Big Business, Strong State: Collusion and Conflict in South by Eun Mee Kim

By Eun Mee Kim

This e-book debunks the rosy good fortune tale approximately South Korean fiscal improvement by way of examining how the nation and companies shaped an alliance, whereas except exertions, on the way to reach monetary improvement, and the way those 3 entities have been reworked within the strategy. the writer analyzes the anomaly of South Korean improvement from 1960 to 1990—a interval within which the rustic skilled dramatic social, monetary, and political alterations. via reexamining South Korea’s improvement throughout the collaboration and clash among the kingdom and the chaebol (big businesses), she illuminates the inherent barriers and difficulties of the developmental country.

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Additional info for Big Business, Strong State: Collusion and Conflict in South Korean Development, 1960-1990

Sample text

Unlike the Japanese zaibatsu, or keiretsu, reason. As these findings indicate, a strong desire to keep the where consensus decision making is advocated (although rarely business in the family is an important motivator in the South practiced in a true sense of democratic decision making), there Korean chaebol. is no mention of such an ideal in the South Korean chaebol. Such a desire to keep the business in the family may have The relationship between the chair and the member companies been present in businesses in other nations.

During the 1970s, the state provided low-interest-rate loans for heavy and chemical indus­ trialization, from which the large chaebol benefited dispropor­ tionately. 2 Hyundai, the largest chaebol in the late 1970s and 1980s, grew at an average rate of 38 percent every year during the 1970s (E. M. Kim 1991). ). 5 times faster than the entire South Korean economy. 9 percent,3 which was one of the highest rates in the The chaebol have also become prominent in the world economy. Hyundai, Samsung, and Lucky--Gold Star are familiar names to consumers worldwide.

Every morning. Such an early meeting was partly to avoid Seoul's horrendous traffic jams during morning rush hour and partly to discipline his sons. , the senior Chong and his sons sat down for a simple Korean-style breakfast. , they marched with the senior Chong in the front of the formation to a nearby health club to work out, and soon afterward they left for the party headquarters. This story is told over and over again in the domestic media as a symbol of family control and filial piety in modern business.

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