The article addresses South Korea's pressing issues of urban concentration in the Seoul metropolitan area, the decline of rural regions, and skyrocketing housing prices, posing these as significant structural challenges facing society today. As young people, businesses, and capital gravitate towards the capital region, rural areas lose vitality while the metropolitan area suffers from overcrowding and housing insecurity. The adage ‘there are no houses in Seoul, and no jobs in the countryside’ reflects a complex issue that goes beyond simple population migration and delves into land use and profit distribution.

The argument draws on the economic theories of Henry George from the 19th century, who believed that even with industrial and technological advancements, poverty persist due to issues stemming from land ownership. According to George, land is a natural common asset rather than a man-made private good; therefore, the rise in land value should be viewed as a byproduct of societal progress rather than individual effort. He proposed that the unearned income derived from land should not be monopolized by private owners, but rather reclaimed for the benefit of society, marking a cornerstone of his thought in the concept of a land value tax.

In the context of contemporary South Korea, Henry George's principles shed light on the current real estate challenges, particularly in how the soaring land prices in the metropolitan area are more a result of social investment in infrastructure, education, and culture rather than individual contributions. Despite these community efforts benefiting landowners immensely, those without housing are met with insurmountable entry barriers. Policies aimed at promoting balanced development, such as relocating public institutions and creating innovation cities, are steps towards distributing land value gains more fairly. However, unless there is a clear philosophy on how to equitably distribute the profits generated from land, the effectiveness of these policies may remain limited, echoing George's perspective on social equity and economic justice.