| Summary/Abstract |
After painful reform and restructuring of post-1997 financial crisis, many scholars equated South Korea’s ‘post-developmental state’ with neo-liberal state. However, in doing so, they ignored South Korea’s lasting legacy of interventionist ‘developmental state’ that led nation’s miraculous transformation from a poor agrarian society to a prosperous industrial economy. This article stresses that South Korea indeed tried to adopt some of the policy prescriptions suggested by neo-liberal ideas but moving beyond the dictates of neo-liberalism it also strengthened state capacity to augment non-market mechanisms.
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