IDEAS home Printed from https://ideas.repec.org/p/uwo/epuwoc/20042.html
   My bibliography  Save this paper

Transformation of the South Korean State: Structural Changes of the State after the 1997 Financial Crisis

Author

Listed:
  • Bum-Soo Chon

    (Korea National Open University)

  • Erick Duchesne

    (State University of New York at Buffalo)

  • Sunhyuk Kim

    (Korea University)

Abstract

The entire process of Korean economic development in the 1960s, 1970s, and 1980s demonstrated the possibility of economic development in the third world. The 1997 financial crisis led many to affirm that the Korean state had lost its ability to deal with domestic economic and welfare policies. Using Cerny's three "shifts" in the character and nature of the welfare state, this paper examines changes in the Korean state after the economic crisis and assess whether globalization and neo-liberal economic restructuring have resulted in the emergence of a new type of state in Korea. The results suggest that although globalization undermines the economic and political conditions on which the developmental state was based, there is no indication that the developmental interventionist state, which had been a crucial feature of Korea's industrialized process over the past few decades, has actually weakened. Rather, as compared with previous regimes, the state has become more powerful and more interventionist. Despite a convergence in national economic policies toward the economic paradigm of the competition state, there are still unique domestic responses to globalization according to different national economic ideologies and past practices.

Suggested Citation

  • Bum-Soo Chon & Erick Duchesne & Sunhyuk Kim, 2004. "Transformation of the South Korean State: Structural Changes of the State after the 1997 Financial Crisis," University of Western Ontario, Economic Policy Research Institute Working Papers 20042, University of Western Ontario, Economic Policy Research Institute.
  • Handle: RePEc:uwo:epuwoc:20042
    as

    Download full text from publisher

    File URL: http://economics.uwo.ca/epri/workingpapers_docs/wp2004/Duchesne02.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Cerny, Philip G., 1995. "Globalization and the changing logic of collective action," International Organization, Cambridge University Press, vol. 49(04), pages 595-625, September.
    2. Joseph E. Stiglitz, 1999. "Reforming the Global Economic Architecture: Lessons from Recent Crises," Journal of Finance, American Finance Association, vol. 54(4), pages 1508-1522, August.
    3. N/A, 1996. "Note:," Foreign Trade Review, , vol. 31(1-2), pages 1-1, January.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    South Korea; financial crisis; globalization; models of economic development;

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:uwo:epuwoc:20042. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (). General contact details of provider: http://economics.uwo.ca/research/research_papers/epri_workingpapers.html .

    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 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.