ABSTRACT
In this chapter, I explore why Korea has been caught in what some have described as a ‘global trap’ (Martin and Schumann 1997). Since the 1997 financial crisis in East Asia, many were talking about the end of the miracle while others such as Krugman (1994) announced that the so-called miracle was a myth.1 Both views, I will argue, are misleading. They both give us distorted images of development. To help us reflect on the tensions between different modes of capitalist development, I will focus on some key aspects of the economic crisis.
