IDEAS home Printed from https://ideas.repec.org/a/taf/glecrv/v27y1998i4p45-63.html
   My bibliography  Save this article

Lessons of global neo-liberalism? The East Asian economic crisis reconsidered

Author

Listed:
  • David Smith

Abstract

Financial policies taken as a strategic means for Korean economic development in the past have generated the crisis, putting the Korean economy into a Ponzi game. A Ponzi game implies an arrangement in which debts are backed not by real assets, but by future debts. Such arrangement has merit for the fact that the initial flow of resources from lenders to borrowers is not ultimately offset by a flow of equal value in the opposite direction. The result is then a continuous exceeding of interest payments over profit earnings.

Suggested Citation

  • David Smith, 1998. "Lessons of global neo-liberalism? The East Asian economic crisis reconsidered," Global Economic Review, Taylor & Francis Journals, vol. 27(4), pages 45-63.
    • Handle: RePEc:taf:glecrv:v:27:y:1998:i:4:p:45-63
    DOI: 10.1080/12265089808449745
    as

    Download full text from publisher

    File URL: http://www.tandfonline.com/doi/abs/10.1080/12265089808449745
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/12265089808449745?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Strange,Susan, 1996. "The Retreat of the State," Cambridge Books, Cambridge University Press, number 9780521564298.
    2. Dani Rodrik, 1998. "Has Globalization Gone Too Far?," Challenge, Taylor & Francis Journals, vol. 41(2), pages 81-94, March.
    3. Strange,Susan, 1996. "The Retreat of the State," Cambridge Books, Cambridge University Press, number 9780521564403.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Carl Devos, 1998. "The structural transition of the production system: Regional policy in common understanding," ERSA conference papers ersa98p78, European Regional Science Association.
    2. Naseemullah, Adnan, 2023. "The political economy of national development: A research agenda after neoliberal reform?," World Development, Elsevier, vol. 168(C).
    3. John Nkwoma Inekwe & Yi Jin & Maria Rebecca Valenzuela, 2020. "Income inequality, financial flows and political institution: sub-Saharan African financial network," Empirical Economics, Springer, vol. 58(6), pages 2635-2665, June.
    4. Hanna Lierse & Laura Seelkopf, 2016. "Room to Manoeuvre? International Financial Markets and the National Tax State," New Political Economy, Taylor & Francis Journals, vol. 21(1), pages 145-165, February.
    5. Najmul Abedin, 2013. "A Critical and Argumentative Study of the Development and Performance of the Ombudsman Institution in a Small Multiracial Society: The Republic of Trinidad and Tobago," Public Organization Review, Springer, vol. 13(3), pages 261-289, September.
    6. Björn Kauder & Luisa Lorenz & Niklas Potrafke, 2015. "Globalisation and Social Justice in OECD Countries," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 68(04), pages 21-26, February.
    7. Brady, David & Beckfield, Jason & Seeleib-Kaiser, Martin, 2004. "Economic Globalization and the Welfare State in Affluent Democracies, 1975-1998," Working papers of the ZeS 12/2004, University of Bremen, Centre for Social Policy Research (ZeS).
    8. Sharma Shalendra D., 2008. "The Many Faces of Today's Globalization: A Survey of Recent Literature," New Global Studies, De Gruyter, vol. 2(2), pages 1-29, June.
    9. Harald Fuhr, 2001. "Constructive Pressures And Incentives To Reform: Globalization and its impact on public sector performance and governance in developing countries," Public Management Review, Taylor & Francis Journals, vol. 3(3), pages 419-443, September.
    10. Javier Bilbao-Ubillos, 2021. "The Crisis of the European Social Model in the Adverse Environment of Globalization," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(3), pages 478-500, September.
    11. Fernando Martín-Mayoral & Juan Fernández Sastre, 2017. "Determinants of social spending in Latin America during and after the Washington consensus: a dynamic panel error-correction model analysis," Latin American Economic Review, Springer;Centro de Investigaciòn y Docencia Económica (CIDE), vol. 26(1), pages 1-32, December.
    12. Giok Ooi & Kai Phua, 2009. "SARS in Singapore—challenges of a global health threat to local institutions," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 48(3), pages 317-327, March.
    13. Guan Huang & Zhuang Cai, 2021. "Understanding Social Security Development: Lessons From the Chinese Case," SAGE Open, , vol. 11(3), pages 21582440211, July.
    14. Stallings, Barbara, 2001. "Globalization and liberalization: the impact on developing countries," Macroeconomía del Desarrollo 5427, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    15. Vanel, Grégory, 2008. "La normalisation financière internationale face à l’émergence de nouvelles autorités épistémiques américaines," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 3.
    16. Pitruzzello, Salvatore, 2004. "Trade Globalization, Economic Performance, and Social Protection: Nineteenth-Century British Laissez-Faire and Post–World War II U.S.-Embedded Liberalism," International Organization, Cambridge University Press, vol. 58(4), pages 705-744, October.
    17. Inekwe, John Nkwoma & Jin, Yi & Valenzuela, Maria Rebecca, 2018. "A new approach to financial integration and market income inequality," Emerging Markets Review, Elsevier, vol. 37(C), pages 134-147.
    18. Arts, Bas, 2014. "Assessing forest governance from a ‘Triple G’ perspective: Government, governance, governmentality⁎⁎This article belongs to the Special Issue: Assessing Forest Governance," Forest Policy and Economics, Elsevier, vol. 49(C), pages 17-22.
    19. Keyan Lai, 2021. "National security and FDI policy ambiguity: A commentary," Journal of International Business Policy, Palgrave Macmillan, vol. 4(4), pages 496-505, December.
    20. Michele-Lee Moore & Frances R. Westley & Tim Brodhead, 2012. "Social Finance Intermediaries and Social Innovation," Journal of Social Entrepreneurship, Taylor & Francis Journals, vol. 3(2), pages 184-205, October.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:glecrv:v:27:y:1998:i:4:p:45-63. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RGER20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.