Analyses & Alternatives 2023 KCI Impact Factor : 1.46
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pISSN : 2508-822X / eISSN : 2508-8238
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Politics of State-led Microcredit under the Lee Myung-bak Administration: State Autonomy, Capacity, and Outcomes
- Analyses & Alternatives
- Abbr : A&A
- 2020, 4(1), pp.5~37
- DOI : 10.22931/aanda.2020.4.1.001
- Publisher : Korea Consensus Institute
- Research Area : Social Science > Social Science in general
- Received : December 28, 2019
- Accepted : March 25, 2020
- Published : March 31, 2020
Jong Ho Choi 1, HEON JOO JUNG 2
1민주연구원
2연세대학교
Candidate
ABSTRACT
In the 2000s, financial exclusion of low-income people emerged as a major social problem in South Korea. Microcredit business was first introduced by NGOs to help the poor overcome poverty while the Korean government soon chose to initiate microcredit policies to assist financially marginalized low-income people as a key policy measure to alleviate social inequality and revitalize economy. Unlike the initial expectation that state intervention in microcredit industry would be more effective, the outcome has been much less impressive. This paper aims to examine the poor performance of state-led microcredit in South Korea during the period of Lee Myung-bak administration by employing the concepts of state autonomy and capacity. It finds that the state autonomy, a key characteristic of a develop- mental state, was high in the sense that the funds had been raised in the face of strong resistance from private financial institutions. Lack of state capacity such as low technocratic expertise and politicization of microcredit policy, however, turned out to be a major stumbling block to the state-led microcredit in South Korea. This study shows that although the Korean government still has strong willingness to intervene in the financial market even in the face of interest groups’ opposition, the eventual success of state action largely depends on its capacity to effectively implement financial policies.
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