Friday, December 2, 2005

Korea's Neoliberal Restructing (Part I)

I'm trying to do a quick and short summary of a paper titled "Korea's Neoliberal Restructuring: Miracle or Disaster?" by James Crotty and kang-Kook Lee (2001) published by Political Economy Research Institute (PERI of University of Massachusetts Amberst). It was published in Dollars and Sense, No 236 in July/August 2001.

This study is about Neoliberal Restructuring in Korea thereofore first of all you have to understand what Neoliberalism (新自由主义) is. Quoting word for word from Wiki it's about

In the United States, the term "neoliberalism" has also been used in a philosophical sense as a drive to deliberately modify the beliefs and practices of the church (especially evangelical) to tie social values with economic. (See Neoliberalism (religion))

Neoliberalism refers to a political-economic philosophy that has had major implications for government policies beginning in the 1970s – and increasingly prominent since 1980 – that de-emphasizes or rejects government intervention in the economy , focusing instead on structured free-market methods, and fewer restrictions on business operations and that the most important class of rights to expand are those of property enforcement, and of opening nations to entry by multinational corporations. In a broader sense it is used to describe the movement towards using the market to achieve a wide range of social ends previously filled by government.

It is generally hostile to protectionism, social democracy and socialism. It is often at odds with fair trade and other movements that argue that labor rights and social justice should have a greater priority in international relations and economics.

There are more information from about neoliberalism.

South Korea's economy has recovered from the 1997 economic crisis faster than anyone expected.

IMF praised Korea's neoliberal restructuring by saying "over the past 2 years bold policies and commitment to reform have made Korea a more open, competitive, and market driven economy"

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