The Changing Economic Models of Chaebol Capitalism
Introduction and Problem Statement
In late November, 1997, yet another horde of invaders landed on the Korean soil, this time wearing three-piece suits and carrying briefcases. These invaders were a large group of numbers crunchers from the International Monetary Fund and their target was the infusion of up to $55 billion in IMF funds to the ravaged Korean economy. Richard Lacayo, in the December 3, 1997 issue of Time Magazine points out: Just a few weeks before they arrived, Seoul had been calling the idea of an IMF rescue unthinkable. Now the unthinkable is fully under way, and the fund’s inspectors have become supervisors of the world’s 11th largest economy (Lacayo, 1997, 37). The real target of the IMF..