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Embracing Free Trade Agreements, Korean Style: From Developmental Mercantilism to Developmental Liberalism
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- Authors
- Issue Date
- 2010
- Citation
- Korean Journal of Policy Studies, Vol.25 No.3, pp. 101-123
- Keywords
- developmental mercantilism ; developmental liberalism ; industrial policy ; free trade agreement
- Abstract
- This study analyzes how and to what extent South Korea has embedded
developmental liberalism into its free trade agreement (FTA) initiative, departing
from its traditional focus on developmental mercantilism. In the wake of the global
economic crisis of 2008-09 and the subsequent expansion of government interventionism
across the world, the developmental state model has attracted renewed
scholarly attention. It offers a useful conceptual framework to examine how a particular
set of arrangements between the competitive and uncompetitive sectors in
South Korea has shifted from developmental mercantilism to developmental liberalism.
South Koreas FTA initiative constitutes a notable policy shift to liberalism,
departing from a mercantilist approach with a policy mix of import protection and
export promotion. It has been shaped by a top-down political initiative rather than
a bottom-up demand from business groups and the general public. Despite South
Koreas liberal but state-centric nature, its FTAs are closely embedded in its social
fabric.
- ISSN
- 1225-5017
- Language
- English
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