ABSTRACT
Chapters 7 and 8 will analyse how Chun’s government had installed new institutions for economic reform; why the government failed to realize the economic reform (financial reforms and regulations of business groups) in face of the limits of economic liberalization; and how Chun’s regime returned to a collusive state-big business governing coalition through another industrial adjustment. In particular, Chapter 8 will focus on why and how, in contrast to the failed HCIIAs, the new authoritarian government made it possible to dispose of financially ill-managed large firms by means of political and financial control over big business in order to achieve industrial adjustment. The new authoritarian government had built new institutions for liberal economic reform within the state, between state and society, and between state and market.
