Asian Financial Crisis and Transformation of Korean Capitalism

2021 ◽  
pp. 128-146
Author(s):  
Hyeong-ki Kwon
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
Industrial Policy ◽  
State Intervention ◽  
Asian Financial Crisis ◽  
The State ◽  
Main Culprit ◽  
Knowledge Intensive ◽  
Korean State ◽  
Venture Firms

This chapter examines how the Korean state could continue its state-led developmentalism even when state interventionism was pointed out as a main culprit for the economic crisis of 1997. The 1997 Asian financial crisis prompted serious reflection upon the problems of Korea’s input-oriented developmentalism, as well as the ineffectiveness of state intervention. However, to solve the economic crisis of 1997, Korea did not abandon state-led developmentalism, but developed another version of state-led developmentalism, emphasizing the promotion of strategic hi-tech venture firms and SME parts industries. This chapter first examines the competing diagnoses and solutions to the economic crisis of 1997, and then explores how, through politics between the state and large corporations, the existing volume-oriented expansionism changed toward a knowledge-intensive strategy. Finally, this chapter examines how competition among economic ministries, including the Ministry of Industry (MoI) and the Ministry of Information and Communications (MIC), drove the evolution of Korean industrial policy.

How Taiwan Weathered the Asian Financial Crisis

2000 ◽  
Vol 03 (04) ◽  
pp. 491-518 ◽  
Author(s):  
Erh-Cheng Hwa
Keyword(s):  
Financial Crisis ◽  
East Asia ◽  
Industrial Policy ◽  
East Asian ◽  
Macroeconomic Policy ◽  
Industrial Sector ◽  
Asian Financial Crisis ◽  
Industrial Restructuring ◽  
Financial Policy ◽  
Underlying Factor

This paper attempts to explain why Taiwan was able to cope with the East Asian financial crisis more successfully than other economies in East Asia. It pinpoints Taiwan's competitive industrial sector as the most likely relevant underlying factor. It also shows that while sound macroeconomic policy and prudent financial policy all contributed to allowing Taiwan to avert the crisis, an effective industrial policy that fostered industrial restructuring, strengthened industrial competitiveness, as well as helped to restore macroeconomic equilibrium, was the most instrumental factor.

The Impact of the Asian Financial Crisis on Foreign Workers in Taiwan

1998 ◽  
Vol 7 (2-3) ◽  
pp. 145-169 ◽  
Author(s):  
Joseph S. Lee
Keyword(s):  
Labor Market ◽  
Financial Crisis ◽  
Economic Crisis ◽  
Construction Projects ◽  
Economic Structure ◽  
Asian Financial Crisis ◽  
Foreign Workers ◽  
Skilled Workers ◽  
The Future ◽  
The Impact

Having experienced an economic crisis earlier, Taiwan was on its way to recovery when the crisis struck in 1997. In general, Taiwan's labor market was hardly affected by the crisis. Although the demand for foreign workers continues, there will be a decline in the employment of foreign workers in the future. The completion of construction projects and the upgrading of the economic structure would imply a lesser demand for foreign workers in the next few years. In the future, while the Taiwanese labor market would be more restrictive of less-skilled workers, it would be more open to professionals and highly skilled.

scholarly journals Verstaatlichung in Krisenzeiten - Politik und Ökonomie

2009 ◽  
Vol 39 (154) ◽  
pp. 161-168
Author(s):  
Lutz Brangsch
Keyword(s):  
Economic Crisis ◽  
Special Interest ◽  
State Intervention ◽  
The State ◽  
Legal Capacity ◽  
State Interventions

During the last years it was otten maintained that the state is dead, However, in the course of the economic crisis the state has turned out capable of acting. State interventions play with the fight of the crisis a central role. Steps to the nationalisation of enterprise cause special interest, The article examines, which interests stand behind this type of state intervention, who is in this case really the state and which consequences arise for left movements, Nationalisation is described as a contradictory process whose results depend highly on the legal capacity of left movements.

scholarly journals BANKRUPTCY THREATS FOR RUSSIAN ORGANIZATIONS AMID THE GLOBAL FINANCIAL CRISIS

2010 ◽  
pp. 60-65
Author(s):  
S. E. Kovan
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
Global Financial Crisis ◽  
The State ◽  
Important Task ◽  
Real Economy ◽  
The Real ◽  
State Management ◽  
The Global Financial Crisis

The global financial and economic crisis significantly affected enterprises of the real economy sector. According to some estimates, in 2009 about 40% of unprofitable Russian businesses of this economy sector were bankrupt. An important task for the state management is preventing mass bankrupts and non-payments crisis. Some measures to reduce bankrupt risks for enterprises of the real economy sector have been suggested in order to save business and increase its efficiency.

scholarly journals R. Skidelsky and C. W. Wigstrom, Eds., The Economic Crisis and the State of Economics

ICR Journal ◽  
2013 ◽  
Vol 4 (3) ◽  
pp. 468-471
Author(s):  
Abdul Karim Abdullah
Keyword(s):  
Political Economy ◽  
Financial Crisis ◽  
Economic Crisis ◽  
Graduate Student ◽  
The State ◽  
Emeritus Professor ◽  
Current Financial Crisis ◽  
The University

The Economic Crisis and the State of Economics, published by Palgrave Macmillan in 2010, is a product of a symposium held with the purpose of identifying the causes of the current financial crisis as well as prescribing remedies. Robert Skidelsky, organiser of the symposium, is a British economic historian, former politician, and author of the acclaimed three-volume biography of J. M. Keynes. He is Emeritus Professor of Political Economy at the University of Warwick, UK. Christian Westerlind Wigstrom is a graduate student of philosophy at Merton College, Oxford.  

Transition II

2021 ◽  
pp. 108-127
Author(s):  
Hyeong-ki Kwon
Keyword(s):  
Financial Crisis ◽  
Electronics Industry ◽  
Asian Financial Crisis ◽  
The State ◽  
Private Firms ◽  
Core Business ◽  
Micro Level ◽  
Large Corporations ◽  
Private Corporations ◽  
Level Analysis

The reforms initiated in the late 1970s took time to materialize the detailed form of new developmentalism. Conflicts between state policymakers and large corporations slowly produced adjustments through tedious attrition in the Roh Tae-woo (1988–92) and Kim Young-sam (1993–7) administrations. Large corporations wanted input-oriented volume expansionism, while economic bureaucrats pressed to change private corporations’ strategy toward specialization in core business. This chapter examines how industrial politics between the state and the private firms, as well as within the state, evolved in the Roh and Kim administrations, and why Korea continued state-led developmentalism by contentious adjustments. First this chapter examines the industrial politics between state and business, as well as among the ministries within the state during the Roh and Kim administrations. And before exploring the transformation following the Asian financial crisis, this chapter examines the electronics industry for a micro-level analysis of Korea’s new developmentalism.

New Public Management as a Response to the Crisis of the 1970s: The Case of Finland, 1970–1990

2015 ◽  
Vol 24 (3) ◽  
pp. 435-459 ◽  
Author(s):  
VILLE YLIASKA
Keyword(s):  
Research And Development ◽  
Economic Crisis ◽  
Industrial Policy ◽  
Public Management ◽  
New Public Management ◽  
The State ◽  
Welfare Services ◽  
Public Sector Reforms ◽  
New Public ◽  
Public Resources

AbstractThe article gives an overview of Finland's responses to the economic crisis of the 1970s. In particular, it focuses on public sector reforms that fall under the label New Public Management (NPM). These reforms are interpreted in the context of an overproduction crisis. The article contends that in the 1980s and 1990s power in Finland was centralised through the doctrines of NPM in order to reallocate public resources from welfare services to industrial policy and thus confront post-industrialism. In doing so, it provides a new explanation as to why NPM reforms were carried out. The main justification of NPM-reforms – ‘decentralisation’ – is analysed from different angles. In the late 1960s decentralisation referred to the autonomy of the municipalities. In the 1980s it referred to ‘efficient leadership’, which meant in practice more power over resources for the state. The idea was to reallocate public resources from welfare services to research and development and venture capital. In effect, NPM was part of a new kind of state interventionism not part of a neoliberal project to destroy or hollow out the state.

From Political Reform and Economic Crisis to Coup d'éétat in Thailand: The Twists and Turns of the Political Economy, 1997––2006

Asian Survey ◽  
2007 ◽  
Vol 47 (6) ◽  
pp. 872-893 ◽  
Author(s):  
Kitti Prasirtsuk
Keyword(s):  
Political Economy ◽  
Financial Crisis ◽  
Economic Crisis ◽  
Political Reform ◽  
Asian Financial Crisis ◽  
Political Crisis ◽  
The Political ◽  
Economic Downturn

Political reform and the Asian financial crisis set the pretexts for the Thai political crisis. The financial crisis spawned certain big businesses that survived the economic downturn, while the 1997 Constitution eased their ability to make political inroads. In the end, Thaksin's business-centered administration so disrupted the traditional bases of society and government that it was overthrown by a coup d'éétat in 2006.

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