Neo-liberalism, which became a dominant ideology in policy-making in many countries from the early 1980's, is now blamed for worsening inequality and the 2008 world financial crisis. As the recovery process is moving very slowly due to lingering uncertainties from the Euro crisis, going back to the European model of a welfare state is not a feasible policy direction for most countries. Thus, now is the time to seek a new paradigm for a 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 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 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 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 experiences in Korea, but the concept of welfarenomics can be applied to any country in need of achieving both economic growth and social equity.

For the past four decades, Dr. Sang-Mok Suh has been a policy-making expert in both economics and social welfare. After receiving his PhD in economics from Stanford University in 1973, Professor Suh worked at the World Bank for five years and at the Korea Development Institute (KDI), a top South Korean think tank, for ten years as a researcher. His doctoral dissertation was on the relationship between economic growth and income distribution. In 1986, he led the research team at KDI for formulating the National Pension Scheme for Korea. He was vice president of KDI, 1984–1988. As a Korea National Assembly member, 1988–2000, Dr. Suh played the key role of coordinating economic and welfare policies between the ruling party, on the one hand, and the government and opposition parties, on the other. While he was Minister of Social Welfare, 1993–1995, Dr. Suh formulated a comprehensive welfare strategy for Korea for the first time and initiated the Osong Bio Industrial Complex.

Abstract:

On October 11 and 12th, the Democracy in Taiwan Project at the Center for Democracy, Development, and the Rule of Law, in cooperation with the Shorenstein Asia-Pacific Research Center, will hold its 8th annual conference, on the Trans-Pacific Partnership (TPP). The TPP is a free trade agreement currently being negotiated by at least nine Pacific Rim countries that has the potential to re-shape economic relations in the region for the coming decades. This conference will bring together policymakers and scholars from Taiwan with leading specialists from other Asian countries and the U.S. to examine the evolution, geopolitics and future of the TPP, and also to consider how Taiwan is responding to the challenge of freer trade and what its strategy for deepening its trade relations and maintaining its economic development should be.

Among the issues to be addressed are:

• How the economic and trading environment of East Asia is evolving, and what Taiwan’s future place will be in that regional environment.
• The development of the Trans-Pacific Partnership as a potentially far-reaching new economic and strategic framework for the region, including the origins and evolution of the TPP, US participation and China’s response, and the implications for the balance of power in East Asia.
• Taiwan’s response to the challenge of freer trade to date, including the impact on US-Taiwan relations and domestic constituencies for free trade in Taiwan.
• The perspectives of other key countries in the region toward the TPP, including Japan, Korea, Singapore, and the People’s Republic of China.

This event is co-sponsored by The Walter H. Shorenstein Asia-Pacific Research Center

Conference Resources

Agenda

Speaker Bios

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Conference Report (full report, abridged report)