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S. Korea: President Park Emphasizes 'Disciplined Market Economy'
Source: www.korea.net
Source Date: Tuesday, December 10, 2013
Focus: Institution and HR Management
Country: Korea (Republic of)
Created: Dec 17, 2013

President Park Geun-hye spoke of her belief in “a disciplined market economy” through her recent contribution to the leading U.K. weekly The Economist

She mentioned the importance of “inclusive growth” which was a key topic at the September 2013 G20 summit in St. Petersburg, Russia, in her contribution titled “Jobs and the disciplined market” in “The World in 2014,” a year-end feature published by the magazine. She said that sharing the benefits of economic growth for all members of society will be one of the next big tasks of the G20. 

“Providing a better environment that supports growth and job creation is a matter of urgency. The urgent priority in 2014 is to create quality jobs,” said the president. She emphasized “a disciplined market economy” which allows fair competition and fair returns for labor. 

President Park wrote that anything of value can be traded in a properly functioning market and that a disciplined market will also help ideas contribute to expanding the boundaries of innovation and provide greater welfare for all. Such an environment where value added is generated from ideas, she said, is named the Creative Economy. 

“We [Korea] aim to raise the employment rate from 64 percent to 70 percent in the next five years under the Creative Economy strategy,” said the president. To this goal, she wrote that the Korean government has started reviewing whether its market is disciplined, strengthening training and education to foster youth employment, providing technical and financial support for start-ups and strengthening the social safety net for the most vulnerable. 

The president said that the world can make “a global community where dreams and talents can be expressed fully, and where new jobs are made available founded on the Creative Economy” through sharing best practices. 

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