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The South Korean Economy and U.S. Policy
- Asian Perspective
- Johns Hopkins University Press
- Volume 28, Number 4, 2004
- pp. 89-117
- 10.1353/apr.2004.0005
- Article
- Additional Information
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Abstract:
The South Korean economy is undergoing an economic restructuring based on neoliberal, free-market principles. Mainstream economists claim that that this process was a necessary and successful response to South Korea’s devastating 1997–1998 crisis. This article challenges this claim. It critically exams the economic and social consequences of South Korea’s current neoliberal restructuring; highlights the ways international capitalist dynamics and U.S. policy initially promoted and then undermined South Korea’s growth; describes the role played by U.S. and International Monetary Fund policymakers in shaping South Korea’s post-crisis restructuring; and considers the challenges facing South Korean workers in their struggle to advance a new economic strategy.