Revisiting the critical moment of the Korean economy and labor market: From central control to liberalization

This paper, in face of the increasing interconnectivity between local and global, has attempted to retrospect the critical moment of Korean society under Tae‐woo Rho (1988–93) regime, in which Korea struggled for fundamental reforms of the earlier centrally controlled state system through economic rationalization and labor flexibilization. During that juncture of Korean history, neo‐liberalization under the influence of Fordian decline was a governing theme behind the Korean economy's policy formation as well as labor agenda. This reliance of government on the neo‐liberal pillar has made an impact on the subsequent leaderships under Young Sam Kim (1993–1998) and Dae Jung Kim (1998‐present). After briefly reviewing the major aspect of Korean economy and labor problems surrounding the financial crisis of East Asia around 1998, the international influence of Fordian decline and neo‐liberalization as a Korean alternative has been discussed.