Squid Game, which was released on 17 September, is on track to become Netflix’s most-watched show ever, captivating viewers around the globe with its mixture of dark drama and commentary on the failures of South Korean-style capitalism.
Household debt in South Korea has risen in recent years and is now equivalent to more than 100% of GDP – a level not seen elsewhere in Asia.
Indebtedness has gone hand in hand with a dramatically widening income gap, exacerbated by rising youth unemployment and property prices in big cities beyond the means of most ordinary workers.
As Squid Game illustrates, a sudden redundancy, a bad investment or simply a run of bad luck can force people to turn to high-risk lenders just to keep their heads above water.