Did the 1997 Financial Crisis Transform the S. Korean Developmental State? Focused on the Public Fund

Hye Suk Wang

Chapter Chapter 7 in The Korean Economic Developmental Path, 2013, pp 141-169 from Palgrave Macmillan

Abstract: Abstract Many scholars have explained South Korea’s economic development in terms of “developmental state.” They point out that the success of the South Korean government intervention was mainly due to “the control of the state over the industrial capital through financial resources” and “the existence of the independent bureaucracy able to discipline the capital”1 (Johnson, 1982; Amsden, 1989; Wade, 1990; Kim E. M., 1997; Chibber, 1999). Based on a high-level state autonomy and capacity, the South Korean developmental state was able to discipline the industrial capital to comply with the state’s policies and successfully intervene in the economic market with its own characteristic resource allocation and competition mechanisms (Amsden and Euh Y. D., 1993; Chang H. J., 1998; Cherry, 2005; Lim W. H., 2003; chapters 5 and 6). They argue that the formation of a triple alliance among “the state, the financial capital, and the industrial capital” guaranteed the state’s effective dominance over the domestic capital (Kim E. M., 1997; Woo-Cumings, 1999; Hahm J. H., 2003).

Keywords: Financial Institution; Public Fund; Credit Union; State Capacity; Asian Development Bank (search for similar items in EconPapers)
Date: 2013
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-34729-9_7

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137347299

DOI: 10.1057/9781137347299_7

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().