MARKETS_ Asia’s Most Radical Left-Wing Economic Program Faces a Harsh Reality

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Asia’s Most Radical Left-Wing Economic Program Faces a Harsh Reality

Steep increases in Korea’s minimum wage are weighing on employment and threatening the domestic economy


By Mike Bird
Updated Feb. 20, 2019 3:52 a.m. ET


South Korea is often vaunted as one of capitalism’s biggest success stories. These days, it’s home to the one of the world’s boldest left-wing economic programs.

President Moon Jae-in’s flagship economic policy, “income-led growth,” has led to dramatic increases in minimum wages since he took office in 2017. Those increases are now driving a rise in unemployment, just as a slump in global trade is already buffeting Korea.

Investors...

READ MORE: https://www.wsj.com/articles/asias-most-radical-left-wing-economic-program-faces-a-harsh-reality-11550652596

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