EAST 213 Lecture Notes - Lecture 19: Kim Dae-Jung, Gwangju, Chaebol
5 Feb 2018
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Who benefits and who suffers from the consequences o rapid social change. Reu(cid:374)ifi(cid:272)atio(cid:374) efforts: ki(cid:373) dj"s (cid:374)a(cid:373)e (cid:449)as synonymous with innovative and unorthodox thinking, especially on issues related to inter-korea relations. Causes of the financial crisis: according to kim byungdook: Financial troubles were a systemic crisis arising from give general faults in koreas political economy. A highly regulated economy that bred market inefficiency and corruption. A labor market with structural rigidities caused by company unionism. A business-governance structure lacking transparency and accountability as well as effective checks and balances on majority shareholders. A bureaucratically administered banking sector that transformed chaebol into a reckless rentier class with an insatiable appetite for growth; states de facto underwriting of investment risks. And most important, a weak political party system dominated by regional bosses who shied away from these structural issues and failed to build broad electoral coalitions around policy ideas. Ki(cid:373) dae ju(cid:374)g"s preside(cid:374)(cid:272)y: imf refor(cid:373)s a(cid:374)d the de(cid:448)elop(cid:373)e(cid:374)t of de(cid:373)o(cid:272)rati(cid:272) ci(cid:448)il o(cid:272)iety.
