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Developmental MindsetThe Revival of Financial Activism in South Korea$
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Elizabeth Thurbon

Print publication date: 2016

Print ISBN-13: 9781501702525

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9781501702525.001.0001

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Fracturing Consensus and the Abandonment of Financial Activism

Fracturing Consensus and the Abandonment of Financial Activism

Chapter:
(p.66) 5 Fracturing Consensus and the Abandonment of Financial Activism
Source:
Developmental Mindset
Author(s):

Elizabeth Thurbon

Publisher:
Cornell University Press
DOI:10.7591/cornell/9781501702525.003.0005

This chapter analyzes the fracturing of Korea's developmental consensus in the late 1970s brought about by Korea's “growth first” strategy. Fracturing shaped Korea's approach to financial regulation and reform in subsequent decades, culminating in the abandonment of financial activism in the early 1990s. Within certain segments of the bureaucracy, a powerful view emerged that the government's traditional development strategy was the source of the country's boom–bust pattern of growth. It was within this context that the domestic debate about financial liberalization emerged. For its advocates, the aim of liberalization was to abolish financial activism and to install a liberal market order. The chapter explores the economic reforms of President Kim Young Sam, who used his mandate to push through sweeping financial reforms, including the liberalization of the short-term capital account and the abandonment of investment coordination.

Keywords:   Korea, developmental state, 1970s, growth first policy, financial regulation, financial activism, financial liberalization, liberal market order, Kim Young Sam

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