The post-crisis economic reforms in South Korea have been uneven. While financial reform has been thoroughly carried out, corporate restructuring and labor market flexibility have not been successfully implemented to transform the micro-behavior of the chaebol and labor unions. The unevenness of economic reform is attributable to sociopolitical dynamics.
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Errata: In the September/October 2016 issue (volume 56 number 5, pages 836 and 849), there was a technical printing error in Figures 1b and 2 of the article by Ajay Raina that resulted in a loss of data on the graphs. This online article contains the restored figures in their original, correct state. The error is regretted.