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Fashioning a New Korean Model out of the Crisis: The Rebuilding of Institutional Capabilities

In: Financial Liberalization and the Asian Crisis

Author

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  • John A. Mathews

Abstract

The financial meltdown in East Asia in 1997–8 had dramatic effects not only on the countries of the region itself, but on the scholarly debates over the sources and limits of the ‘East Asian Miracle’ model of development as well.1 The achievements of the fast-growing East Asian economies are not in question: as Joseph Stiglitz put it, the East Asian Miracle was real.2 But the methods used by the East Asians in constructing this miracle were cast in a pitiless spotlight through the financial chain-reactions of 1997, and, in many cases, were found wanting. Positions adopted before the crisis have thus had to be revised.

Suggested Citation

  • John A. Mathews, 2001. "Fashioning a New Korean Model out of the Crisis: The Rebuilding of Institutional Capabilities," Palgrave Macmillan Books, in: Ha-Joon Chang & Gabriel Palma & D. Hugh Whittaker (ed.), Financial Liberalization and the Asian Crisis, chapter 10, pages 156-174, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51862-9_10
    DOI: 10.1057/9780230518629_10
    as

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