Korea, bad policy or victim ?

In a recent post responding to Pat Gunning on neoliberal global capitalism, 
I mentioned that Korea, I had heard, had managed to retain a respectable 
level of equity throughout its phase of economic growth.

Below is a quote on the current state of things in Korea, which we forget, 
now no longer 'newsworthy'. 

What grave errors did economic policy-makers commit that can explain 
the disasterous economic contraction ?  None more serious than in any 
of the OECD countries I suggest.  Conclusion - the sometimes 
radical economic contractions (with disasterous social consequences) are 
an intrinsic feature of neoliberal global capitalism.  

Can we adjust the system to avoid this ?  Or do we need a new system ?
If we maintain a steady course, are these radical economic contractions 
likely to diminish, or actually become more severe ?

"In 18 months," said Kang Sang Goo of South Korea's union-linked Policy
and Information Centre, "we've gone from almost
zero unemployment to 3, 65-million people without jobs and tens of
thousands of people homeless. The suicide rate among
young women is catastrophic."


Regards,
Geoff Holland