Papers on "Globalization and the South Korea Crisis, 1997-1998" and similar term paper topics

Paper #103228 :: Globalization and the South Korea Crisis, 1997-1998
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This paper analyzes, in detail, the South Korean economic crisis from 1997 to 1998, which the paper contends was caused by globalization.

Written in 2008; 4,235 words; 5 sources; MLA; $ 112.95

Paper Summary:

This paper states that, although globalization has many powerful benefits, financial globalization is not necessarily always a force for good, as in the case of South Korea. The author points out that, before the 1997 crisis, South Korea had embraced globalization and had become one of the great economic success stories in history. The author relates that financial liberalization and globalization were perverted by powerful business interests, which resulted in a banking crisis, a currency crisis and, finally, a full-fledged financial crisis. The paper stresses that the villains of the Korean crisis were the family-owned conglomerates called "chaebol" and their allies in the pre-crisis Korean government. The paper also describes the steps taken by South Korea to stem the downturn and to re-emerge as the strongest economy among all the countries that have experienced financial crises.

From the Paper:

"South Korea's macroeconomic fundamentals were strong before the crisis. In 1996 inflation in South Korea was below 5%, real output growth was close to 7%, and the country was expected to grow at a rate of more than 6% in 1997. The government budget was in slight surplus, while the current account deficit had fallen from 4.4% of GDP in 1996 to less than 2% in 1997. From a macroeconomic point of view, the South Korean economy seemed well managed, so the financial crisis cannot be attributed to macroeconomic fundamentals. Instead, the source of the crisis was perversion of the financial liberalization process, which had some particularly strange elements."

Tags: chaebol, maturing economy, fixed-exchange-rate, safety net, bankruptcy

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