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

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  • A political-economic analysis of the failure of neoliberal restructuring in post-crisis Korea
  • Crotty, James; Lee Kang-Kook
  • University of Massachusetts Amherst


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Title A political-economic analysis of the failure of neoliberal restructuring in post-crisis Korea
Similar Titles
Material Type Reports
Author(English)

Crotty, James; Lee Kang-Kook

Publisher

[Amherst]:University of Massachusetts Amherst

Date 2002-02
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Economy < Economic System
Holding University of Massachusetts Amherst

Abstract

This paper evaluates IMF-led neoliberal restructuring in post-crisis Korea. The main conclusions are: 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 neoliberal restructuring and consider instead reforms to democratize and modernize their traditional state-guided growth model.

User Note

We are grateful to Jim Boyce, Ha-Joon Chang, Gary Dymski, Bob Pollin and Mohan Rao for helpful comments on an earlier draft. James Crotty would like to thank the Ford Foundation and the Political Economy Research Institute at the University of Massachusetts Economics Department for research support.