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Economic Performance in Post-Crisis Korea: A Critical Perspective on Neoliberal Restructuring
James Crotty,Kang-Kook Lee 서울대학교 경제연구소 2001 Seoul journal of economics Vol.14 No.2
This paper evaluates the neoliberal economic restructuring process implemented in Korea following the 1997 Asian financial crisis. We first argue that the austerity macroeconomic policy of late 1997 and early 1998 was the main cause of the economic collapse in 1998, and that the decision of the IMF and President Kim Dae Jung to impose a radical neoliberal transformation of financial markets and large industrial firms in the depressed conditions of 1998, though defensible on political grounds, made the failure of these reforms Virtually inevitable. A detailed analysis of the macro economy, labor markets, financial markets, and nonfinancial firms in Korea in the past three and one-half years shows that neoliberal restructuring has created a vicious cycle in which a perpetually weak financial sector fails to provide the capital needed for real sector growth, investment and financial robustness, while real sector financial fragility continuously weakens financial firms. Neoliberal policies may have pushed Korea onto a low-investment, low-growth, development path, one with rising insecurity and inequality. Meanwhile, the removal of virtually all restrictions on cross-border capital flows has led to a dramatic increase in the influence of foreign capital in Korea's economy. The paper concludes by arguing that Korea should reject radical neoliberal restructuring and instead adopt reforms designed to democratize and modernize its traditional state-guided growth model.
James Crotty,Gerald Epstein and Patricia Kelly 서울대학교 경제연구소 1997 Seoul journal of economics Vol.10 No.4
In this paper we analyze two related aspects of the current globalization process. The first is the relation between the activities of multinational corporations(MNCs) and the economic well being of workers in the North. In particular, we ask whether the increase in capital mobility associated with the world-wide movement of liberalization, deregulation, and privatization has contributed to the problems of high unemployment, wage stagnation and rising inequality. The second concern of the paper is the impact of the evolution of the Neo-liberal global regime(NLR) itself on economic well-being in the North and South. Here we make two basic arguments. First, Neo-liberal institute and practices tend to generate inadequate global aggregate demand growth and thus high global unemployment, unleash destructive competitive processes, and weaken government's ability to regulate business in the interest of the public. Second, the force of global Neo-liberalism is so powerful that it has become difficult if not impossible for countries to maintain non-Neo- liberal economic structure.
James Crotty 서울대학교 경제연구소 2002 Seoul journal of economics Vol.15 No.2
This paper begins with a summary of arguments in support of the thesis that neoliberal policies have altered the competitive environment within which large nonfinancial corporations operate by slowing global aggregate demand growth and removing national barriers to trade and direct investment. These changes spawned destructive competition in key global industries, leading to low profits, high leverage and chronic excess capacity. It then argues that the evolution of financial markets in the last quarter century has strongly affected nonfinancial corporate structure and performance. Financial market changes led to shorter corporate planning horizons and weaker allegiance of key stakeholders to long-term corporate goals, and they dramatically altered management compensation criteria in ways that aligned top managers' interests with those of institutional investors concerned only with short-term stock price movements. Financial market pressures also led to an enormous increase in the percent of nonfinancial corporations' cash flow disgorged to financial market agents.
Was Korea’s Economy Structurally Dysfunctional in the Mid-1990s?
James Crotty,Kang-Kook Lee 한국사회경제학회 2007 사회경제평론 Vol.- No.29-1
As late as October 1997 the IMF declared that the Korean economy was experiencing a temporary liquidity squeeze, not a solvency problem. Yet in December 1997 Deputy Managing Director Stanley Fischer declared that Korea suffered from a systemic “breakdown of economic relations” so complete that only radical economic restructuring could restore prosperity. The IMF attached what it called “extreme structural conditionality” to its loan agreements with Korea, demanding a complete and rapid transition from Korea’s traditional East Asian economic model to a globally integrated neoliberal model. We subject the IMF’s assertion that the allocative efficiency of the Korean economy had collapsed by 1997 to a number of empirical tests. The evidence does not support the IMF’s systemic breakdown claim. We conclude that the IMF’s imposition of “extreme structural conditionality” on Korea is best understood as an illegitimate and antidemocratic exercise of power designed to meet the needs of the IMF’s key constituents rather than those of the majority of Korea’s people.
James Crotty,Kang-Kook Lee 한국사회경제학회 2007 사회경제평론 Vol.- No.29 (2)
As late as October 1997 the IMF declared that the Korean economy was experiencing a temporary liquidity squeeze, not a solvency problem. Yet in December 1997 Deputy Managing Director Stanley Fischer declared that Korea suffered from a systemic “breakdown of economic relations” so complete that only radical economic restructuring could restore prosperity. The IMF attached what it called “extreme structural conditionality” to its loan agreements with Korea, demanding a complete and rapid transition from Korea’s traditional East Asian economic model to a globally integrated neoliberal model. We subject the IMF’s assertion that the allocative efficiency of the Korean economy had collapsed by 1997 to a number of empirical tests. The evidence does not support the IMF’s systemic breakdown claim. We conclude that the IMF’s imposition of “extreme structural conditionality” on Korea is best understood as an illegitimate and antidemocratic exercise of power designed to meet the needs of the IMF’s key constituents rather than those of the majority of Korea’s people.
Cytokines in Follicular Helper T Cell Biology in Physiologic and Pathologic Conditions
Choi Jinyong,Crotty Shane,Choi Youn Soo 대한면역학회 2024 Immune Network Vol.24 No.1
Follicular helper T cells (Tfh) play a crucial role in generating high-affinity antibodies (Abs) and establishing immunological memory. Cytokines, among other functional molecules produced by Tfh, are central to germinal center (GC) reactions. This review focuses on the role of cytokines, including IL-21 and IL-4, in regulating B cell responses within the GC, such as differentiation, affinity maturation, and plasma cell development. Additionally, this review explores the impact of other cytokines like CXCL13, IL-10, IL-9, and IL-2 on GC responses and their potential involvement in autoimmune diseases, allergies, and cancer. This review highlights contributions of Tfh-derived cytokines to both protective immunity and immunopathology across a spectrum of diseases. A deeper understanding of Tfh cytokine biology holds promise for insights into biomedical conditions.
Mark D. Gonzalez,Allison R. McMullen,Meghan A. Wallace,Matthew P. Crotty,David J. Ritchie,Carey-Ann D. Burnham 대한진단검사의학회 2017 Annals of Laboratory Medicine Vol.37 No.2
Dear Editor, Ceftolozane-tazobactam (C/T) and ceftazidime-avibactam (CZA) were recently approved for the treatment of complicated intra-abdominal infections and complicated urinary tract infections (http://www.fda.gov/NewsEvents/Newsroom/PressAnnouncements/ucm427534.htm, http://www.fda.gov/NewsEvents/Newsroom/PressAnnouncements/ucm435629.htm, both accessed February 24, 2016). To date, only one study has simultaneously evaluated the activities of C/T and CZA in vitro against Pseudomonas aeruginosa, and few studies have evaluated the effects of these antibiotics on multi-drug resistant (MDR) gram-negative bacteria [1-3]. This study aimed to examine the activities of C/T and CZA against β-lactam-resistant Enterobacteriaceae and P. aeruginosa clinical isolates.
Caiazzo, L.,Baccolo, G.,Barbante, C.,Becagli, S.,Bertò,, M.,Ciardini, V.,Crotti, I.,Delmonte, B.,Dreossi, G.,Frezzotti, M.,Gabrieli, J.,Giardi, F.,Han, Y.,Hong, S.-B.,Hur, S.D.,Hwang, H.,Kang, J Elsevier 2017 CHEMOSPHERE - Vol.176 No.-
<P><B>Abstract</B></P> <P>In this work we present the isotopic, chemical and dust stratigraphies of two snow pits sampled in 2013/14 at GV7 (coastal East Antarctica: 70°41′ S - 158°51′ E, 1950 m a.s.l.). A large number of chemical species are measured aiming to study their potentiality as environmental changes markers. Seasonal cluster backward trajectories analysis was performed and compared with chemical marker stratigraphies.</P> <P>Sea spray aerosol is delivered to the sampling site together with snow precipitation especially in autumn-winter by air masses arising from Western Pacific Ocean sector.</P> <P>Dust show maximum concentration in spring when the air masses arising from Ross Sea sector mobilize mineral dust from ice-free areas of the Transantarctic mountains.</P> <P>The clear seasonal pattern of sulfur oxidized compounds allows the dating of the snow-pit and the calculation of the mean accumulation rate, which is 242 ± 71 mm w.e. for the period 2008–2013.</P> <P>Methanesulfonic acid and NO<SUB>3</SUB> <SUP>−</SUP> do not show any concentration decreasing trend as depth increases, also considering a 12 m firn core record. Therefore these two compounds are not affected by post-depositional processes at this site and can be considered reliable markers for past environmental changes reconstruction.</P> <P>The rBC snow-pit record shows the highest values in summer 2012 likely related to large biomass burning even occurred in Australia in this summer.</P> <P>The undisturbed accumulation rate for this site is demonstrated by the agreement between the chemical stratigraphies and the annual accumulation rate of the two snow-pits analysed in Italian and Korean laboratories.</P> <P><B>Highlights</B></P> <P> <UL> <LI> Ions, MSA, I, Br, BC and dust record from coastal East Antarctica are presented. </LI> <LI> Seasonal pattern of each markers is highlighted by comparison with δ<SUP>18</SUP>O. </LI> <LI> NssSO<SUB>4</SUB> <SUP>2−</SUP> and δ<SUP>18</SUP>O are chosen for annual layer counting. </LI> <LI> The mean accumulation rate over the period 2008–2013 is 242 ± 71 mm w.e.. </LI> <LI> Nitrate and MSA appear to be well preserved in this high accumulation rate site. </LI> </UL> </P> <P><B>Graphical abstract</B></P> <P>[DISPLAY OMISSION]</P>