social impact of the 1997 financial crisis in South Korea. Although the crisis was short-lived, it has created major ripples all across the country, profoundly affecting the Koreans' lifestyle and family life as well as their values and worldview. In spite of the magnitude of the financial crisis and its social impact, scant scholarly attention has been paid to the issue, although the causes and economic impact of the crisis have been amply discussed. In view of this, the article examines major social changes brought upon by the financial crisis. The article probes, for example, how employment patterns have been deeply affected, whereby a majority of workers are now irregular workers or are underemployed. The article also demonstrates how the people's perception of work has changed and how the income gap between the rich and the poor has widened. Also discussed are, among others, the continuing discrimination against women in the workplace, rising divorce rate, increase in immigration and value conflicts over the relevance of Confucianism in contemporary Korea. In addition, the article examines the agency of the Korean people in reacting to or coping with the changing circumstances.