Globalisation and Korean Foreign Investment PDF
Preview Globalisation and Korean Foreign Investment
GLOBALISATION AND KOREAN FOREIGN INVESTMENT To Sara and Chang-Hee with love Globalisation and Korean Foreign Investment 'Edited by JOHN A. TURNER University of Surrey YOUNG-CHAN KIM University of London First published 2004 by Ashgate Publishing Reissued 2018 by Routledge 2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN 711 Third Avenue, New York, NY 10017, USA Routledge is an imprint of the Taylor & Francis Group, an informa business ©John A. Turner and Young-Chan Kim 2004 John A. Turner and Young-Chan Kim have asserted their moral right under the Copyright,Designs andPatentsAct, 1988,to be identified as theeditorsofthiswork. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. A Library of Congress record exists under LC control number: 2004007701 Notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. Publisher’s Note The publisher has gone to great lengths to ensure the quality of this reprint but points out that some imperfections in the original copies may be apparent. Disclaimer The publisher has made every effort to trace copyright holders and welcomes correspondence from those they have been unable to contact. ISBN 13: 978-0-815-38924-8 (hbk) ISBN 13: 978-1-351-15736-0 (ebk) Contents List of Figures vii List of Tables viii List of Contributors x Acknowledgements xi 1 Introduction: Interpreting the Idea of a Global Economy 1 John Turner and Young-Chan Kim 2 The Theory of Korean Foreign Direct Investment 17 Young-Chan Kim and Yongrok Choi 3 Paradoxes of Globalisation: Some Thoughts on a Much 39 Abused Concept Carlos A. P. Machado 4 Global Capitalism and the Asian Financial Crisis 60 Douglas J. Sikorski 5 Korean Direct Investment in EU: Global Koreanisation 81 Judith Cherry 6 Inward Foreign Direct Investment Policy and Practice: an 106 Anglo-Korean Comparison John Turner and Young-Chan Kim 7 Globalisation or De-Globalisation: What Role for the World 134 Trade Organisation? Stephen Young and Thomas L. Brewer VI Globalisation and Korean Foreign Investment 8 Whither Global Capitalism? 153 John Dunning Bibliography 192 Index 204 List of Figures 2-1 Foreign Direct Investment vs. Export toward N. America 19 2-2 Production Decision by Factor Analysis 20 2-3 Foreign Direct Investment vs. Export toward S. Asia 23 2-4 Synthesis of Foreign Direct Investment theories 25 2-5 Foreign Direct Investment Trend by Invested Total 27 Amount and Projects 2-6 Foreign Direct Investment Trend by Industry 30 2-7 Foreign Direct Investment by Industry 31 2-8 Foreign Direct Investment by Manufacturing Type 32 2-9 Foreign Direct Investment by Region 33 2-10 Foreign Direct Investment Trend by Size 34 2-11 Foreign Direct Investment by Equity Ratio 35 5-1 The Business Environment and Korean Government 98 Policy 1963-1986 5-2 Changes in the Business Environment and 99 Korea Government Policy 1987-1996 6-1 IBB Organisation Chart in 2000 124 6-2 KISC Organisation Chart in 2000 125 8-1 The Institutions of Global Capitalism 162 8-2 Market 164 8-3 Intermediate Associations 167 8-4 Government 171 8-5 Supra-National Entities 175 8-6 The Moral Understanding of the Global Capitalism 180 Diamond 8-7 Illustrations of Three Perceived Ways in which Global 185 Capitalism Might Fail List of Tables 4- 1Pre-Crisis Current Account Balances 63 5- 1 Korean Foreign Direct Investment, 1968-1996 82 5-2 Korean Foreign Direct Investment: By Sector, 1968-1979 84 5-3 Korean Foreign Direct Investment: By Region, 1968- 85 1979 5-4 Korean Foreign Direct Investment: By Sector, 1980-1985 86 5-5 Korean Foreign Direct Investment: By Region, 1980- 87 1985 5-6 Korean Foreign Direct Investment: By Sector, 1986-1996 90 5-7 Korean Foreign Direct Investment: By Region, 1986- 91 1996 5-8 Korean Foreign Direct Investment in the EU and the 95 World, Annual Growth Rates, 1968-1996 6-1 Inward Foreign Direct Investment by Industrial Sector 109 1962-1972 6-2 Inward Foreign Direct Investment by Industrial Sector 111 1973 -1978 6-3 Foreign Loans and Direct Investment 1959-1980 113 6-4 Foreign Direct Investment: Liberalisation Status, 1980- 116 November 1992 6-5 Foreign Direct Investment on an Arrival Basis 1962-1990 117 6-6 Foreign Direct Investment by High-Technology Foreign 120 Companies in Korea 6- 7Inward Foreign Direct Investment Proportions by 122 Country 7- 1 The Uruguay Round - Investment Related Agreements 138 7-2 The World Trade Organisation and Globalisation - Areas 139 of Inquiry 7-3 Summary Features of Uruguay Round Agreements 140 Relevant to Investment-Related Issues 7-4 Trend Over Time in Number of GATT and World Trade 142 Organisation Dispute Cases 7-5 Selected Patterns of World Trade Organisation Dispute 143 Cases, January 1,1995-December 31 1998 List of Tables ix 8-1 Feature of Three Stages of Market Based Capitalism 157 8-2 Some Indices of Globalisation 158 8-3 Cause of Global Capitalism 159 8-4 Three Possible Future Scenarios of Global Capitalism 161 8-5 The Governance of Global Capitalism 162 8-6 The Impact of Global Capitalism on the Role of 174 National and Sub-National Governments 8-7 What are the particular Moral Virtues which a 181 Knowledge and Alliance Based Globalising Economy Demands? 8-8 Illustrations of Four ‘Failures’ of Global Capitalism as 187 Revealed in the Case of Recent Economic Events in Seven Countries
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