In this study, the South Korean policy of evaluating the nation's entire teacher education programmes regularly, which was introduced amid the globalization and rising popularity of neoliberal education reforms, was examined. Over the years, this policy has been criticized widely for its minimal impact on transforming teacher education. Employing the theoretical frameworks of teacher quality and teacher education accountability, a variety of relevant policy documents and teacher educators' accounts were analysed to examine this problem. The results reveal that policymakers' intention of quality assurance through this evaluation affirms an instrumental and neoliberal value, reflecting the global education reform discourse that associates teacher quality with the nation's economic competitiveness. Aligned with this value, policymakers legitimize government control of teacher education and implement policies based on a narrow conception of teacher quality and the use of high-stake accountability mandates, thereby causing fear-based compliance with the programmes rather than genuine improvement in quality. The results suggest that any teacher education reforms that aim for meaningful teacher learning should reframe their conception of teacher quality based on a thoughtful and collective deliberation on what good teacher education is by actively engaging diverse stakeholders.