91. Democracy and Economic Development in South Korea and its Application
- Author:
- Hugo Wheegook Kim
- Publication Date:
- 09-1998
- Content Type:
- Journal Article
- Journal:
- International Journal of Korean Studies
- Institution:
- International Council on Korean Studies
- Abstract:
- The South Korean economy has been highly praised by foreign economists as a successful model of development and proudly joined OECD in late 1996 as the world's eleventh-largest economy, with per capita annual income of over $10,000. Since then, a series of business bankruptcies and a financial crisis resulting in the imposition of IMF supervision on December 3,1997, has caused a shift in political power. The new administration began to work for systemic reforms, which have been interrupted by the political opposition, the entrenched chaebols, and labor unions.
- Political Geography:
- South Korea