Pirie, Iain (2012) A comparative analysis of the impact of the 1997 Asian crisis and the contemporary global economic crisis on the Korean political economy. Contemporary Politics, Vol.18 (No.4). pp. 415-432. ISSN 1356-9775

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Abstract

The 1997 Asian crisis created a political space for neo-liberal reformers within the Korean state to advance a set of policies that had previously been frustrated. This agenda is widely seen to have stalled following an initial burst of neo-liberal reform in the post-crisis period. Several scholars have argued that a partial reconstruction of an economy dominated by a closed nexus between the state and leading domestic firms is taking place in contemporary Korea. Compared to the 1997 crisis the macroeconomic impact of the contemporary crisis on Korea has been limited. However, Korea initiated the largest fiscal stimulus (in relation to GDP) in the Organisation for Economic Co-operation and Development. In terms of the policy environment the impact of the contemporary crisis has been considerable. This paper argues that key aspects of the Korean state’s response to the crisis represent a selective limited retreat from neo-liberalism, the significance of which should not be overstated.

Item Type:	Submitted Journal Article
Subjects:	H Social Sciences > H Social Sciences (General) J Political Science > JS Local government Municipal government
Divisions:	Faculty of Social Sciences > Politics and International Studies
Journal or Publication Title:	Contemporary Politics
Publisher:	Routledge
ISSN:	1356-9775
Date:	2012
Volume:	Vol.18
Number:	No.4
Number of Pages:	17
Page Range:	pp. 415-432
Identification Number:	10.1080/13569775.2012.728031
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
URI:	http://wrap.warwick.ac.uk/id/eprint/51241

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