Hostname: page-component-cd9895bd7-7cvxr Total loading time: 0 Render date: 2024-12-23T08:04:23.240Z Has data issue: false hasContentIssue false

Back to the Future: The Politics of Economic Reform under the Kim Dae-Jung Presidency1

Published online by Cambridge University Press:  24 March 2016

Kyung Hoon Leem*
Affiliation:
Seoul National University

Extract

On the eve of the tenth anniversary of its democratization, Korea was hit by an unprecedented financial crisis marked by massive capital outflows, a sharp depreciation of the won and severe distress in the corporate and financial sectors. Korea's anniversary gift from the interntional community was an IMF conditionality program that imposed a comprehensive package of neoliberal economic reforms. Compared with the South American and East European experiences, economic reform in Korea has been implemented without significant policy obstructions, political instability or social disruptions. Despite much skepticism, the backbreaking reforms quickly began to pay off. The reforms created a V-shaped (rather than U-shaped) pattern of recovery, though more determined financial and corporate restructuring is needed in order for the nation to achieve sustainable growth. And, the quality of democracy has not deteriorated because of conflicts resulting from the economic reform program (neither, however, has it improved).

Type
Articles
Copyright
Copyright © East Asia Institute 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Bermeo, Nancy. 1994. Sacrifice, Sequence, and Strength in Successful Dual Transitions: Lessons from Spain. The Journal of Politics 5(3): 601627.Google Scholar
Brady, David, and Mo, Jongryn. 1992. Electoral Systems and Institutional Choice: A Case Study of the 1988 Korean Elections. Comparative Political Studies 2(4): 405429.Google Scholar
Cumings, Bruce. 1998. The Korean Crisis and the End of Late' Development. New Left Review No. 231: 4372.Google Scholar
Gibson, Edward L. 1997. The Populist Road to Market Reform: Policy and Electoral Coalitions in Mexico and Argentina. World Politics 4(3): 339370.CrossRefGoogle Scholar
Haggard, Stephan, Pinkston, Daniel, and Seo, Jungkun. 1999. Reforming Korea Inc.: The Politics of Structural Adjustment under Kim Dae-Jung. Asian Perspective 2(3): 201235.Google Scholar
Jang, Sang-Hwan. 1999. Chaebol Haeche-wa Nodong-undong (Chaebol Dissolution and Labor Movement). In Hanguk Chaebol Gaehyuckron (Discussions on the Chaebol Reform), edited by Kim, Dae-Hwan and Kim, Kyun. Seoul: Nanam Publishing House.Google Scholar
Kang, Won Taek (forthcoming). Softening Transitions to Democracy in South Korea. Party Politics.Google Scholar
Kim, Byung-Kook. 2000. The Politics of Crisis and a Crisis of Politics: The Presidency of Kim Dae-Jung. In Korea Briefing 1997–1999: Challenges and Change at the Turn of the Century, edited by Oh, Gongdan. New York: M. E. Sharpe.Google Scholar
Gallup, Korea, Gallup DB at chollian.net.Google Scholar
Lee, Jong-Tak. 1999. IMF Ihu Nodongja Sangtae Byonhwa (Changes in the Status of Workers since the IMF Receivership). Hyonjang-eseo Mirae-rul (For the Future at the Shop-floor) No. 49 (November): 5271.Google Scholar
Lee, Kang Ro. 1999. Hanguk-eseo Jinbojeok Nodong-undong-ui Seongjanggwa Minjujooui Gonggohwa-ui Jinhaeng: 1990–1999 (The Growth of Progressive Labor Movement and the Process of Democratic Consolidation in South Korea: 1990–1999). Korean Political Science Review 33(3): 133156.Google Scholar
Linz, Juan J. and Stephan, Alfred. 1996. Problems of Democratic Transition and Consolidation: Southern Europe, South America, and Post-Communist Europe. Baltimore: The Johns Hopkins Univ. Press.Google Scholar
Mainwaring, Scott. 1993. Presidentialism, Multipartism, and Democracy: The Difficult Combination. Comparative Political Studies 26(2): 198228.Google Scholar
Mo, Jongryn and Moon, Chung-in. 1999. Korea after the Crash. Journal of Democracy 10(3): 150164.Google Scholar
National Statistical Office. www.nso.go.kr.Google Scholar
Nelson, Joan M. 1995. Linkage between Politics and Economics. In Economic Reform and Democracy, edited by Diamond, Larry and Plattner, Marc C., Baltimore: The Johns Hopkins University Press.Google Scholar
OECD. 1999. OECD Economic Surveys, 1998–1999: Korea. Paris.Google Scholar
O'Donnell, Guillermo. 1999. Horizontal Accountability in New Democracies. In The Self-Restraining State: Power and Accountability in New Democracies, edited by Schedler, Andreas, Diamond, Larry, and Plattner, Marc F. Boulder: Lynne Rienner Publishers.Google Scholar
Przeworski, Adam. 1993. Economic Reforms, Public Opinion, and Political Institutions: Poland in the Eastern European Perspective. In Economic Reforms in New Democracies: A Social-Democratic Approach, edited by Carlos, Luiz Pereira, Bresser, Maravall, Jose Maria and Przeworski, Adam. Cambridge: Cambridge University Press.Google Scholar
Roberts, Kenneth M. 1995. Neoliberalism and the Transformation of Populism in Latin America. World Politics 48(1): 82116.Google Scholar
Roh, Joong-Ki. 1999. Nosajeong Wiwonhwoe (The Tripartite Commission). In Hanguk-ui Nosagwangye-wa Nodongjeongchi I: 87nyeon-ihu Sahwoejeok Hap-ui-rul Joongsim-uro (Industrial Relations and Labor Politics in Korea I: Social Consensus since 1987), edited by Choi, Young-Gi, Kim, Joon, Roh, Joong-Ki, and Yu, Beom-Sang. Seoul: Korean Labor Institute.Google Scholar
Roh, Joong-Ki. 1998. Nosajeong Wiwonhwoe-wa Sahwoejeok Hap-ui (The Tripartite Commission and Social Consensus). Paper presented at the Third Anniversary Conference of Korean Institute for Labor Studies and Policy. Yonsei University, September 18–19.Google Scholar
Sartori, Giovanni. 1994. Comparative Constitutional Engineering. New York: New York University Press.Google Scholar
Shin, Byung-Hyeon. 1999. Yoseong Nodongja-ui Jipdanjeok Haego-wa Minjunojo-undong (Massive Layoffs of Female Workers and Democratic Labor Union Movement). Jinbopyongron (Radical Review) No. 1 (Fall): 251271.Google Scholar
Weyland, Kurt. 1999. Neoliberal Populism in Latin America and Eastern Europe. Comparative Politics 31(4): 379401.Google Scholar
Weyland, Kurt. 1998. The Political Fate of Market Reform in Latin America, Africa, and Eastern Europe. International Studies Quarterly 42: 645674.Google Scholar
World Bank. 1999. Global Economic Prospects, Washington, D. C. Google Scholar
Yoo, Hyun-Seok, and Mo, Jongryn. 2000. Nodong-gaehyuck: Minjuhwa Ihu Nodongbeop Gaejeong Sarye (Labor Reform: The Cases of Labor Law Amendments since the Democratization). Paper presented at the 3rd Seminar on the Cases of Economic Reform in Korea. Yonsei University, January 20.Google Scholar
Yoo, Seong Min. 1999. Corporate Restructuring in Korea: Policy Issues before and during the Crisis. Working Paper, Korea Development Institute.Google Scholar