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Welfarenomics: Road to Sustainable Capitalism and Welfare State

Sang-Mok Suh, Distinguished Professor, Inje University; former Minister of Social Welfare, Korea

The neo-liberalism, which had become a dominant ideology in policy-making in many countries since the early 1980's, is now blamed for the worsening inequality and the 2008 world financial crisis. As the recovery process is moving very slowly due to the lingering uncertainties from the Euro crisis, going back to the European model of welfare state is not a feasible policy-direction for most countries. Thus, now is the time to seek a new paradigm for sustainable capitalism and welfare state, Dr. Sang-Mok Suh argues. He proposes 'welfarenomics,' implying a better balance between economics and welfare. Welfarenomics means promoting a sustainable calitalism through modifying the neo-classical market economy model in three ways: (1) strengthening the role of government in the areas of formulating & implementing the national strategy; (2) increasing social values of business activities through developing new CSV(Creating Shared Value) activities; and (3) creating a habitat for co-development through activating the civil society. Welfarenomics also implies promoting a sustainable welfare state through modifying the European welfare state model in three ways: (1) building a foundation for 'workfare' through developing customized job programs for the welfare beneficiaries; (2) utilizing various welfare programs as means for social innovation; and (3) improving the effectiveness of welfare programs through applying various management concepts to the field of social welfare. The presentation will cite some of the recent expereinces in Korea, but the concept of welfarenomics can apply to any country that is in need of achieving both economic growth and social equity.

Friday, October 04, 2013 | 3:00 pm — 4:15 pm
Encina Hall East, 3rd Floor

Korean Studies Program, Shorenstein APARC