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The Shrimp that Became a Tiger

Transformation Theory and Korea’s Rise After the Asian Crisis

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Bernhard Seliger

South Korea underwent a dramatic change in the last one and a half decades, from being considered a «tiger in trouble» in the wake of the Asian crisis to a showcase of economic development. The judgment of 1998 was itself a complete reversal of the previous enthusiastic reviews of world record-high growth for several decades, from the 1960s to the 1990s. Korea, once considered a shrimp between two mighty whales, Japan and China, veritably made a jump to become a tiger. And, after the steep decline of 1998, this tiger again showed its claws. This book deals not with the causes of the crisis in retrospect, but rather with the implications for the development of a new economic model in South Korea. It argues that the crisis and the following institutional change can best be understood by applying the theory of economic transformation.

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Design: © Olaf Gloeckler, Atelier Platen, Friedberg Library of Congress Cataloging-in-Publication Data Seliger, Bernhard, 1970- The shrimp that became a tiger : transformation theory and Korea‘s rise after the Asian crisis / Bernhard Seliger. pages cm. — (Emerging markets studies, 2190-099X ; vol. 3) ISBN 978-3-631-60738-1 1. Korea (South)—Economic policy—1988- 2. Korea (Sou- th)—Economic conditions—1988- 3. Economic development— Korea (South)—History—21st century. 4. Financial crises— Asia—History. I. Title. HC467.96.S45 2013 338.95195—dc23 2013020341 ISSN 2190-099X ISBN 978-3-631-60738-1 © Peter Lang GmbH Internationaler Verlag der Wissenschaften Frankfurt am Main 2013 All rights reserved. PL Academic Research is an Imprint of Peter Lang GmbH. Peter Lang – Frankfurt am Main · Bern · Bruxelles · New York · Oxford · Warszawa · Wien All parts of this publication are protected by copyright. Any utilisation outside the strict limits of the copyright law, without the permission of the publisher, is forbidden and liable to prosecution. This applies in particular to reproductions, translations, microfilming, and storage and processing in electronic retrieval systems. www.peterlang.de Dedicated to Ji-Hyun, Johann and Joseph

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