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Interpreting the Korean crisis : Financial liberalisation, industrial policy and corporate governance

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  • Interpreting the Korean crisis
  • Chang, Ha-Joon; Park, Hong-Jae; Yoo, Chul Gyue
  • Cambridge Political Economy Society


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Title Interpreting the Korean crisis
Similar Titles
Sub Title

Financial liberalisation, industrial policy and corporate governance

Material Type Articles
Author(English)

Chang, Ha-Joon; Park, Hong-Jae; Yoo, Chul Gyue

Publisher

[Oxford]:Cambridge Political Economy Society

Date 1998
Journal Title; Vol./Issue Cambridge Journal of Economics:22
Pages 12
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Financial Policy
Industry and Technology < General
Holding Cambridge Political Economy Society

Abstract

The article examines the three most contentious issues regarding the origins of and the solutions to the current Korean crisis-namely, financial liberalization, industrial policy, and corporate governance. The authors argue that it was the dismantling of the traditional mechanisms of industrial policy and financial regulation, rather than the perpetuation of the traditional regime, that generated the crisis. They also point out that the allegedly pathological corporate governance system was neither a main cause of the crisis on its own, nor something that needs radical restructuring in the Anglo-American direction before the country can resume its growth.