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The politics of market reforms : Korea's path from chaebol Republic to market democracy and back

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  • The politics of market reforms
  • Kalinowski. Thomas
  • Taylor & Francis


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Title The politics of market reforms
Similar Titles
Sub Title

Korea's path from chaebol Republic to market democracy and back

Material Type Articles
Author(English)

Kalinowski. Thomas

Publisher

[Abingdon, U.K.]:Taylor & Francis

Date 2009-09
Journal Title; Vol./Issue Contemporary Politics:vol. 15(no. 3)
Pages 16
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Economy < Economic System
Holding SSRN

Abstract

This paper studies the politics of market-oriented reforms in Korea since the 1997/98 financial crisis. It focuses on the capacity of the state to implement these reforms, and challenges the view that successfully implemented market reforms follow a technocratic 'best practice' approach. On the contrary, this paper argues that reforms inKorea were relatively successful because they were political projects that went beyond ownership concepts of the IMF and World Bank. The temporary weakness of big business (chaebol) and the formation of reform coalitions by the government created a balance of power between societal interest groups that opened a political space for the government. The state regained some of the autonomy it had lost during the ‘Chaebol Republic’ from 1987 to 1997 and was able to implement reforms in a temporary corporatist framework. (The rest omitted)