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Economic crisis and restructuring in South Korea

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  • Economic crisis and restructuring in South Korea
  • Hart-Landsberg, Martin; Burkett, Paul
  • Taylor & Francis Group


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Title Economic crisis and restructuring in South Korea
Similar Titles
Material Type Articles
Author(English)

Hart-Landsberg, Martin; Burkett, Paul

Publisher

[London]:Taylor & Francis Group

Date 2001
Journal Title; Vol./Issue Critical Asian Studies:vol. 33(no. 3)
Pages 28
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Holding Research Gate

Abstract

This paper, which examines the causes of the South Korean crisis in 1997-98 and the nature and consequences of the post-crisis restructuring process, looks critically at the neo-liberal position but also at what the authors call the statist position (which celebrated and continues to defend the usefulness of industrial policy and state direction of the economy against neoliberal critics). While there are important differences between these approaches, the authors show that because both ignore the structural causes of South Korea’s crisis, neither is able to explain, much less help overcome it. The paper then examines the economic, political, and social effects of the restructuring process, demonstrating how it has left the South Korean economy more dominated by foreign capital and the chaebol, and more dependent on ex- ports and labor exploitation than before the crisis. As a result, South Korea appears headed for a new crisis. (The rest omitted)