1. One may argue that Korean market liberalization in the telecommunication sector is far from ‘a full scale’. This is in a sense correct because, the Korean telecommunication reform is just about to start, and therefore it is far from a complete liberalization as of 1997. But I think it should be viewed as a ‘full scale’ reform because any other single sector or field in the Korean economy has ever experienced such a fast and large-scale market liberalization and regulatory reforms.
2. In 1996, the Korean economy is in deep recession due to the skyrocketing international debts, relatively high unemployment rates with high inflation rates, the lack of foreign reserves, the ever increasing labor unrest, the political crisis incurred by the Hanbok scandal, and so on.
3. For example, see McKenzie, R. B. and Lee, D. R., Quicksilver Capital: How the Rapid Movement of Wealth Has Changed the World, The Free Press. New York: Boaz, D. and Crane, E. H. eds., Market Liberalism: A Paradigm for the 21st Century. The Cato Institute, Washington, D.C.
4. See, for instance, Wriston, W. B., The Twilight of Sovereignty: How the Information Revolution ins Changing Our World. Scribner’s, New York:
5. Hall, P. A., Governing the Economy. Oxford University Press, New York. Hong, S. G., The Political Economy of Industrial Policy in East Asia. Edward Elgar, Cheltenham, UK.