ABSTRACT
In November 1999, two years after it had begun, President Kim Dae-jung declared that Korea had ‘completely overcome’ the financial crisis.1 But was it really over and, if so, what, if anything, had changed as a result of the collapse and recovery? Sceptics suggested that Asia’s – and Korea’s – much-hyped ‘new beginning’ was nothing more than a ‘mirage’,2 while the IMF’s head, Camdessus, argued the contrary position, that: ‘Asia is now starting again on a sounder basis. It is perhaps a blessing in disguise.’3
Which view expresses the reality as viewed from Seoul?
