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Interpreting the Korean Crisis: Financial Liberalisation, Industrial Policy and Corporate Governance

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Author Info
Chang, Ha-Joon
Park, Hong-Jae
Yoo, Chul Gyue

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Abstract

This article examines the three most contentious issues regarding the origins of and the solutions to the current Korean crisis--namely, financial liberalization, industrial policy, and corporate governance. The authors argue that it was the dismantling of the traditional mechanisms of industrial policy and financial regulation, rather than the perpetuation of the traditional regime, that generated the crisis. They also point out that the allegedly pathological corporate governance system was neither a main cause of the crisis on its own nor something that needs radical restructuring in the Anglo-American direction before the country can resume its growth. Copyright 1998 by Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 22 (1998)
Issue (Month): 6 (November)
Pages: 735-46
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Handle: RePEc:oup:cambje:v:22:y:1998:i:6:p:735-46

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  4. Chang Woon Nam, 2008. "What Happened to Korea Ten Years Ago?," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 9(4), pages 69-73, December. [Downloadable!]
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  13. Gary Dymski & James Crotty, 2000. "Can the Global Neoliberal Regime Survive Victory in Asia? The Political Economy of the Asian Crisis," Published Studies ps5, Political Economy Research Institute, University of Massachusetts at Amherst. [Downloadable!]
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