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Developmental Mindset – The Revival of Financial Activism in South Korea - Cornell Scholarship Online
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Developmental Mindset: The Revival of Financial Activism in South Korea

Elizabeth Thurbon


The Asian financial crisis of 1997–1998 was supposed to be the death knell for the developmental state. The International Monetary Fund supplied emergency funds for shattered economies but demanded that states liberalize financial markets and withdraw from direct involvement in the economy. Financial liberalization was meant to spell the end of strategic industry policy and the state-directed “policy lending” it involved. Yet, South Korea has since seen a striking revival of financial activism. Policy lending by state-owned development banks has returned the state to the core of the financial ... More

Keywords: Asian financial crisis, emergency funds, financial markets, South Korea, financial activism, developmental mindset, financial liberalization, developmental state

Bibliographic Information

Print publication date: 2016 Print ISBN-13: 9781501702525
Published to Cornell Scholarship Online: August 2016 DOI:10.7591/cornell/9781501702525.001.0001


Affiliations are at time of print publication.

Elizabeth Thurbon, author
University of New South Wales