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External Liberalization in Asia, Post-Socialist Europe, and Brazil$
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Lance Taylor

Print publication date: 2006

Print ISBN-13: 9780195189322

Published to Oxford Scholarship Online: May 2007

DOI: 10.1093/acprof:oso/9780195189322.001.0001

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 The Long and Winding Road to Liberalization: The South Korean Experience

 The Long and Winding Road to Liberalization: The South Korean Experience

Chapter:
(p.207) 7 The Long and Winding Road to Liberalization: The South Korean Experience
Source:
External Liberalization in Asia, Post-Socialist Europe, and Brazil
Author(s):

Jong‐Il You

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195189322.003.0007

This chapter reviews Korea's experience with economic liberalization since the early 1980s. Section 1 provides a brief history of the economic liberalization policy in the broader context of the rise and fall of the Korean model of development. Section 2 analyzes the major economic consequences of the liberalization policy, including its impact on growth and distribution, the currency crisis, and the financial crisis. Section 3 examines the macroeconomic adjustments since the crisis, including the impact on the labor market and income distribution. Section 4 reviews the economic and social policy reforms that the government has pursued since the crisis. The concluding section draws some lessons on liberalization policy from the Korean experience.

Keywords:   economic liberalization, economic policy, growth, distribution, currency crisis, financial crisis, labor, income distribution, economic reform, social policy

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