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Economic restructuring and social reformulating : The 1997 financial crisis and its impact on South Korea

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  • Economic restructuring and social reformulating
  • Park, Gil-Sung
  • Seoul National University(Institute for Social Development and Policy Research, Center for Social Sciences)


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Title Economic restructuring and social reformulating
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Sub Title

The 1997 financial crisis and its impact on South Korea

Material Type Articles
Author(English)

Park, Gil-Sung

Publisher

[Seoul]:Seoul National University(Institute for Social Development and Policy Research, Center for Social Sciences)

Date 2004-12
Journal Title; Vol./Issue Development and Society:vol. 33(no. 2)
Pages 18
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Holding Seoul National University

Abstract

The 1997 financial crisis created major ripples all across Korean society. The crisis has meant not only a halt to Korea’'s decades-long phenomenal economic growth, but also its subjection to comprehensive restructuring processes. Controversies and debates over the cause of the crisis notwithstanding, Korea has undergone profound transformations, swallowing a bitter pill prescribed by global capitalism in general, and the IMF in particular. This paper examines the nature of prescription by the IMF and the characteristics of Korean governments in conjunction with the financial crisis. The paper criticizes the IMF’'s imposition of the same ready-made policies to Korea, and characterizes the Korean governments as ‘'a reckless knight to the world’' and ‘'a docile student of the IMF school’'. (The rest omitted)