SEOUL: Despite World Bank emergency grants and IMF rescue funding of $57 billion, Korea's economy, the world's 11th largest, remains on the brink of collapse. If a debt moratorium or default can be avoided, however, Korea's state-led capitalism may yet be transformed into something like market-led capitalism, one more competitive in -- and open to -- global markets.
SEOUL: Despite World Bank emergency grants and IMF rescue funding of $57 billion, Korea's economy, the world's 11th largest, remains on the brink of collapse. If a debt moratorium or default can be avoided, however, Korea's state-led capitalism may yet be transformed into something like market-led capitalism, one more competitive in -- and open to -- global markets.