Financialization or Capitalization? Debating Capitalist Power in South Korea in the Context of Neoliberal Globalization

Hyeng-Joon Park and Jamie Doucette

EconStor Open Access Articles and Book Chapters, 2016, vol. 40, issue 3, 533-554

Abstract: The article reviews debates concerning financialization in South Korea, with a focus on ongoing arguments between liberal, post-Keynesian, institutionalist and Marxist economists. It argues that post-Keynesian and institutionalist perspectives in particular neglect important class processes through which the financial circuit operates within the Korean economy, especially the power of Korea’s large, family-led conglomerates, or chaebol. In order to build upon Marxist approaches to Korean finance, we argue that Nitzen and Bichler’s approach to the ‘capitalization’ of capitalist class power provides a useful heuristic for understanding the differential power of Korean chaebol and their integration into global capital.

Keywords: capital as power; chaebol; developmental state; financialization; institutional political economy; Marxian economics; post-Keynesian economics; South Korea (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:espost:157800

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