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II. Globalisation and Crises
1. Crisis-ridden Globalisation2. Washington Consensus and Asian Crises
2. Washington Consensus and Asian Crises
III. Korean Crisis and IMF Control
1. Financial Crisis
2. IMF Conditionality
IV. Conclusion: A Tiger Tamed to a Pussy Cat
The recent two years or so have been among the most turbulent in Korea's modern economic history since the Korean War. During this period, the country has witnessed not only severe financial turmoil and ensuing economic stagnation but also a remarkably rapid recovery from the crisis. After sharp declines in economic activity and employment, both are on the rise and GDP has returned to its pre-crisis level. Financial market and conditions likewise improved, but are now becoming unstable again. After a free fall in the process of the financial crisis, the foreign exchange rate has considerably strengthened, although it still remains significantly more depreciated than before the crisis.
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