Abstract
Korea is one of Asia’s Newly Industrialized Countries (NIC). It emerged from the devastation after the Korean War in the early 1950s to become the world’s 11th largest economy and a member of the Organization for Economic Cooperation and Development (OECD). Between the early 1960s and the 1990s, Korea’s authoritarian military governments placed top priority on economic development and export-oriented industrialization. In those days, social security was subordinated to the country’s pro-growth economic policy. Government spending on social security was minimal and welfare depended on economic growth, full employment and traditional family ties.
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