This episode of the Korea Now podcast features an interview that Jed Lea-Henry conducted with William Mako. They speak about the impact of the Asian Financial Crisis on South Korea, the structure of the Korean economy leading into the late 1990s, the historical reasons for many of the unsustainable business practices, the role of the Chaebol, the nature of the IMF’s bailout package, the impact on Korean society, and the long-term legacy of the crisis.
William Mako advised Korea’s Financial Supervisory Commission during the Asian Financial Crisis, and in its aftermath. Working on Chaebol reform, William helped to restructure Korea’s corporate sector, assisted in the implementation of loan conditions, monitored the restructuring efforts through the IMF, and ran nation-wide supervision of the negotiated changes. In 2014, William retired from his position at the World Bank, and now lectures on macro-economics at Kyung Hee University and L’institut des études politiques de Paris.
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