Illusions of Neoliberalization: The Dual Nature of the Reform of the Bank of Korea since the Economic Crisis of 1997
in the department of sociology and Robert Brenner in the department of history at UCLA for their thoughtful suggestions, criticism and other help. I also thank the anonymous reviewers of Globalizations for their insightful comments. Taekyoon Lim is currently a PhD candidate at Abstract This article investigates the transformation of the Korean state in the extensive neoliberalization process since the economic crisis of 1997. It challenges the perception of Korea as the paragon of
... on of neoliberalization for the Third World and demonstrates the illusion of neoliberalization. Focusing on the reform of Korea's central bank, the Bank of Korea, this article argues that Korea's neoliberalization generated an incongruous combination characterized by the persistent legacies of the prior developmental state under the veil of formal neoliberal scheme of depoliticization. It also argues that behind such double-facedness were the core state elite who operated under the institutional legacy of the prior developmental state in maintaining their power against domestic and international pressure. This article seeks to draw attention to discrepancies between the neoliberal reform of formal institutions and policies at a macro level and their actual and underlying management and nature at a micro level.