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Korea’s economic crisis and cultural transition toward individualism

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  • Korea’s economic crisis and cultural transition toward individualism
  • Lee, Ho-Chul; McNulty, Mary Patricia
  • Economic and Social Research Institute


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Title Korea’s economic crisis and cultural transition toward individualism
Similar Titles
Material Type Articles
Author(English)

Lee, Ho-Chul; McNulty, Mary Patricia

Publisher

Tokyo:Economic and Social Research Institute

Date 2003-10
Journal Title; Vol./Issue ESRI Discussion Paper Series:no. 71
Pages 57
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Economic Conditions
Holding Economic and Social Research Institute

Abstract

Despite many analyses of the causes of Korea’s 1997 financial crisis three questions still remain: 1) Why did a healthy-looking Korean economy come to a crisis so suddenly? 2) Why did the Korean economy get worse despite the announcement of bailout programs? and 3) Why could Korea succeeded in implementing reform plans so quickly? This study re-examines the causes of the Korean crisis from a cultural point of view and analyzes evidence of cultural transition. The answers to these three questions are closely related to public attitudes. Korea’s system of mutual support and guarantees that emphasized solidarity among firms proved to be a vulnerability. When companies ran into financial difficulty, the tradition of sharing burdens set off a chain of bankruptcies that spread throughout the economy. (The rest omitted)