Korea's welfare system has undergone radical institutional expansion since the 1990s, largely as a consequence of the financial crisis of 1997. In spite of these changes, however, public social expenditure remains extremely low. As a result, the overall social insurance system and social welfare service sector remain underdeveloped. Thus, the current welfare system in Korea can best be characterized as a residual model, in that state intervention as for provision of welfare remains highly limited and the family and the private market economy play central roles in offering a social safety net.

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