You‐il Lee
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199646210
- eISBN:
- 9780191741630
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199646210.003.0007
- Subject:
- Economics and Finance, South and East Asia
To what extent South Korea adopted neoliberal reforms and thus conformed to the pressures of globalization is explored in this chapter. After the Asian financial crisis of 1997, South Korea was ...
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To what extent South Korea adopted neoliberal reforms and thus conformed to the pressures of globalization is explored in this chapter. After the Asian financial crisis of 1997, South Korea was compelled to adopt IMF-style liberalization policies and, by implication, to abandon economic nationalism. However, this chapter argues otherwise. The evolution of Korea’s economic trajectory since World War II shows that no real shift has taken place in Korea’s economic nationalist trajectory despite the adoption of Segyehwa (iglobalization policies) in the early 1990s incorporated under outward foreign direct investments by Korean business followed by inward foreign investment. Despite deep international economic integration, the capacity of the Korean state has not diminished nor has the traditional nationalist development trajectory reversed. The Korean state remains developmental, neo-mercantilist, and economically nationalist.Less
To what extent South Korea adopted neoliberal reforms and thus conformed to the pressures of globalization is explored in this chapter. After the Asian financial crisis of 1997, South Korea was compelled to adopt IMF-style liberalization policies and, by implication, to abandon economic nationalism. However, this chapter argues otherwise. The evolution of Korea’s economic trajectory since World War II shows that no real shift has taken place in Korea’s economic nationalist trajectory despite the adoption of Segyehwa (iglobalization policies) in the early 1990s incorporated under outward foreign direct investments by Korean business followed by inward foreign investment. Despite deep international economic integration, the capacity of the Korean state has not diminished nor has the traditional nationalist development trajectory reversed. The Korean state remains developmental, neo-mercantilist, and economically nationalist.
