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The Republic of 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, public social expenditure remains extremely low — particularly with regard to all other OECD countries — with the result that the overall social insurance system and social welfare service sector remain underdeveloped. Thus, the current welfare system can best be characterized as a residual model, in that state intervention as a provider of welfare remains highly limited and the family and the private market economy play the central roles in offering a social safety net. This situation is largely the legacy of the so-called ‘growth-first’ ideology, which has remained the dominant approach favoured by the majority of the country's political and economic decision-makers since the period of authoritarian rule (1961-1993). The adoption of Western European-style neo-liberal restructuring, implemented following the 1997 financial crisis, has also played a role. [ABSTRACT FROM AUTHOR]