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Lawyers as Leaders : Deborah L. Joining IMF and OECD likewise forged Japan to open its domestic market, deregulate many sectors including finance, and liberalise its domestic institutions. Firms would follow its administrative guidance only when their interests were evident. Indeed, it was not always the case that MITI could force reluctant horses to drink.
Although the process of catching up was completed, Japan in s still refused to drop aside its industrial policy. Transforming from occupation to bubble economy in s eventually cost Japan a lot of setbacks. The demand for higher wage of labour and land price measured in USD increased the production costs hurt Japanese export Noble, Low cost of capitals benefiting from the main bank system and easy money from preferential treatment gave rise to wasteful investments and bad debts.
Katz, In response to economic slump Chaebols took this liberalisation measures as the opportunity to establish their own investment and financial companies IFCs and sought new sources of capitals from equity markets, foreign banks, and multinational corporations MNCs Woo, ; Haeran, To distinguish himself as the first civilian leader, President Kim Young-Sam, after taking office in , set out a bold FYP and made rapid reforms to have a more regulatory state and an open-market economy in response to the imminent creation of WTO and to position itself well in global economy — requisite conditions to join OECD that Kim wished to achieve.
Policy loans to private sector came to halt; overseas borrowing by Koreans firms and local equity shares purchased by foreign investors were liberalised; even chaebols were forced to rationalise their activities and to reform their internal structures and strategies for more effectiveness and efficiency; as well as the creation of Fair Trade Commission FTC with importance and autonomy upgrades and Korean Communication Commission KCC Pirie, Notwithstanding, negative consequences of these numerous initiatives greatly outweighed progression.
Addressing the deficit current account of 8. Such maturity and currency mismatch of this rapid market liberalisation exposed the country to speculative risk and debt crisis. By , the aggregate short-term external debts reached The debt-to-equity ratio of the top 30 chaebols exceeded per cent 6 as the result of financial deregulation and their ineffective investment in other sectors and overseas Pirie, From mid , US currency against Japanese Yen played somewhat a part in declining Korean export competitiveness. When Yen was weakened, the ratio of Bank of International Settlement BIS fell, which forged Japanese banks began to recall loans from their clients in South Korea and elsewhere, and this led to subsequent bankruptcy of a large number of chaebols, including the pressure to bailout Kia Kihwan, This is not to mention the sharp political changes including the democratisation since that has given rise for stronger civil society such as trade unions to demand higher wages and social welfare.
External triggers played some part in accelerating South Korean journey to the crisis. Along with Thai Baht crisis and its viral spread in Southeast Asia, Hong Kong stock market was also in sharp decline due to difficulty caused currency speculative attacks. South Korean economy tremendously suffered because many foreign creditors, especially the American and Japanese, then refused to offer more loans to Korean financial institutions. This essay has examined in close account the natures of developmental state as well as how and how far the characteristics of this concept can explain the developmental success of both Japan and South Korea.see
Banking, the State and Industrial Promotion in Developing Japan, 1900–73. By SHINJI OGURA
And the framework used to explain the case included three dimensions: state and finance, industrial policy, and state-business relations. It becomes very clear that their extraordinary developmental success require not less states but strong states, along with the market forces, with capacity to mobilise resources and connections to fuel their national project—swift industrialisation. Similarly with little natural resource, South Korean with strong leadership in early s had seized firm control over finance to feed the increasing powerful chaebols in realising its FYPs especially in HCI.
However, after reaching their zenith era, their status as developmental states have been questioned if not rejected by empirical evident of previous crises, which believe to come from both within developmental states themselves coupled with certain external forces, viz.
Notwithstanding, the developmental success of both Japan and South Korea continue to reflect the legacies of the developmental state, and until present day that both states continue to play very critical roles in the formation, implementation, and sustainment of economic reforms. Amsden, A.
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