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Copyright © Cambridge Political Economy Society

research-article

Interpreting the Korean crisis: financial liberalisation, industrial policy and corporate governance

Ha-Joon Chang, Hong-Jae Park and Chul Gyue Yoo

University of Cambridge
School of Oriental and African Studies, University of London
Korea Long-Term Credit Bank Economic Research Institute Korea

Abstract

The article examines the three most contentious issues regarding the origins of and the solutions to the current Korean crisis—namely, financial liberalisation, industrial policy, and corporate governance. The authors argue that it was the dismantling of the traditional mechanisms of industrial policy and financial regulation, rather than the perpetuation of the traditional regime, that generated the crisis. They also point out that the allegedly pathological corporate governance system was neither a main cause of the crisis on its own, nor something that needs radical restructuring in the Anglo-American direction before the country can resume its growth.

Manuscript received May 6, 1998; final version received June 30, 1998.


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