IMF, the Republic of Irregular Work, Platform Labor, and the Future of Young People
From the 1997 “Gold-Collecting Campaign” to the N-Po Generation of the 2020s:
Rewinding the structural changes we actually lived through, with data and lived examples.
1. After the 1997 IMF Crisis: How Korean-Style Neoliberalism Was Installed
The 1997 Asian Financial Crisis wasn’t just an economic shock.
It was a regime change in the rules of the game.
The IMF bailout came with a familiar set of conditions:
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Accelerated liberalization of finance and capital markets
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Privatization and restructuring of state-owned enterprises and financial institutions
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Labor market flexibilization – in plain language, making it easier to hire and fire
In 1998, amendments to the Labor Standards Act and the Dispatch (temp agency) Act brought in:
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“Managerial” mass layoffs – the legal basis for firing people “for business reasons”
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Dispatch and subcontracting as fully legalized, mainstream employment forms
Of course, layoffs and temporary jobs existed before then.
But the rulebook changed:
From “once you get in, you more or less stay” + a peripheral layer of temps
to “permanent restructuring + permanent precarity.”
Through the 2000s, the Korean economy:
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Recovered fast as an export-led, chaebol-centric economy, and
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Enjoyed growth built on finance and real-estate bubbles
But something snapped:
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A company’s crisis was treated as everyone’s crisis,
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Yet a company’s recovery no longer translated into a recovery of ordinary people’s lives.
That asymmetry is basically the starting point of Korean-style neoliberalism.
2. The “Republic of Irregular Work”: Season 1 in Numbers
2.1 Irregular Work Becomes the Norm, Not the Exception
According to Statistics Korea’s supplementary survey on non-regular workers (2023):
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Non-regular workers: about 8.12 million people
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Share of all wage-workers: around 37%
Right after the crisis, the share was in the low-20% range.
By the mid-2000s it had jumped to around 35%,
and since then it has hovered in the one-third to close-to-40% band.
So instead of:
“Regular workers + a small fringe of non-regulars”
what we actually got is:
Roughly “6 regular : 4 non-regular”, a dual structure that has been locked in for over 20 years.
2.2 Wages and Benefits: Same Work, Different Planet
If you pool data from government and research institutes (numbers vary slightly by year), you get something like:
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Hourly wage of non-regulars: about 65–70% of regular workers
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Severance pay, bonuses, welfare benefits: often less than half of regular levels
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Unionization rate: less than one-third that of regular employees
Same work, same workplace – but if your contract type is different, then:
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Your pay,
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Your benefits,
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Your promotion path
are basically on a completely different track.
For firms, this is “cost savings + flexible adjustment of manpower.”
For individuals, it is a life in which long-term planning is structurally impossible.
2.3 Income and Wealth Inequality: Both Deepen Together
The income quintile ratio (top 20% vs bottom 20%) sits around 5–6 to 1 in recent years – stubbornly high.
On the asset side, household finance and welfare surveys show:
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The top 10% of households own over half (around 60%) of all net assets.
In one line:
30 years after IMF:
“Big corporations and asset-owners became structurally stronger,
while the lower and precarious tiers became structurally poorer.”
3. Platform Labor: The Face of Season 2
If irregular work was Season 1 of Korean neoliberalism in the 2000s,
then in the late 2010s and 2020s, platform labor is clearly Season 2.
3.1 The Numbers
Surveys by the Korea Employment Information Service and the Korea Labor Institute suggest roughly:
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2021: about 2.2 million platform workers
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2022: around 2.92 million – a **32.9% jump in just one year
Depending on how you define it, 8–10% of all workers now earn income through platforms.
Examples:
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Delivery riders, quick-service drivers, designated drivers, app-based couriers
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Warehouse pickers/packers for Coupang, Market Kurly, etc.
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Online freelancers on platforms like Kmong or Soomgo (design, coding, translation, tutoring…)
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Content creators and influencers on YouTube, Instagram, TikTok, etc.
3.2 Called “Boss,” Treated Like a Worker – With Fewer Rights
The contract logic goes roughly like this:
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No 4 major insurances, no severance pay, no guaranteed minimum wage
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Officially: “self-employed” or “individual contractor”
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In reality: your work volume, pay rate, and rating are controlled by an algorithm
In other words:
You’re managed like an employee,
but your legal status is downgraded to that of a fragile micro-business.
Platform labor doesn’t just extend the old regular vs non-regular divide.
It complicates it:
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Risk and costs are offloaded onto individuals
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Profits and data are concentrated in the platform
That is the core architecture of Neoliberalism 2.0.
4. A Generation’s Story: From IMF Kids to Platform Kids
4.1 Official Youth Unemployment Doesn’t Tell the Whole Story
The headline youth unemployment rate (ages 15–29) in 2023 was around 6–7%.
On paper, that looks “manageable”.
But if you look at the broader “employment supplementary indicator 3” – often called youth “felt” unemployment –
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The rate is above 20% (roughly 21–22%).
This bucket includes:
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Involuntary part-time and under-employed workers
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People preparing for jobs but not counted as “unemployed”
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NEETs who have effectively dropped out of job searching
So in practical terms:
More than 1 in 5 young people are outside anything resembling a decent job.
4.2 “Good Jobs Are Narrow, My Own Home Is Distant”
What 30 years of neoliberalism feels like to Korean youth can be summed up pretty simply:
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Regular, stable jobs: fewer and harder to get
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Even if you get in: overtime, low pay, and performance pressure as default settings
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Seoul/metro housing prices climbing far faster than wages
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Starting adulthood with student loans, jeonse loans, overdrafts
Hence the keywords we all know:
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Hell Joseon,
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the N-Po generation (the “give-up-N-things” generation),
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yeongkkeul (all-in mortgage leverage),
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byeorak-geoji (sudden “poverty” after missing the asset boom),
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the “villa-king” and jeonse fraud scandals…
And holding it all up in the background is:
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One of the highest household debt levels in the world,
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A society built on leverage into real estate and stocks.
4.3 A Generation of Both Cynicism and Protest
There’s a paradox here.
On the one hand, this generation is soaked in political cynicism and disgust.
On the other, it has been front and center in nearly every major movement:
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The candlelight protests,
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Riders’ and platform-workers’ unions,
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Feminist movements, climate activism, and new political experiments.
So this is a generation that has:
“Hyper-individualized survival competition” and “collective resistance memories”
burned into its DNA at the same time.
That mix may turn out to be the critical variable in reshaping Korean politics and society.
5. Thirty Years of Korean Neoliberalism: The Report Card
5.1 What It Gave Us
Export, digital, and platform power
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IT, semiconductors, smartphones, games, K-pop, dramas –
Korea undeniably climbed into the top tier of global competitiveness in many sectors.
A dramatic rise in per-capita income and material living standards
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From around $10,000 per capita in 1997
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To the mid-$30,000 range today
That is a real, tangible achievement.
Saying “everything just collapsed” simply isn’t accurate.
5.2 What It Took Away
But the price paid has been heavy.
The stability of work and life
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Irregular, platform, freelance work has become a default, not an exception.
Deeply entrenched income and wealth inequality
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Top deciles have secured a long-term lock on income and assets.
A growth model running on household debt
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A “leverage society” where almost everything depends on real estate and financial speculation.
Structural despair among the young
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Specs race + unstable jobs + housing crisis
→ the collapse of any believable future narrative.
In short:
Korean-style neoliberalism succeeded in “growth,”
but failed spectacularly in “stability of life” and “hope for the future.”
6. Minimum Conditions for Imagining a Post-Neoliberal Korea
If we want to change this, the answer cannot just be
“try harder” or “be more efficient.”
We have to rewrite the rules themselves.
For a blog-friendly checklist, at least four pillars are hard to dodge.
6.1 Resetting Labor Rules – Ending “Boss-Cosplay Work”
Expand protections for platform, “special-type,” and freelance workers
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Gradually extend basic safety nets (industrial accident insurance, employment insurance, minimum wage)
regardless of contract form.
Tighten the rules on using non-regulars and strengthen conversion to open-ended contracts
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“Non-regular as a cheap disposable category” should shrink,
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And temporary contracts should be clearly limited to situations where they are genuinely needed.
6.2 Redistributing Income and Wealth – Because Wages Alone Won’t Cut It
Normalize taxation on assets and unearned income
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Slightly stronger, fairer taxation on non-labor income
from real estate, stocks, inheritance, and gifts.
Scale up public and long-term rental housing for youth and the housing-poor
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Shift from “no home unless you inherit assets”
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To at least “everyone can secure a place to live without life-ruining debt.”
6.3 Welfare State 2.0 – Not Just Handouts, but “Basic Infrastructure”
Cash transfers alone won’t change the structure.
We need a “basic infrastructure state”:
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Healthcare, education, care work, housing, and transport
closer to public goods than luxury items.
Only when “it is actually livable” can markets and individuals function without burning out.
6.4 Bringing the Young to the Center of Politics
Lower the barriers to youth participation in parties and policymaking
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Party membership, candidate registration, access to policy budgets, etc.
Public support for organizing youth, platform workers, and freelancers
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Not just traditional unions,
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but also new forms of co-ops, guilds, and professional associations.
7. Conclusion – “Can We End This Regime?” Is the Wrong Question
If we grade 30 years of Korean neoliberalism, the report roughly looks like this:
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Economic growth and global competitiveness: B+ to A-
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Stability of life, equality, and the future of the young: D
The real issue is not:
“Can we overthrow this system overnight?”
but rather:
“Do we have the imagination and political will
to upgrade this system into something fairer?”
The good news is that the raw materials for that upgrade are already here:
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The memory of the candlelight movement,
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The small but persistent strikes and organizing efforts of platform workers,
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The political experiments of young people, women, and the climate generation.
They are, in a sense, the trailer for whatever comes after Korean-style neoliberalism.
What the full movie looks like
will depend on what choices we make now.
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