The aim of this article is to examine policy responses to the 1997 Asian and 2008 global economic crises in South Korea in terms of financial, industrial, foreign exchange, labor and welfare policies. For the aim, this paper first narrated the background and process of the two cases, and then examined the varying policy responses to the economic crisis. The next chapter compared the commonality and difference between the two cases.Commonalities were shown in the following aspects: the early stage of political power; ideological severance from preceded political regimes; vulnerability to external economic setting; militant and unyielding trade unions; establishment of social consensus; similarities in some policy responses; and strong governmental intervention. Meanwhile, differences between the two cases were observed in the following points: contrasting political spectrum; different policy orientation; perception gap about the seriousness of crisis; difference in the degree of external compulsion; different setting of financial market; and some differences in policy responses.

□ Key Words: Asian economic crisis, global economic crisis, South Korea,
policy response