Jump to ContentJump to Main Navigation
Developmental MindsetThe Revival of Financial Activism in South Korea$
Users without a subscription are not able to see the full content.

Elizabeth Thurbon

Print publication date: 2016

Print ISBN-13: 9781501702525

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9781501702525.001.0001

Show Summary Details
Page of

PRINTED FROM Cornell University Press SCHOLARSHIP ONLINE (www.cornell.universitypressscholarship.com). (c) Copyright University of Cornell University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in Cornell for personal use (for details see www.cornell.universitypressscholarship.com/page/privacy-policy/privacy-policy-and-legal-notice).date: 19 October 2018

Fracturing Consensus and the Abandonment of Financial Activism

Fracturing Consensus and the Abandonment of Financial Activism

(p.66) 5 Fracturing Consensus and the Abandonment of Financial Activism
Developmental Mindset

Elizabeth Thurbon

Cornell University Press

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

Cornell Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.