1. Korean Economy’s Present Time Situation
1-1. Basic Facts of Rapid Industrialization of Republic of Korea
1-2. Introduction of Bipolarization and1997 Financial Crisis
2. Bipolarization between Income Brackets
3. Possible Solution
Some Americans or Britons are said to be born with silver spoons in their mouths, but in Korea, some are said to be born with a gold spoon. This “gold spoon” is a newly-coined phrase in South Korea’s bipolarized society. Talking about this “class theory of spoons” which defines as a person’s economic status is determined by their parents’ assets is a popular topic among younger Korean generations (Choi, 2015). There are two more newly-coined phrases which reflect reality of South Korean youth. They are:
1. 880-thousand Generation (about $800 CAD) : This refers to the amount earned as working full time on minimum wage. Many of these irregular or part-time workers are university graduates.
2. Sampo-Generation: Generation who feel they must gives up three major life events of courtship, marriage and childbirth due to extremely increased living cost.
If income bipolarization continues unabated, the days will soon come when some are born with a platinum spoon or even with a diamond spoon.
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