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Competition policy in South Korea before and after the 1997 crisis

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  • Competition policy in South Korea before and after the 1997 crisis
  • Pedersen,Winther Salomon
  • Copenhagen Business School


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Title Competition policy in South Korea before and after the 1997 crisis
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Material Type Reports
Author(English)

Pedersen,Winther Salomon

Publisher

Copenhagen,Denmark : Copenhagen Business School

Date 2014-04
Pages 13
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Government and Law < Governance
Holding IBP Union
License

Abstract

The 1997 East Asian financial crisis exposed South Korea’s structural fragility and raised questions about the potency of the state-led developmental approach that had been pursued for decades hitherto. The state-guided capitalist system had until 1997 become highly cherished for its ability to produce stellar economic growth firing South Korea up amongst the richest nations on the continent (Heo et al. 2008: 2). However, the 1997 crisis proved detrimental for the country that eventually had to seek financial support from the International Monetary Fund (IMF) in December 1997. The IMF intervention that followed greatly reconfigured Korea’s regulatory institutions and inspired the consolidation of a new discourse on competition policy. This paper aims to uncover this change by comparing Korean competition policy before and after the 1997 crisis and looks to understand the reason behind this sudden change in trajectory.