The field of Economics and International Political Economy (IPE) often omits the importance of an idea that shapes an agent’s interests and behaviors, which can be crucial to understanding the...Show moreThe field of Economics and International Political Economy (IPE) often omits the importance of an idea that shapes an agent’s interests and behaviors, which can be crucial to understanding the policy’s decision-making process. This paper argues the power of economic ideas, which, formulated by internal and external affairs, have the capacity to change the institution, also providing the reasoning for certain policy choices. The paper will explore reasons to certain policy measures that happened in two financial crises in the Republic of Korea, by tracking back into the economic ideas of Neoliberalism and Pragmatism that were dominated by the policy makers during the Kim Young Sam and Lee Myung Bak administration.Show less
