Chapter

South Korea’s globalization in the late twentieth century: an end to economic nationalism?

You‐il Lee

in Globalization and Economic Nationalism in Asia

Published in print June 2012 | ISBN: 9780199646210
Published online September 2012 | e-ISBN: 9780191741630 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199646210.003.0007
South Korea’s globalization in the late twentieth century: an end to economic nationalism?

Show Summary Details

Preview

To what extent South Korea adopted neoliberal reforms and thus conformed to the pressures of globalization is explored in this chapter. After the Asian financial crisis of 1997, South Korea was compelled to adopt IMF-style liberalization policies and, by implication, to abandon economic nationalism. However, this chapter argues otherwise. The evolution of Korea’s economic trajectory since World War II shows that no real shift has taken place in Korea’s economic nationalist trajectory despite the adoption of Segyehwa (iglobalization policies) in the early 1990s incorporated under outward foreign direct investments by Korean business followed by inward foreign investment. Despite deep international economic integration, the capacity of the Korean state has not diminished nor has the traditional nationalist development trajectory reversed. The Korean state remains developmental, neo-mercantilist, and economically nationalist.

Keywords: South Korea; state capacity; 1997 Asian financial crisis; Segyehwa; outward foreign direct investments; inward foreign direct investments

Chapter.  8691 words. 

Subjects: Business and Management

Full text: subscription required

How to subscribe Recommend to my Librarian

Buy this work at Oxford University Press »

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.