The South Korean Economy:1992 to 2002

Paper Summary:

In 1992 South Korea stood as a model of prosperity and economic innovation. Only three years later, South Korea followed the rest of East Asia into an economic meltdown. This paper gives a detailed economic history of South Korea and examines the harsh economic policies imposed by the IMF at the start of the Asian financial crisis that led to the economy's eventual collapse in 1998. It also examines how three years on, South Korea faces an unbalanced recovery and a labor movement badly wounded by neo-liberalism, while the majority of its people suffer rising insecurity and falling incomes.

From the Paper:

"The chaebol are huge, highly diversified, often vertically integrated conglomerates. (South Korea Business) The monoliths started out as small family-run businesses shortly after the war, and many still are family owned and operated. Hyundai and Samsung are two of the best known. "The chaebol account for about one-third of all industrial production, which forms the core of the Korean economy." (South Korea Business) Some critics say the chaebol have a finger in so many pies, and thus control so much of the overall economy, that they are, in effect, oligopolists, and are able to engage in price collusion. (South Korea Business) "

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