S-Space Graduate School of Public Administration (행정대학원) Dept. of Public Administration (행정학과) Korean Journal of Policy Studies (정책논총) Korean Journal of Policy Studies (정책논총) vol.25(2) (2010)
Time Factors in Policy Performance: The Korean Governments Economic Crisis Management in 2008
- Lim, Tobin; Cho, Wonhyuk
- Issue Date
- Korean Journal of Policy Studies, Vol.25 No.2, pp. 103-128
- This paper assesses the Korean governments management of the
recent economic crisis by focusing on time factors. The events that occurred
from March 2008 to October 2009 and the governments corrective actions are
interpreted through a time lens that accounts for the temporal constraints in
terms of objective time as well as perceptive time. These two time domains have
significant effects on the management of public policies, especially economic
policies that require government interventions that affect the complex interactions
of economic factors from both the fiscal policy and market perspectives. In
order to illustrate the importance of long-term strategy, this study reviews the
evolution of the economic situation following the onset of the financial crisis.
Our retrospective analysis does not find that the Lee Myung-Bak government
deployed strategies relevant for the long term, but rather that President Lees
authoritarian attitude itself may help him fuel the economy for a long time.
Regardless of the causes, this case emphasizes the need for consistency in policy
making, especially when the policy areas particularities require it.