Better by design: Korea's neoliberal economy

Abstract

This paper examines the processes of bank and corporate restructuring in South Korea since the 1997–98 economic crisis, and seeks to highlight how the state has intervened in a highly dirigiste manner in order to expedite restructuring in both the commercial bank and corporate sectors. At the same time it demonstrates the clear neoliberal principles that have underpinned the state's attempts to promote restructuring. The state has shown a clear determination to take action against insolvent firms and financial institutions no matter how large or strategically important they may be, to impose hard budget constraints on key economic actors. Furthermore, the state has actively sought to engineer the sale of key domestic firms and banks to foreign investors. We argue that Korea's efforts to create a functioning neoliberal economy have been largely successful and are functional from the perspective of Korean capitalism, if not the perspective of individual Korean firms. Changes in the global economy in the two decades preceding the 1997–98 crisis imposed an increasingly inescapable pressure on the Korean state to effect a neoliberal transformation and Korea's future as a centre of capitalist accumulation has for some time been bound up with the success of the neoliberal project. In conclusion, this paper seeks to draw out the broader implications of this reading of the post-crisis restructuring programme for debates on global economic liberalization and the future of capitalist diversity.     

The new Korean political economy: beyond the models of capitalism debate

Abstract

A key theme within the literature on the evolution of the Korean political economy since the 1997/8 crisis has been the extent to which Korea remains a ‘developmental state’ or has pursued radical neoliberal reform. These debates have not only reflected a concern with understanding the Korean economy but with a wider set of questions relating to the future of capitalist diversity within a globalized economy. By the late 1980s Korea had come to be regarded as a model of successful state-led late capitalist development. Korean modern economic history has insured that questions relating to the extent that it has pursued neoliberal reform have been of keen interest to students of political economy globally. This paper argues that substantive neoliberal reform has taken place in Korea since 1997. The thesis that a new ‘developmental state’ is in process of consolidating itself is simply wrong. However, the state's reform program interacted with material conditions and political coalitions at the meso level in a complex and uneven manner. In certain critical sectors, such as finance, a neoliberal regulatory regime has been consolidated. In others, such as telecommunications, developmentalist regulatory structures have proven to be highly resilient. In order to fully understand the complexity of the contemporary Korean political economy it is necessary, therefore, to prioritize the importance of meso-level analysis.     

Quebec nationalism in the 1980s: a spent force?

The Independence Movement in Quebec 1945–1980. By William D. Coleman . Toronto: University of Toronto Press. 1984. Pp. xii, 274. Inder (paper) Conflict and Language Planning in Quebec. Edited by Richard Y. Bourhis . Clevedon, Avon: Multilingual Matters Ltd. 1984. Pp. xvi, 304. Index. $19.95 Problems and Opportunities in U.S.-Quebec Relations. Edited by Alfred O. Hero , Jr . and Marcel Daneau . Boulder and London: Westview Press. 1984. Pp. xv, 320. Index (cloth)     

Changing biases in the operation of the UK's electoral system, 1950–97

The biased outcomes of recent British general elections, whereby the two main parties (Conservative and Labour) would have achieved different percentages of the seats in the House of Commons for the same percentages of the votes cast, are explored, using a method of bias decomposition developed by a New Zealand political scientist. Overall, the situation changed markedly between 1950 and 1997: the biases in the system strongly favoured the Conservatives in the 1950s and early 1960s, but Labour in 1992 and 1997. Examination of the seven components of the bias measure shows that most of these moved in Labour's favour over the 50-year period, with a major shift between 1992 and 1997 because of the greater geographical efficiency of the Labour party's vote at the latter date: reasons for this are suggested.     

Between first and second order: A comparison of voting behaviour in European and local elections in Britain

Abstract. In Britain, both local elections and European elections can be regarded as second–order. However, voters believe that even less is at stake in European elections than in local elections, and their behaviour is congruent with this: voters are more likely to turn out in local elections, they are more likely to 'split their ticket' they are more likely to report that they vote on issues specific to the second–order arena. Logistic regression of party choices in the local, European and national contexts confirms this. National considerations played less part in the local election and there was some evidence that voters were influenced by the record of the locally–incumbent party. It appears that voting in the European elections has more of an expressive character, and is less instrumental than that in either local or national elections.     

The Queensland Native Police and Strategies of Recruitment on the Queensland Frontier, 1849–1901

Although historians have provided substantial insights into the structure, development and activities of the Queensland Native Mounted Police, they have rarely focused on the complex and sensitive issue of Aboriginal recruitment. A careful reading of historical records, however, identifies several methods, including coercion, intimidation, kidnapping and inducement, as well as “voluntary” enlistment. It is difficult to identify Aboriginal agency in recruitment processes as the records are entirely one-sided—the voices of the troopers themselves are absent from the archival sources. In this article, we examine the cultural and historical contexts of Aboriginal recruitment—for example, the dire social situations of Aboriginal survivors of the frontier war and the absence of future survival options for the potential recruits. We explore, through the framework of historical trauma, the impacts on vulnerable victims of violence and other devastating effects of colonisation. We conclude that the recruitment of Aboriginal troopers was far from a homogeneous or transparent process and that the concept of agency with regard to those who can be considered war victims themselves is extremely complex. Unravelling the diverse, conflicting and often controversial meanings of this particular colonial activity remains a challenge to the historical process.