Financialization and Industrial Policies in Japan and Korea Evolving Complementarities and Loss of Institutional Capabilities

Lechevalier, Sébastien; Debanes, Pauline; Shin, Wonkyu

doi:10.2139/ssrn.3146968

Cited by 4 publications

(6 citation statements)

References 71 publications

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“…To be sure, there is a case to be made that when viewed in total, liberalization was an essential ingredient in ensuring Korea's continued economic expansion in the post-developmental state era (see Pirie 2008, 1-16). Furthermore, the dilemmas emerging from the ideological legacies discussed here mirror institutional incongruities that coincided with liberalization and continued to muddle state economic initiatives for decades to come (Lechevalier, Debanes, and Shin 2017). All this said, the chief point of emphasis here is that segyehwa's policies-regardless of their technical meritswere forced to grapple with the ideological legacies imparted from the Park era.…”

Section: In Search Of the 'Global Mind'mentioning

confidence: 87%

South Korea’s Developmental Epoch: A New Economic Nationalism Perspective

Hockmuth¹

2018

AISR

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Over the last half-century, South Korea has experienced momentous economic, political, and social transformations tied to its rapid industrialization. This paper utilizes economic nationalism as a mechanism for exploring the interplay of continuity and change across several key periods of this developmental epoch. It identifies the specific ways nationalism was incorporated into the developmental politics of the Park Chung Hee era (1961-1979) and in turn how these ideological legacies weighed upon Kim Young Sam’s globalization (segyehwa) agenda (1993-1997). In pursuing these aims the paper draws from a set analytical tools developed by a group of scholars seeking to reestablish the connection between economic nationalism and the mass politics roots of nationalism itself. It finds that tracing the specific ways in which nationalism was employed in the service of economic ends during the Park era sheds light on the contentious politics of segyehwa and the particular strategies the Kim administration embraced in promoting its policies. Additionally, given the increasing prominence of nationalist politics around the globe, the paper potentially speaks to a much wider set of cases through its theoretical and empirical insights into the intersection of technical and ideological issues entwined with economic liberalization.

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Section: In Search Of the 'Global Mind'mentioning

confidence: 87%

South Korea’s Developmental Epoch: A New Economic Nationalism Perspective

Hockmuth¹

2018

AISR

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“…This required greater efforts to cooperate with other ministries, including with the then Ministry of education (Elder, 2003). Moreover, the liberalisation of the economy increased the decentralisation and compartmentalisation of STI policies among different ministries, which led to significant efforts to "re-coordinate the economy" (Lechevalier et al, 2016).…”

Section: Policy Coordinationmentioning

confidence: 99%

Mission-oriented innovation policy in Japan

Larrue

2021

OECD Science, Technology and Industry Policy Papers

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This report assesses the potential for mission-oriented innovation policies (MOIPs) to contribute to the sustainable transition in Japan, and examines the challenges and opportunities that MOIPs would present. As part of a series of MOIP national case studies, the report finds that the ongoing ambitious and top-down MOIPs led by the centre-ofgovernment build upon a long history of proactive and goal-oriented policy intervention. MOIPs in Japan are the latest step of decades of efforts to reduce the fragmentation and lack of holistic coordination of Japan's science, technology and innovation policy in order to proactively address societal challenges. Available evaluations of these policies demonstrate very encouraging results in that regards. The study concludes with recommendations to pursue these efforts, including by mainstreaming these policy initiatives across the government structure and complementing them with more bottom-up challenge-based initiatives.

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“…Political economic approach defines institutions as "political compromises among different interest groups that form socio-political coalitions to advance their interests" (Lechevalier et al, 2016, p. 6). It has been very recently that Yamada & Hirano (2015) as well as Lechevalier et al (2016) and Jackson (2016) have demonstrated the merits of applying political economic theory to the issue of intensified SV pursuit in Japan and its connection to labor deregulation. While their analysis is yet preliminary, current research incorporates and tests the view about the pursuit of SV being a political project aimed at power accumulation (Amable, 2016).…”

Section: Research Operationalization: Shareholder Value and Nonregulamentioning

confidence: 99%

Impact of shareholder-value pursuit on labor policies at Japanese joint-stock companies: Case of Nikkei Index 400

Ovsiannikov

2016

The Japanese Political Economy

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This paper aims at finding out how the shareholder-value pursuit has affected labor policies at large Japanese listed enterprises. It concentrates on the issue of labor bifurcation, whereby the proportion of nonregular employees has grown rapidly over the last two decades, currently approaching the numbers of regular employees.In Japan, corporate governance reforms became key to structural macroeconomic changes according to the 2013 "Japan Revitalization Strategy" formulated by the Cabinet Office. This document mandated the creation of the JPX-Nikkei Index 400 -an index called to accommodate the most investor-friendly joint-stock companies. The move towards a shareholder model has been further reinforced through a rapid surge in foreign stockholding that started during the post-bubble period of the mid-1990s. At the same time, the externalities of increased returns to stockholders have been the changes in the related domains of management and labor, which I explain through the application of the political economic theory. This theory underlines the importance of inclusion into a "political bloc" for being eligible for economic benefits. Consequently, I argue that increased returns to politically privileged shareholders have been achieved at the expense of a growing proportion of unprivileged nonregular employees.The evidence yields support to the argument about the positive correlation between shareholder value and the proportion of nonregulars. On the other hand, foreign stockholding does not appear to be significantly correlated with the increase in nonregular employment. In turn, the study has found that the proportion of nonregular employees is significantly correlated with domestic ownership that characterizes higher managerial entrenchment.

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Financialization and Industrial Policies in Japan and Korea Evolving Complementarities and Loss of Institutional Capabilities

Cited by 4 publications

References 71 publications

South Korea’s Developmental Epoch: A New Economic Nationalism Perspective

South Korea’s Developmental Epoch: A New Economic Nationalism Perspective

Mission-oriented innovation policy in Japan

Impact of shareholder-value pursuit on labor policies at Japanese joint-stock companies: Case of Nikkei Index 400

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