Korea's Developmental Alliance: State, capital and the politics of rapid development PDF
Preview Korea's Developmental Alliance: State, capital and the politics of rapid development
Korea’s Developmental Alliance South Korea is often cited as a case of miraculous transformation from poverty to prosperity. Korea’s achievement of moving from one of the world’s poorest countries as recently as the early 1960s to the ranks of the ten biggest economies only four decades later has rightly attracted interest from policymakers and scholars alike. This book identifies the factors that shaped relations between the state and big business in Korea, the ‘developmental alliance’. These factors offer a cogent framework in which to identify and predict changes in power relations between government and business. Rather than merely offering a means of explaining the rapid-growth phase of Korean development, the politics of the developmental alliance also help us understand how and why the Korean miracle turned to crisis in 1997 and why the subsequent recovery has been so uneven. In this way, the book highlights the political power of business, which is often underplayed in discussions of the development of Korea. It also sheds light on the constraints on policymakers during modernisation, and how power is shared among a small number of powerful parties. Illustrating the tumultuous politics of the ‘developmental alliance’ between business and government during the rise and decline of South Korea’s economic miracle, this book is an essential read for anyone interested in Korean politics, economics and development. David Hundt is Lecturer in International Relations at Deakin University, Australia. Routledge Advances in Korean Studies 1 The Politics of Economic Reform in South Korea A fragile miracle Tat Yan Kong 2 Market and Society in Korea Interest, institution and the textile industry Dennis McNamara 3 Social and Economic Policies in Korea Ideas, networks and linkages Dong-Myeon Shin 4 North Korea in the World Economy Edited by E. Kwan Choi, Yesook Merrill and E. Han Kim 5 Legal Reform in Korea Edited by Tom Ginsburg 6 Women, Television and Everyday Life Journeys of hope Youna Kim 7 Transformations in Twentieth Century Korea Edited by Chang Yun- Shik and Steven Hugh Lee 8 The Development of Modern South Korea State formation, capitalist development and national identity Kyong Ju Kim 9 Industrial Relations in Korea Diversity and dynamism of Korean enterprise unions from a comparative perspective Jooyeon Jeong 10 The Global Korean Motor Industry The Hyundai motor company’s global strategy Russell D. Lansbury, Chung-Sok Suh and Seung-Ho Kwon 11 Korean Workers and Neoliberal Globalisation Kevin Gray 12 Korea in the New Asia East Asian integration and the China factor Francoise Nicolas 13 Foreign Direct Investment in Post- Crisis Korea European investors and ‘mismatched globalization’ Judith Cherry 14 Korea Confronts Globalization Edited by Chang Yun-Shik, Hyun-ho Seok and Donald L. Baker 15 Korea’s Developmental Alliance Korea’s State, capital and the politics of rapid development David Hundt Developmental Alliance State, capital and the politics of rapid development David Hundt Contents Acknowledgements Abbreviations Note on romanisation Introduction Prologue: a new beginning? Power and political economy in Korea The dynamics of the developmental alliance Overview of the book 1 Korea in the political economy literature Appraising the neoclassical approach The developmental state and Korea The structural power of business Conclusions 2 The dynamics of the developmental alliance From developmental state to developmental alliance Conclusions: a new understanding of Korean development 3 Priming for take-off Learning the lessons of Japan Geopolitics and the imperatives of the Cold War The Rhee interregnum Conclusions 4 Forming the developmental alliance The view from Washington The limits of state power Containing the backlash Conclusions 5 The developmental alliance in flux Retrenching the state? The democratic interlude Kim Young-sam and globalisation No way out? 6 Realigning the alliance The paradox of neoliberal reform Learning to love the IMF Repositioning the state The taming of the two The politics of chaebol discipline Widening the alliance? From crisis to recovery 7 The alliance in retrospect Bureaucracy Social pressures National security Economic conditions Globalisation Patterns of change Still the developmental alliance? The alliance and the market Appendix 1 Appendix 2 References Index David Hundt R Routledge Taylor & Francis Group LONDON AND NEW YORK First published 2009 by Routledge 2 Park Square, Milton Park, Abingdon, Oxon OX14 5RN Simultaneously published in the USA and Canada by Routledge 29 West 35 th Street, New York, NY 10001 This edition published in the Taylor & Francis e-Library, 2008. “To purchase your own copy of this or any of Taylor & Francis or Routledge’s collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk.” Routledge is an imprint of the Taylor & Francis Group, an informa business © 2009 David Hundt 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. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging in Publication Data Hundt, David. Korea’s developmental alliance: state, capital and politics of rapid development/David Hundt. p.cm. Includes bibliographical references and index. 1. Business and politics—Korea (South). 2. Korea (South)— Economic policy. 3. Economic development— Korea (South). 4. Korea (South)—Economic conditions. 5. Korea (South)— Politics and government. I. Title. HC467.756.H86 2008 338.95195—dc22 2008017316 ISBN 0-203-88906-1 Master e-book ISBN ISBN10: 0-415-46668-7 (hbk) ISBN10: 0-203-88906-1 (ebk) ISBN13: 978-0-415-46668-4 (hbk) ISBN13: 978-0-203-88906-0 (ebk) Contents Acknowledgements Abbreviations lx xi Note on romanisation Introduction: The developmental alliance and Korean development 1 13 Prologue: a new beginning? 1 Power and political economy in Korea 4 The dynamics of the developmental alliance 6 Overview of the book 9 1 Korea in the political economy literature Introduction 13
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