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Ever since the financial crisis in 1997, South Korea has witnessed a sharp increase in felonies (heinous crimes: homicides, robbery, rape, and arson), crimes which directly threatens human body or life. In this paper, we assume that the structural socioeconomic transformation led by the financial crisis increased crimes in this society, and assess the effectiveness of criminal deterrence policy by the Korean government. Our analysis on criminal deterrence policiespolicing, sentencing, and corrections – proves that the efforts of Korean government were insufficient to ameliorate the rising trends in crime. For the past ten years, the investment of human resource and budget in the police has been virtually stagnant, as well as in prosecutors‟ investigation activities, causing a huge decline in arrest rates and prosecution rates. Comparing the pre- and the post-financial crisis period, the average length of prison sentence by the courts has declined. We also found that the increase in the number of repeat offenders convicted of more than a third offense pushed felonies upward, although the government hired more officers and allocated larger budget into prison and probation. In order to curve down the rising crime and prevent possible aggravation of social safety by the current global economic turmoil, it is crucial to invest more resources into criminal deterrence and improve policy effectiveness.

Growth of Felonies after the 1997 Financial Crisis in Korea