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A political-economic analysis of the failure of neo-liberal restructuring in post-crisis Korea

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  • James Crotty
  • Kang-Kook Lee

Abstract

This paper evaluates IMF-led neo-liberal restructuring in post-crisis Korea. The main conclusions are that: the economic rebound in 1999--2000 was both incomplete and unsustainable; restructuring created a ongoing credit crunch that continues to constrain investment spending; Korea may have been pushed onto a long-term low-investment, low-growth trajectory; insecurity and inequality have risen substantially; and the influence of foreign capital has dramatically increased. The paper concludes by suggesting that Koreans should reject radical neo-liberal restructuring and consider instead reforms to democratise and modernise their traditional state-guided growth model. Copyright 2002, Oxford University Press.

Suggested Citation

  • James Crotty & Kang-Kook Lee, 2002. "A political-economic analysis of the failure of neo-liberal restructuring in post-crisis Korea," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 26(5), pages 667-678, September.
    • Handle: RePEc:oup:cambje:v:26:y:2002:i:5:p:667-678
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    Cited by:

    1. Arjun Jayadev & J. W. Mason, 2023. "“If Keynes Were Alive Today. . .†: Reflections on Jim Crotty," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(4), pages 692-700, December.
    2. Ozlem Onaran, 2009. "Wage share, globalization and crisis: the case of the manufacturing industry in Korea, Mexico and Turkey," International Review of Applied Economics, Taylor & Francis Journals, vol. 23(2), pages 113-134.
    3. David Hundt, 2005. "A Legitimate Paradox: Neo-liberal Reform and the Return of the State in Korea," Journal of Development Studies, Taylor & Francis Journals, vol. 41(2), pages 242-260.
    4. Mah, Jai S., 2006. "Economic restructuring in post-crisis Korea," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(4), pages 682-690, August.
    5. In Jun & Peter Sheldon, 2006. "Looking beyond the West? The Korea Employers' Federation and the Challenges of Membership Adhesion and Cohesion," The Economic and Labour Relations Review, , vol. 17(1), pages 203-225, September.
    6. Jai S. Mah, 2003. "The Restructuring in the Post-Crisis Korean Economy," Working papers 2003-46, University of Connecticut, Department of Economics.
    7. Chai, D.H., 2010. "The Impact of Foreign Corporate Ownership on Downsizing and Labour Cost," Working Papers wp402, Centre for Business Research, University of Cambridge.
    8. Ozlem Onaran, 2004. "Life After Crisis For Labor And Capital in the Era of Neoliberal Globalization," Working Papers geewp43, Vienna University of Economics and Business Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
    9. Kang-Kook Lee, 2023. "James Crotty’s Advice to Koreans," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(4), pages 701-706, December.
    10. Hwan-Joo Seo & Han Sung Kim & Joonil Kim, 2016. "Does Shareholder Value Orientation or Financial Market Liberalization Slow Down Korean Real Investment?," Review of Radical Political Economics, Union for Radical Political Economics, vol. 48(4), pages 633-660, December.
    11. Ozlem Onaran, 2005. "Distribution and Globalization: A Wage Bargaining Model," Working Papers geewp48, Vienna University of Economics and Business Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.

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