Kim Young-sam segyehwa globalisation — IMF crisis endpoint (South Korea)

Doctrine — stated goals and content

Kim Young-sam segyehwa (세계화, globalisation) reform doctrine — first civilian president in 32 years; anti-corruption, financial liberalisation, OECD accession, culminated catastrophically in 1997-98 IMF crisis. Economic school: pro-market civilian-reformist overlay on developmentalist chaebol structure; capital-account liberalisation without prudential upgrade — classic Asian crisis morphology. Dated policies: Real-name financial transaction system implemented by emergency presidential decree 12 Aug 1993 ending pseudonymous accounts; anti-corruption prosecutions — Chun Doo-hwan + Roh Tae-woo arrested Dec 1995 for mutiny/treason/bribery (1996 trials, life + 22.5 years); OECD accession 12 Dec 1996; capital- account liberalisation steps 1993-1997 including short-term foreign-currency borrowing by merchant banks; Hanbo Steel collapse Jan 1997 + Kia collapse Jul 1997 + Daewoo stress; IMF standby 3 Dec 1997 — $58.4bn package (IMF $21bn + IBRD $10bn + ADB $4bn + bilat $23.4bn), largest to that point; labour-law reform Dec 1996 sparking general strike. Left-right: centre-right reformist civilian; free- market rhetoric with lingering developmentalist practice. Popularity: Dec 1992 election Kim Young-sam 42.0%; approval 85% early 1993; fell to 6% post-Hanbo + son's Hanbo bribery arrest + crisis; Dec 1997 Kim Dae-jung elected first opposition president 40.3%. Coherence: moderate ex ante (anti-corruption + globalisation + reform plausibly fit together) but low ex post — capital-account liberalisation without prudential regulation drove 1997 crisis.