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

James Crotty and Kang-Kook Lee
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Kang-Kook Lee: Ritsumeikan University, Japan, leekk@ec.ritsumei.ac.jp

Review of Radical Political Economics, 2006, vol. 38, issue 3, 381-387

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.

Keywords: Korean economy; neoliberalism; IMF in Korea; foreign investment in Korea (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:38:y:2006:i:3:p:381-387

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