The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Thu, August 11, 2022 | 07:42
Society
'Korean-style basic income system needed'
Posted : 2021-06-22 15:51
Updated : 2021-06-23 08:54
Print Preview
Font Size Up
Font Size Down
Won Hee-ryong, center, governor of Jeju Special Self-Governing Province, speaks during an online discussion session with Nobel Prize-winning economist Abhijit Vinayak Banerjee, on screen, at the provincial government's Seoul office, Monday. Courtesy of Jeju Peace Institute
Won Hee-ryong, center, governor of Jeju Special Self-Governing Province, speaks during an online discussion session with Nobel Prize-winning economist Abhijit Vinayak Banerjee, on screen, at the provincial government's Seoul office, Monday. Courtesy of Jeju Peace Institute

Jeju governor, Nobel laureate discuss inequality issues

By Lee Hyo-jin

Jeju Governor Won Hee-ryong said the old should cooperate with the young in tackling the issues of deepening inequality among the younger generations, in order to build an equal and inclusive society.

His remarks came during an online discussion session held Monday with Nobel Prize-winning economist Abhijit Vinayak Banerjee on inequality issues in Korea and the importance of public education and social welfare systems in addressing such problems.

The session came ahead of the 16th Jeju Forum for Peace and Prosperity, scheduled to be held from June 24 to 26 on the southern island of Jeju by the Jeju Peace Institute.

The discussion kicked off with Banerjee's lecture on his book "Good Economics for Hard Times," co-written with Esther Duflo.

He viewed that Korea, like many other countries, has encountered increasing inequality, with the COVID-19 pandemic crisis exacerbating the gap between rich and poor. He pointed out trade and automation, which have displaced many low-skilled workers, as the two main factors of deepening inequality.

Banerjee explained "the absence of effective mechanisms for compensating them" as a bigger problem. "We have promised people that the growth will be shared, but it hasn't been shared. There are people who lose from the change of economies and from trade, but we don't compensate them," he said.

He believed that this has led many people to lose trust in government policies, and thus governments should reformulate their policies in a way that makes the poor feel that they are at the center of the redistribution process.

Won agreed with the idea, saying, "Stagnant economic growth and worsening inequality have led to declining public trust in the government. In order to regain trust, policymakers should come up with credible policies based on reasoning and evidence."

The two also shared their thoughts on basic income support, an idea of ensuring every citizen receives at least some income, which has gained momentum amid the COVID-19 pandemic.

"Korea seems to have a very elaborate employment insurance system. But such systems are not permanent," Banerjee said.

Therefore, the economist stressed the importance of provision of basic support, especially in order to help those in desperate need. But he added that important questions such as to whom the support should be targeted must be discussed further.

Won said, "Considering the country's developed social welfare system and limited resources, we should come up with our own basic income system, rather than adopting a universal basic income scheme under which a small amount of funds are provided to all citizens regardless of their socioeconomic status."

Regarding the inequality issues the younger generations are facing in terms of education, employment and housing, Won said, "The older generation, policymakers and the young should work together to make an inclusive society in which all people are guaranteed with opportunities for education and career development."

The video of their discussion will be screened on the first day of the forum, according to the organizer.

The annual international peace forum is a regional multilateral dialogue for promoting peace and prosperity in Asia, hosted by Jeju Special Self-Governing Province, the International Peace Foundation and East Asia Foundation, with the support of the Ministry of Foreign Affairs and Jeju Free International City Development Center.

This year, under the main theme of "Sustainable Peace and Inclusive Prosperity," the forum will focus on sustainable peace for future generations and inclusive post-pandemic prosperity.

The three-day event will bring together prominent figures such as former French President Francois Hollande, former United Nations Secretary General Ban Ki-moon, former Australian Prime Minister Kevin Rudd and former Thailand Prime Minister Abhisit Vejjajiva. The key sessions will be streamed live on the forum's official YouTube channel.


Emaillhj@koreatimes.co.kr Article ListMore articles by this reporter
 
LG
  • Korea urged to take preemptive steps to deal with climate change-induced disasters
  • What Seoul's worst rainfall in 115 years looked like
  • Musinsa's new store becomes hot spot in southern Seoul
  • Flood damage to vehicles during torrential rain to hit insurers
  • 'Children must play right now'
  • Bill Gates expected to meet with top business leaders in Korea
  • Seoul reiterates that '3 Nos' policy is not commitment to China
  • Han River sunset cruise: Seoul's new tourist focal point
  • [INTERVIEW] Polish arms deal may well lead to greater opportunities for Korea: expert
  • Retailers slash product prices to draw consumers as inflation soars
  • Interactive News
  • With tough love,
  • 'Santa dogs' help rebuild burnt forests in Andong
  • 'Santa dogs' help rebuild burnt forests in Andong
  • A tale of natural wine
    • BLACKPINK to start world tour in October BLACKPINK to start world tour in October
    • [INTERVIEW] Im Si-wan finds own narrative for villain role in 'Emergency Declaration' [INTERVIEW] Im Si-wan finds own narrative for villain role in 'Emergency Declaration'
    • 'Free Chol Soo Lee': How young Korean immigrant's wrongful conviction led to pan Asian American resistance movement 'Free Chol Soo Lee': How young Korean immigrant's wrongful conviction led to pan Asian American resistance movement
    • 'Good Doctor' director to debut Netflix's high-strung suspense series, 'A Model Family' 'Good Doctor' director to debut Netflix's high-strung suspense series, 'A Model Family'
    • Musical 'Kinky Boots' tells people to love themselves as they are Musical 'Kinky Boots' tells people to love themselves as they are
    DARKROOM
    • Ice is melting, land is burning

      Ice is melting, land is burning

    • Tottenham 6-3 Team K League

      Tottenham 6-3 Team K League

    • Afghanistan earthquake killed more than 1,000

      Afghanistan earthquake killed more than 1,000

    • Divided America reacts to overturn of Roe vs. Wade

      Divided America reacts to overturn of Roe vs. Wade

    • Namaste: Yogis to celebrate International Yoga Day

      Namaste: Yogis to celebrate International Yoga Day

    The Korea Times
    CEO & Publisher : Oh Young-jin
    Digital News Email : webmaster@koreatimes.co.kr
    Tel : 02-724-2114
    Online newspaper registration No : 서울,아52844
    Date of registration : 2020.02.05
    Masthead : The Korea Times
    Copyright © koreatimes.co.kr. All rights reserved.
    • About Us
    • Introduction
    • History
    • Location
    • Media Kit
    • Contact Us
    • Products & Service
    • Subscribe
    • E-paper
    • Mobile Service
    • RSS Service
    • Content Sales
    • Policy
    • Privacy Statement
    • Terms of Service
    • 고충처리인
    • Youth Protection Policy
    • Code of Ethics
    • Copyright Policy
    • Family Site
    • Hankook Ilbo
    • Dongwha Group