Welfare state in capitalism Since the eruption of the sub-prime
mortgage crises of 2007 to 2009, there have been hot debates on
how the current “greedy capitalism” must change into sustainable
capitalism. The “Occupy Wall Street” protests were against the
far-reaching negative consequences of neo-liberal capitalism. In
the wake of the global financial meltdown, the notion of
Capitalism 4.0 has suddenly made headlines and the Davos Forum
early this year also addressed how to make capitalism
sustainable. To what extent is this debate and the search for a
new version of capitalism relevant to Korea? Unlike advanced
Western capitalist states with more than 300 years of history,
Korea’s modern development of capitalism occurred in the past
half century but is regarded as the representative economy of
East Asian miracle performers. Korea formally adopted capitalism
in the post-liberation era after 1945 by formulating a
constitution containing a market economy as its basic tenet to
promote economic freedom and encou