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Is financial liberalization good for developing nations? : The case of South Korea in the 1990s

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  • Is financial liberalization good for developing nations?
  • Crotty, James; Lee, Kang-Kook
  • SAGE Publications Inc.


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Title Is financial liberalization good for developing nations?
Similar Titles
Sub Title

The case of South Korea in the 1990s

Material Type Articles
Author(English)

Crotty, James; Lee, Kang-Kook

Publisher

[New York] : SAGE Publications Inc.

Date 2002
Journal Title; Vol./Issue Review of Radical Political Economics:vol. 34
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding VPISU
License

Abstract

Korea’s state-led, bank-based, and closed financial system helped generate its impressive development record from 1961 until the 1997 crisis. However, an ill-conceived liberalization process in the early 1990s eventuated in an IMF takeover in late 1997. Post-crisis neoliberal restructuring, which moved Korea towards a globally open, capital market-based financial system, has thus far failed to generate a sustainable economic recovery. It threatens to significantly lower Korea’s long-term rate of capital accumulation. Korea would be well advised to reject neoliberalism, and adopt a modernized and radically democratized version of the traditional model, incorporating a state-led bank-based financial system with capital controls