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To sum up, the introduction of new forms of organization and structural adjustment was the imperative of the times. But in between 1980s and 1990s, East and Southeast Asian countries lost sight of the changing environment of capitalist world economy, whereas some of the western countries boldly threw themselves into the survival game of the new times. While East Asian countries were enjoying the taste of fruits of bubble economy, poisonous gas permeated through the air. And all of a sudden, they should fall down by the hard attack of casino capitalism. The longer the moments of ecstasy, the stronger are the pains. Although this chapter investigated mainly the South Korean situations, a different version of the same tune holds true for Southeast Asian countries.

4.4 Labor Market and Employment in the Countries of East Asia
Certainly, East Asian economies have fallen from heaven to the hell. Before the crisis, none of the indexes, such as the GDP growth rate, industrial investment and production, exports and consumer demand, would indicate a crisis in the making, and in fact the economies that crashed in 1997 had maintained robust growth during the first half of the 1990s. As to the GDP per capita growth rate, Asian tigers and emerging economies crowd the world's first rank over the longer term 1960 to 1995 periods. The condensed development process in some of the East and Southeast Asian countries result in the unparalleled move of the population towards the industrialized areas, while the scope of agriculture has been rapidly shortened, as it is reflected in Table 4.9.

In case of South Korea, Park Jeong-Hee Government, just after the coup in 1961, stepped on the road of industrialization by enacting the “5 year economic development plans”. During his reign, South Korea was famous for the “Miracle of Han River”, and the strategy of state-driven, export-led industrialization has become an exemplary model in Asia. On the basis of these strategies, South Korea can strengthen its structural capacities and remain as a pattern-setter state in East Asia following Japan. Although, after his death in 1979, the economy has fallen to the uncertain situations for the time being, South Korea can proceed forward without any hesitations. Certainly, the strong foundation of economy seemed to be a necessary condition for the political development as well. After the long struggle for democratization, Kim Yeong-Sam was elected as the president of South Korea in 1993. Thus, democratized Korea with an everlasting economic growth stately joined in OECD as a member country.

Singapore started as the city state, and in 1967 just after the independence, she has every effort to carry out the strategic industrialization by enacting the Economic Expansion Incentive Act. Especially Singapore shows the tendency to develop by the absorption of Foreign Direct Investment from abroad. Although the development patter is somewhat different from that of Japan and South Korea. But the leading role of Prime Minister Lee Kwan-Yu was similar to that of President Park Jeong-Hee in South Korea. As the result, Singapore can run ahead of other countries in Southeast Asia.

Around that time, Malaysia and the Philippines followed up Singapore. Although the corruptions and the honeymoon between political leaders and capitalist economic leaders were wide spread, the rapid growths in both countries were guaranteed