Capitalist maturity and South Korea's postâ€ development conundrum
Anthony P. D'Costa
Asia and the Pacific Policy Studies, 2018, vol. 5, issue 2, 279-297
South Korea's post World War II economic development trajectory is well known. From an impoverished warnâ€ torn nation, the country has progressed on all fronts. However, the objective is to focus on the â€œpostâ€ developmentâ€ question, namely, what does a country do after it becomes prosperous. To put it another way, what are some of the emergent challenges that successful development poses for Korea, and how might it tackle them. I use the concept of capitalist maturity to denote Korea's current state of prosperity and examine some of the economic, social, and political consequences. Some of these postâ€ development conundrums I argue have resulted from the transformation of Korea's stateâ€“business development partnership to a businessâ€“state political partnership in the context of a democratizing Korea. This paper examines the challenges and some of the policy options to address them, including the rebalancing of the stateâ€“business relationship.
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