This paper studies the politics of market-oriented reforms in Korea since the 1997/98 financial crisis. It focuses on the capacity of the state to implement these reforms, and challenges the view that successfully implemented market reforms follow a technocratic 'best practice' approach. On the...

This article is a case study of the political economy of bank restructuring, privatization and market liberalization in the South Korean banking sector since the 1997/1998 financial crisis. We show that the most crucial factor in that post-crisis bank restructuring was the quick and massive...