| Abstract: | Globalisation, or segyehwa1 1. The system of romanisation for the South Korean language that is used in this article is the revised system proclaimed by the South Korean Ministry of Culture and Tourism in July 2000. Exceptions to the revised system are proper nouns – e.g. the names of the former presidents of South Korea and of jaebeol (chaebol) groups such as Samsung, Hyundai, Daewoo and Sunkyung. View all notes in Korean, has recently been the central theme in discussions of South Korean political economy, particularly in strategic policy-making discourses since the outbreak of the Asian financial crisis, which was triggered by the collapse of the Thai baht in 1997. The serious nature of the South Korean currency meltdown in 1997 resulted at first glance in a striking transition in the South Korean political economy from state-driven market and industrial policies, and a strong nationalist policy towards foreign capital (inflow of foreign direct investment), to a neo-liberal policy of globalisation. This article critically examines the paradoxical nature of Korea's globalisation efforts under three political regimes (February 1993–February 2008), as a response to new economic conditions embedded in the nature of developmental capitalism. The paper argues that South Korea's globalisation effort over the period has been highly pragmatic and selective in policy and regulations but has resisted embracing the principles of market-driven globalisation. South Korea's globalisation drive or segyehwa therefore appears only a temporary phenomenon rather than a carefully structured strategic policy. |
