1997 Korean Currency Crisis: Its Causes, Resolution and Social Impacts

This paper examines the 1997 currency crisis in South Korea and its societal impacts. Building foundations since its independence in 1945, the South Korean government attempted to create a self-sustainable economy. Although South Korea faced numerous hardships after independence such as the Korean War and coup, South Korea attempted to build sustainable foundations in the domestic industry. However, its attempts were hindered by American interventions, from Rhee’s regime in 1948 to Kim’s regime in 1997. Under American influence, the South Korean economy became export-led, lacking in size and quality in the domestic industry. This led to the currency crisis in 1997, leaving the Korean government to be lacking the inability to cope with the crisis. Despite this crisis led to several societal problems such as an increase in unemployment and suicide rate, Korean society was able to overcome the crisis, being introduced to a new culture, thus a new society. The gaming industry was introduced both to youth culture and unemployed, opening a new market in South Korea. Women raised their voice in their workplace for their employees and rights. Due to the currency crisis and American intervention, South Korea entered a new phase with new issues to deal with after the crisis