The demise of “Korea, Inc.”: Paradigm shift in Korea's developmental state

Lee, Sook-Jong; Han, Taejoon

doi:10.1080/00472330680000191

Cited by 59 publications

(12 citation statements)

References 7 publications

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“…Some scholars argue that its decline was related to the growing hegemony of neoliberalism in Korea Kim and Park 2008). This is related to a general consensus that in recent years Korea has experienced a pronounced shift toward the neoliberal model (Hall, 2003;Kim, 1999;Ha and Lee, 2007;Hundt, 2005;Lee, 2006). As Lee and Kwak's (2009) review of the literature points out, these authors refer to three types of evidence -the establishment of an independent financial regulator; the dramatic increase in foreign ownership of financial institutions (by 2003 foreigners owned more than 34% of Korean shares by value, up from just 13% at the end of 1996 WSJ 2003) and the segmentation policies for banking, securities, and trust activities -as evidence to support the view.…”

Section: The Decline Of Shareholder Activism and The Uneven Uptake Ofmentioning

confidence: 86%

“…As Lee and Kwak's (2009) review of the literature points out, these authors refer to three types of evidence -the establishment of an independent financial regulator; the dramatic increase in foreign ownership of financial institutions (by 2003 foreigners owned more than 34% of Korean shares by value, up from just 13% at the end of 1996 WSJ 2003) and the segmentation policies for banking, securities, and trust activities -as evidence to support the view. It is argued that these reforms precipitated the institutional death of the Korean developmental state (Hundt, 2005;Lee, 2006). explicitly link the rise of neoliberalism with the decline of the MSM.…”

Section: The Decline Of Shareholder Activism and The Uneven Uptake Ofmentioning

confidence: 99%

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Understanding the rise and decline of shareholder activism in South Korea: the explanatory advantages of the theory of Modes of Exchange

Dalton

Rama

2016

Asia Pacific Business Review

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The extent to which Korea has become a fully-fledged neoliberal state has been subject to debate. We argue that the recent rise and fall of shareholder activism in Korea is related to the coexistence of neoliberal and developmental state characteristics. Uncertainty as to "the rules of the game" during this uneven transition has provided the chaebol with an opportunity to defuse the radical potential of shareholder activism. Through an analysis of media reports this article argues there is a relationship between the rise of fall shareholder activism in Korea and a retreat from neoliberalism. It then discusses advantages of the theory of Modes of Exchange to make sense of these developments.

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Section: The Decline Of Shareholder Activism and The Uneven Uptake Ofmentioning

confidence: 86%

Section: The Decline Of Shareholder Activism and The Uneven Uptake Ofmentioning

confidence: 99%

Understanding the rise and decline of shareholder activism in South Korea: the explanatory advantages of the theory of Modes of Exchange

Dalton

Rama

2016

Asia Pacific Business Review

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“…Since the turn of the millennium, a sizeable literature has developed that argues that the 1997/8 crisis has led to a revival of the 'developmental' state rather than comprehensive neoliberal reform (Cherry 2005;Kalinowski 2008;Kim 2005;Lee and Han 2006;Weiss 2003;Weiss and Thurbon 2006). Importantly when arguing that the Korean developmental state has been reconstructed, these scholars do not claim that the policies the state now pursues closely mirror those of the 'classical' Korean developmental state.…”

Section: Korea As a Reconstituted Developmental Statementioning

confidence: 98%

“…Those scholars who argue that contemporary Korea is a developmental state frequently accept that Korea engaged in substantive neoliberal reform in the 1980s and 1990s and that the state lost much of its strategic purpose/capacity to discipline domestic capital. However, the crisis is seen to have created the conditions for a renaissance of the 'strategic' state (Kim 2005;Lee and Han 2006).…”

Section: Introductionmentioning

confidence: 96%

The new Korean political economy: beyond the models of capitalism debate

Pirie¹

2012

The Pacific Review

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A key theme within the literature on the evolution of the Korean political economy since the 1997/8 crisis has been the extent to which Korea remains a 'developmental state' or has pursued radical neoliberal reform. These debates have not only reflected a concern with understanding the Korean economy but with a wider set of questions relating to the future of capitalist diversity within a globalized economy. By the late 1980s Korea had come to be regarded as a model of successful state-led late capitalist development. Korean modern economic history has insured that questions relating to the extent that it has pursued neoliberal reform have been of keen interest to students of political economy globally. This paper argues that substantive neoliberal reform has taken place in Korea since 1997. The thesis that a new 'developmental state' is in process of consolidating itself is simply wrong. However, the state's reform program interacted with material conditions and political coalitions at the meso level in a complex and uneven manner. In certain critical sectors, such as finance, a neoliberal regulatory regime has been consolidated. In others, such as telecommunications, developmentalist regulatory structures have proven to be highly resilient. In order to fully understand the complexity of the contemporary Korean political economy it is necessary, therefore, to prioritize the importance of meso-level analysis.

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“…Following the Korean War (1950)(1951)(1952)(1953), Korea went through a period of authoritarian military dictatorship under President Park Chung-hee (1961Chung-hee ( -1979. Park prioritized economic development through state-led, export-oriented industrialization under the banner of 'Modernization of the Motherland' (Minns 2001, Chu 2009, Lee and Han 2000. The developmental state model, based on strong state intervention led by extensive regulation and macroeconomic planning, affected all policy fields, including the arts and culture, as the 'state became its biggest resource provider, planner and coordinator' (Chu 2009, Lee 2013.…”

Section: Introductionmentioning

confidence: 99%

Contemporary cultural diplomacy in South Korea: explicit and implicit approaches

Kang

2015

International Journal of Cultural Policy

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This paper argues that in the case of Korea, cultural diplomacy (CD) has been explicitly implemented in a top-down and unilateral approach by government to enhance national prestige abroad, underpinned by the institutional legacy of a 'developmental state' model of governance. Yet, an implicit approach has also emerged, associated with capacity building of the domestic cultural industries through promoting 'international cultural exchange'. Whilst the top-down unilateral approach has persisted, a disarray of policy rhetoric and institutional fragmentation surrounding CD, as well as the blurring of cultural industries development policy with the CD agenda has led to gradual convergence of both explicit and implicit approaches.

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The demise of “Korea, Inc.”: Paradigm shift in Korea's developmental state

Cited by 59 publications

References 7 publications

Understanding the rise and decline of shareholder activism in South Korea: the explanatory advantages of the theory of Modes of Exchange

Understanding the rise and decline of shareholder activism in South Korea: the explanatory advantages of the theory of Modes of Exchange

The new Korean political economy: beyond the models of capitalism debate

Contemporary cultural diplomacy in South Korea: explicit and implicit approaches

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