The bulk of Park’s inauguration speech focused on the economy, and included commitments to job creation, expanded welfare and “economic democratisation” at a time of growing concern with income and wealth disparity.
South Korea’s extraordinary economic revival from the rubble of the 1950-53 Korean War — known as the “Miracle on the Han” — has faltered in recent years, with key export markets hit by the global downturn.
Promising “another miracle”, Park said her administration would build a new “creative economy” that would move beyond the country’s traditional manufacturing base and focus on science and technology.
In a clear warning to the giant, family-run conglomerates, or “chaebols”, that dominate the national economy, Park promised a more level playing field and a “fair market” where small and medium-sized businesses could flourish.
“By rooting out various unfair practices and rectifying the misguided habits of the past which have frustrated small business owners… we will provide active support to ensure that everyone can live up to their fullest potential,” she said.
Chaebols such as Samsung and Hyundai were the original drivers of the nation’s industrialisation and economic growth, but have been criticised as corporate bullies who muscle out smaller firms and smother innovation.
South Korea’s journey from war-torn poverty to economic prosperity has done little to break the male stranglehold on political and commercial power in what in many ways remains a very conservative nation.
As South Korea’s first female president, Park leads a country that is ranked below the likes of Suriname and the United Arab Emirates in gender equality.
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