South Korea in 1997: clearing the last hurdle to political-economic maturation

Article Abstract:

South Korea underwent a phase of transition towards a more liberal democratic government and a mature market governed by capitalism in the year 1997. The victory of Kim Dae-jung in the presidential election marked the first historical lateral transfer of power in the country. Its volatile economic condition characterized by the failure of prime businesses such as Kia Motors and Hanbo Steel was reformed with the plight of businessmen-government alliance. Moreover, the country's reaffirmation of its agreements with the International Monetary Fund marked its political and economic maturation.

State government

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South Korea's big business clientelism in democratic reform

Article Abstract:

South Korean conglomerates, also known as chaebol, have long enjoyed the support of previous dictatorial governments. With the strong backing of the state, these chaebol underwent unprecedented expansion at the expense of the marginalized working class. However, democratic reform, symbolized by Kim Young-Sam's ascendancy to power in 1992, and public discontent with clientelism have brougt about significant changes in the relations between industry and state. Under Kim Young-Sam's leadership, medium and small-sized industries receive incentives previously denied to them.

Conglomerate corporations, Political activity, Corporations, Industrial policy, Corporations, South Korean

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South Korea in 1998: swallowing the bitter pills of restructuring

Article Abstract:

South Korea's economic collapse in 1998 was a particularly painful experience for its people even as politicians continued wrangling over how to restructure the battered economy. The precipitous downturn of the domestic economy erased whatever gains the country had achieved in the past eight years, as unemployment, bankruptcies, per capita GNP and plant closures reached record levels. Adding insult to injury was the harsh measures prescribed by foreign creditors such as the US, Japan, the International Monetary Fund and multinational corporations in exchange for loans.

Analysis, Economic development

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