Conclusion
Conclusion
This concluding chapter assesses the medium- and long-term effects of key structural changes in Japan's and Korea's political economies on the labor market and social protections: an aging society, the changing composition of the workforce, and globalization. The aging society may help avoid any political and social conflicts with insiders and policy makers in the process of labor adjustments, or reinforce the present labor market model because of the increasing burden of social welfare costs. Meanwhile, the increase in young workers who have been far less protected in the labor market and more underpaid than the prior generation might intensify generational conflicts by widening economic gaps between the old and the young. Finally, regional and global economic integration may bring forth changes in the institutional features of the labor market by providing a wide array of new labor adjustment options for firms in the context of intensified global market competition and new business environments.
Keywords: Japanese labor market, Korean labor market, aging society, globalization, labor adjustments, young workforce, economic gaps, global market
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