Asia’s Most Radical Left-Wing Economic System Faces Harsh Reality | WHAT REALLY HAPPENED

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

South Korea has untaken one of the most radical left-wing economic systems out there: a steep increase in minimum wage nationwide. But now, the country must face the dire consequences of that decision and the harsh reality that the regulations are destroying their economy.

South Korea is home to 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 terrifying rise in unemployment, just as a slump in global trade is already buffeting Korea. The nation is now staring an economic crisis in the face.

According to the Wall Stree Journal, it isn’t just South Korea, but they seem to be the worst stranglers of their own economy.

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