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Globalization and Economic Nationalism in Asia$
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Anthony P. D'Costa

Print publication date: 2012

Print ISBN-13: 9780199646210

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199646210.001.0001

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

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

Chapter:
(p.157) 7 South Korea’s globalization in the late twentieth century: an end to economic nationalism?
Source:
Globalization and Economic Nationalism in Asia
Author(s):

You‐il Lee

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199646210.003.0007

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

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