Abstract
The paper deals with the state-led development regime. This paper analyzes financial market liberalization in Korea with the focus being on its political economic dynamics. The key questions this paper deals with are: 1. What are the underlying dynamics and driving forces of financial market liberalization in Korea and what are the domestic and international interests behind it? How do they differ between the first round of liberalization up to the 1997/98 crisis and the second one since then? 2. Did financial market liberalization and foreign investment help to overcome the crisis as the IMF and the Korean government claim? 3. Why was financial market liberalization in Korea accompanied by a bigger state? 4. Who profited from the state-led liberalization and who had to pay the price of restructuring?
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