ninety-month expansion labelled the ‘Massachusetts’ Miracle’, the Commonwealth lost one-third of its manufacturing jobs between 1985 and 1992.
The country’s first high-tech region had seemingly lost industrial leadership
much more quickly in the new industries of the late twentieth century than
in industries first established in Massachusetts in the nineteenth century.
The simultaneous collapse of the minicomputer and defence industry, with
the end of the ColdWar, touched off a downturn which, added to the longterm contraction of traditional industries
in thirty years – the Kim
Young Sam administration, which came to power on February 23, 1993. As
Samuel Kim (2000, 2) notes, “indeed, no state in the post-ColdWar cast its
lot with globalization as decisively or as publicly as Korea did under the
Kim Young Sam administration, which viewed it as the most expedient way
for Korea to become a world-class, advanced country. Segyehwa has been
touted as no longer a matter of choice but one of necessity – globalize or
Thus, during the Kim Young Sam administration (February 1993–
February 1998), controls on