 From the financial crisis to the next eleven: limits and contradictions in the Korean process of capital accumulationNicolas Grinberg Journal of the Asia Pacific Economy, 2016, vol. 21, issue 1, 1-25 Abstract: This paper examines the South Korean economic crisis of 1997–1998 and the subsequent recovery. For this, it first analyses the specific characteristics and long-term development of the process capital accumulation there. The paper claims that, as in the rest of East Asia, capital accumulation in Korea has, since the mid-1960s, revolved around the production of specific industrial goods for world markets using the relatively cheap and disciplined local workforce for simplified labour-processes as appendage of the machine or in manual assembly operations. This modality of accumulation resulted from changes in the forms of production of relative surplus-value on a global scale through the development of computerisation and robotisation, and the concomitant transformation in the productive attributes of the collective worker of large-scale industry. The 1997–1998 financial-cum-economic crisis, as well as the foundations and characteristics of the subsequent recovery, are understood as manifestations of the contradictory dynamics of this specific form of capitalist development. Date: 2016 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:rjapxx:v:21:y:2016:i:1:p:1-25 Ordering information: This journal article can be ordered from DOI: 10.1080/13547860.2015.1091545 Access Statistics for this article Journal of the Asia Pacific Economy is currently edited by Leong Liew More articles in Journal of the Asia Pacific Economy from Taylor & Francis Journals |
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