Social Policies in an Age of Austerity: A Comparative Analysis of the US and Korea(KDI/EWC series on Economic Policy)

In response to the global financial crisis, many OECD countries reduced public spending on social policies, with economists now often referring to 'permanent austerity'. Long before the crisis, however, slow economic growth and population aging had already increased the need for rebalancing social expenditure and yet social protection was still far from adequate in many countries. Social Policies in an Age of Austerity is the first major publication on this important topic.The authors of the ten chapters in this book review recent developments in social policies in OECD countries, focusing on the United States and the Republic of Korea, and examining the use of program evaluation in social policies and drawing lessons for policymakers. The contributions cover social and fiscal policy and issues in labor market policy, in addition to the effectiveness of social insurance, education and antipoverty policy. The policies outlined and lessons provided in the book will continue to be valuable to governments, and scholars of advanced and developing countries for decades to come, and to research institutes involved in government and social policy. Contributors: D. Autor, B.-G. Chun, W. Chung, H. Kim, Y. Koh, A.B. Krueger, S.-H. Lee, H.-H. Li, H. Moon, D.W. Schanzenbach, J.K. Scholz, H. Yoo, J.P. Ziliak

Table of Contents:
Contents: PART I SOCIAL AND FISCAL POLICY 1. Introduction and Overview John Karl Scholz, Hyungpyo Moon and Sang-Hyop Lee 2. Tax and Spend: The Interplay of Fiscal and Social Policy John Karl Scholz and Hsueh-Hsiang Li 3. The Social Safety Net in Korea: From Welfare to Workfare Youngsun Koh PART II ISSUES IN LABOR MARKET POLICY 4. Understanding Differences in Job Growth in Europe, Canada and the United States: What Went Wrong in the United States? Alan B. Krueger PART III SOCIAL INSURANCE AND POLICY EFFECTIVENESS 5. The Unsustainable Rise of the Disability Rolls in the United States: Causes, Consequences and Policy Options David H. Autor 6. Expanding Coverage of the National Pension in Korea: The Effectiveness of the Matching Contribution Subsidy Hyungpyo Moon PART IV EDUCATION POLICY EFFECTIVENESS 7. Current Themes in Education Policy in the United States Diane Whitmore Schanzenbach 8. After-school Classes in Korea: Effects on the Demand for Private Tutoring and Academic Performance Hisam Kim PART V ISSUES IN ANTIPOVERTY PROGRAMS 9. Recent Developments in Antipoverty Policies in the United States James P. Ziliak 10. Korea’s Basic Old-Age Pension and its Poverty Reduction Effects Wankyo Chung 11. Effects of Government Subsidies on Investment by Small Companies Bong Geul Chun and Hanwook Yoo Index

About the Author :
Edited by John Karl Scholz, University of Oregon, US, Hyungpyo Moon, Minister of Health and Welfare of the Republic of Korea and Senior Fellow, Korea Development Institute, Korea and Sang-Hyop Lee, Senior Fellow, East-West Center and Professor, Department of Economics University of Hawaii at Manoa, US

Review :
‘South Korea is a recently rich country with dramatic demography - expensive children, very low fertility, long life and rapid population aging. Its policies and institutions must adjust rapidly to these new economic and demographic realities, and this excellent collection of studies of the welfare state in Korea, North America, and Europe will help guide Korean policymakers in this task.’ ‘This book explores a highly topical issue which is of immense importance throughout the world, in both advanced and developing countries. While the demand for social policies has grown strongly in the aftermath of the global financial crisis, the fiscal space required for such policies has shrunk. On the basis of rigorous analysis and evidence, the authors of this path-breaking work provide concrete and specific directions for fiscally sustainable yet effective social policies that empower and protect the common citizen.’