[LETTERS TO THE EDITOR]Benefits of British model

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[LETTERS TO THE EDITOR]Benefits of British model

Park Sang-yong’s analysis of economic prototypes (“Choosing an economic model,” May 25) available for the Korean economy was correct in identifying how America’s liberal model differs from the European social-democratic one. However, not all of Europe works in the same fashion. The British model takes the best parts of both systems: successfully balancing workers’ welfare with shareholders’ demands, often by giving workers shareholdings.
The result is the only Western economy not to have suffered a recession since 1991, despite unemployment being at its lowest rate in three decades. If Korea wishes to thrive, look to the British model rather than the “boom and bust” models of either America or continental Europe.

by Stuart Barr
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