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Confucianism in the Context of Economic Crisis in Korea

  • Sangki Kim
  • Bong Joon Yoon
Conference paper
Part of the Studies in Economic Ethics and Philosophy book series (SEEP)

Abstract

In a fairy tale, magic turns a frog into a prince. In Korea, the financial crisis turned a tiger into a toad. Korea’s economy came to be derided as crony capitalism, and moral hazards became a hallmark of its business practices. Once proud and boastful, Koreans have suffered a crushing humiliation and are trying to change their modus operandi that foundered to the glee of their foreign competitors. As usual in this country, the government takes lead to change the structure of economy. State-guided neoliberalist reform not only sounds like an oxymoron but also is creating new problems. Nevertheless, Korea must take that course, since opening itself to the world is no longer a matter of option, and yet business corporations are dragging their feet in making changes. In the long run, the present crisis may turn out to be the best thing that could happen to Korea, not because the efforts to overcome it promise any future prosperity, but because past practices simply can no longer hold water. In any case, neo-liberalist reforms alone will not resolve the deeper crisis of culture and value that has been the outcome of Korea’s state-guided capitalism. Korea must find within its older and more durable traditions a discipline to overcome its present crisis, and beyond that, build itself to take its appropriate place within the larger world order.

Keywords

Civil Society Filial Piety Protest Movement Benevolent Leader Neoliberalist Reform 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Notes

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Copyright information

© Springer-Verlag Berlin Heidelberg 2001

Authors and Affiliations

  • Sangki Kim
  • Bong Joon Yoon

There are no affiliations available

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