The Effects of Neoliberal “Reforms” on the Postcrisis Korean Economy

In December 1997, the IMF offered Korea loans. In return, Korea had to undergo radical neoliberal restructuring. Since 1997, growth has slowed, poverty and inequality have risen, investment spending has stagnated, and foreign ownership of Korean firms and banks has skyrocketed. We argue that the eight-year experiment with radical neoliberal restructuring has been a failure for the majority of Korea’s people.