Monday, December 5, 2005

Conclusion (Part VIII)

The paper was published in 2001. The punch line, as a conclusion by the authors, was "...the widely advertised neoliberal Korean miracle is a fraud". This conclusion is justified as can be seen from the chart below. After the "dip" in 1998 most of 2001 was in a valley hence the statement in the paper that "... a renewed outbreak of financial crisis cannot be ruled out".

It is the opinion of the authors that destruction of the policy tools to guide the economy is not an easily reversible political process. The destruction is historically happened in the aftermath of a depression, revolution or war. In the absence of a crisis it will be difficult to put together political coalitions to create such as system from scratch. It is also impossible, as the authors put it, for Korea to change from neoliberal system with US government, the IMF, President Kim and their supporters still have their hands in the pie.


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