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

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Author Info
James Crotty
Kang-Kook Lee

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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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Publisher 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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  1. Ozlem Onaran, 2005. "Distribution and Globalization: A Wage Bargaining Model," Working Papers geewp48, Vienna University of Economics and B.A. Research Group: Growth and Employment in Europe: Sustainability and Competitiveness. [Downloadable!]
  2. Ozlem Onaran, 2004. "Life After Crisis For Labor And Capital in the Era of Neoliberal Globalization," Working Papers geewp43, Vienna University of Economics and B.A. Research Group: Growth and Employment in Europe: Sustainability and Competitiveness. [Downloadable!]
  3. David Hundt, 2005. "A Legitimate Paradox: Neo-liberal Reform and the Return of the State in Korea," The Journal of Development Studies, Taylor and Francis Journals, vol. 41(2), pages 242-260, February. [Downloadable!] (restricted)
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This page was last updated on 2009-11-28.


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