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

James Crotty and Kang-Kook Lee ()

Cambridge Journal of Economics, 2002, vol. 26, issue 5, 667-678

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.

Date: 2002
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Handle: RePEc:oup:cambje:v:26:y:2002:i:5:p:667-678