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

This paper evaluates IMF-led neoliberal restructuring in post-crisis Korea. The main conclusions are: 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 neoliberal restructuring and consider instead reforms to democratize and modernize their traditional state-guided growth model.