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A political-economic analysis of the failure of neo-liberal restructuring in post-crisis Korea

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  • James Crotty
  • Kang-Kook Lee

Abstract

This paper evaluates IMF-led neo-liberal restructuring in post-crisis Korea. The main conclusions are that: the economic rebound in 1999--2000 was both incomplete and unsustainable; restructuring created a ongoing credit crunch that continues to constrain investment spending; Korea may have been pushed onto a long-term low-investment, low-growth trajectory; insecurity and inequality have risen substantially; and the influence of foreign capital has dramatically increased. The paper concludes by suggesting that Koreans should reject radical neo-liberal restructuring and consider instead reforms to democratise and modernise their traditional state-guided growth model. Copyright 2002, Oxford University Press.

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Bibliographic Info

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

Volume (Year): 26 (2002)
Issue (Month): 5 (September)
Pages: 667-678

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Handle: RePEc:oup:cambje:v:26:y:2002:i:5:p:667-678

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Cited by:
  1. Ozlem Onaran, 2004. "Life After Crisis For Labor And Capital in the Era of Neoliberal Globalization," Working Papers geewp43, Vienna University of Economics Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
  2. Ozlem Onaran, 2005. "Distribution and Globalization: A Wage Bargaining Model," Working Papers geewp48, Vienna University of Economics Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
  3. Jai S. Mah, 2003. "The Restructuring in the Post-Crisis Korean Economy," Working papers 2003-46, University of Connecticut, Department of Economics.
  4. Chai, D.H., 2010. "The Impact of Foreign Corporate Ownership on Downsizing and Labour Cost," ESRC Centre for Business Research - Working Papers wp402, ESRC Centre for Business Research.
  5. David Hundt, 2005. "A Legitimate Paradox: Neo-liberal Reform and the Return of the State in Korea," Journal of Development Studies, Taylor & Francis Journals, vol. 41(2), pages 242-260.
  6. Ozlem Onaran, 2009. "Wage share, globalization and crisis: the case of the manufacturing industry in Korea, Mexico and Turkey," International Review of Applied Economics, Taylor & Francis Journals, vol. 23(2), pages 113-134.

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