7. South Korea in 1997–98: A Critical View of the Financial Crisis and the IMF Remedies

Bustelo, Pablo

doi:10.1075/aios.2.08bus

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Learning To Love the Imf?1

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2005

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“…Bustelo [2000] performs that task adequately. Instead, it is argued here that to castigate the IMF for the reforms is to ignore the point that Korean officials were not only highly complicit in the implementation of the reforms; they were more than willing to accept the chance to refashion the national political economy in line with the reforms.…”

Section: Learning To Love the Imf?mentioning

confidence: 94%

A Legitimate Paradox: Neo-liberal Reform and the Return of the State in Korea

Hundt¹

2005

Journal of Development Studies

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This article examines the neo-liberal reforms that the Kim government implemented in post-crisis Korea. It argues that by embracing the reforms, the state, paradoxically, re-legitimised itself in the national political economy. The process of enacting the reforms completed the power shift from a collusive state-chaebol alliance towards a new alliance based on a more populist social contract - but one that nonetheless generally conformed to the tenets of neo-liberalism. Kim and his closest associates identified the malpractices of the chaebols as the main cause of the crisis, so reforming the chaebols would be the key to economic recovery. Combining populism and neo-liberalism, they drew on support from both domestic and international sources to rein in, rather than nurture, the chaebols.

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Section: Learning To Love the Imf?mentioning

confidence: 94%

A Legitimate Paradox: Neo-liberal Reform and the Return of the State in Korea

Hundt¹

2005

Journal of Development Studies

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7. South Korea in 1997–98: A Critical View of the Financial Crisis and the IMF Remedies

Cited by 1 publication

References 0 publications

A Legitimate Paradox: Neo-liberal Reform and the Return of the State in Korea

A Legitimate Paradox: Neo-liberal Reform and the Return of the State in Korea

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