Globalization has transformed the Korean developmental state into the (dependent) neoliberal state. It also has failed to develop the limited political democracy in Korea into the full-fledged liberal democracy. Instead, it has introduced to Korea neoliberal police state in order to suppress the resistance of the working people against neoliberal policies. Globalization tends to transform fordism and Keynesian welfare state into postfordism and Schumpeterian workfare state, respectively. However, in Korea, even before globalization, there had been no Keynesian welfare state but a combination of Listian national competition state and Schumpeterian workfare state. Globalization has replaced it with a combination of denationalized foreign capital inducing state and Schumpeterian workfare state and thereby replaced the domestic monopoly capital(chaebols) with transnational financial capital as its main class base.