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Reforming Korea Inc.: The Politics of Structural Adjustment Under Kim Dae Jung

1999; Volume: 23; Issue: 3 Linguagem: Inglês

10.1353/apr.1999.0019

2288-2871

Stephan Haggard, Daniel A. Pinkston, Jungkun Seo,

Asian Industrial and Economic Development

Korea has recovered more rapidly from the Asian financial crisis than other countries in the region. The swift recovery can be attributed to decisive reform efforts by the Kim Dae Jung government. This article examines reform efforts in three areas-the financial sector, corporate restructuring, and labor markets-and traces them to a skillful use of presidential power, including the exploitation of a "honeymoon," trilateral consultations with business and labor, and the creation of powerful administrative agencies. However, the adjustment strategy of the Korean government also has a number of "command and control" elements, particularly with respect to financial and corporate restructuring, and has involved increasing state ownership of banking and corporate assets. The result is that the government still faces the task of how to realign government-business relations in the future.