Economics
The Political Economy of Currency Crises and Austerity Politics
Quick fact
In the 1997 Asian financial crisis, South Korea accepted an IMF bailout that required raising interest rates and cutting spending—leading to a deep recession but also to a political backlash that reshaped its government.
Why this is interesting
When a country's currency collapses, why do the poorest often pay the price while the rich get bailed out? What determines who shoulders the burden?