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The Effects of Neoliberal “Reforms†on the Postcrisis Korean Economy

Author

Listed:
  • James Crotty

    (Political Economy Research Institute, University of Massachusetts Amherst, 418 North Pleasant Street, Amherst, MA 01002-1735, crotty@econs.umass.edu)

  • Kang-Kook Lee

    (Ritsumeikan University, Japan, leekk@ec.ritsumei.ac.jp)

Abstract

In December 1997, the IMF offered Korea loans. In return, Korea had to undergo radical neoliberal restructuring. Since 1997, growth has slowed, poverty and inequality have risen, investment spending has stagnated, and foreign ownership of Korean firms and banks has skyrocketed. We argue that the eight-year experiment with radical neoliberal restructuring has been a failure for the majority of Korea’s people.

Suggested Citation

  • James Crotty & Kang-Kook Lee, 2006. "The Effects of Neoliberal “Reforms†on the Postcrisis Korean Economy," Review of Radical Political Economics, Union for Radical Political Economics, vol. 38(3), pages 381-387, September.
    • Handle: RePEc:sae:reorpe:v:38:y:2006:i:3:p:381-387
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    Cited by:

    1. Simplice A. Asongu & Mohamed Jellal, 2014. "Foreign aid, investment and fiscal policy behavior: theory and empirical evidence," Research Africa Network Working Papers 14/030, Research Africa Network (RAN).
    2. Asongu Simplice & Jellal Mohamed, 2014. "International aid, corruption and fiscal policy behavior," Working Papers of the African Governance and Development Institute. 14/007, African Governance and Development Institute..
    3. Simplice Asongu, 2014. "The Questionable Economics of Development Assistance in Africa: Hot-Fresh Evidence, 1996–2010," The Review of Black Political Economy, Springer;National Economic Association, vol. 41(4), pages 455-480, December.
    4. Simplice Asongu & Mohamed Jellal, 2016. "Foreign Aid Fiscal Policy: Theory and Evidence," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 58(2), pages 279-314, June.
    5. Jie Li & Han Yu, 2014. "Income inequality and financial reform in Asia: the role of human capital," Applied Economics, Taylor & Francis Journals, vol. 46(24), pages 2920-2935, August.

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