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The Korean Financial Crisis: Is Bail-out a Solution?

In: The Causes and Impact of the Asian Financial Crisis

Author

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  • Charles Harvie

Abstract

There are few countries in history which have attained such a high level of development so rapidly as Korea. In a single generation this poor nation, consisting primarily of subsistence farmers in the 1950s and early-1960s, had been transformed into the world’s largest producer of home appliances, the second largest producer of semiconductor chips, the second largest shipbuilder, the fifth largest car-maker, and the eleventh largest economy1 by the mid-1990s. Koreans became accustomed to rapid economic growth and development and low unemployment. Living standards for ordinary Koreans have increased dramatically with life expectancy increasing from 47 in 1955 to 71 by the mid-1990s. Its model of economic development, state-directed capitalism, became the envy of other developing economies wishing to replicate such rapid development.

Suggested Citation

  • Charles Harvie, 2000. "The Korean Financial Crisis: Is Bail-out a Solution?," Palgrave Macmillan Books, in: Tran Hoa & Charles Harvie (ed.), The Causes and Impact of the Asian Financial Crisis, chapter 5, pages 58-94, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98294-5_5
    DOI: 10.1007/978-0-333-98294-5_5
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