South Korea: Transforming National Model

Kuat B. Akizhanov
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Kuat B. Akizhanov: Academy of Public Administration under the President of Kazakhstan

Chapter Chapter 5 in Finance Capitalism and Income Inequality in the Contemporary Global Economy, 2023, pp 95-123 from Springer

Abstract: Abstract This chapter examines the South Korean case, its developmental model and the national and international context in which finance capitalism developed. In addition to the capital accumulation problems faced by the ruling elite, the Asian developmental regime was confronted by the changes brought about by the post-Bretton Woods financial order. A description of the neoliberal restructuring in Korea is provided with more details on the two stages of this reform, namely the internally induced and externally imposed aspects. Backed by transnational capital, finance capitalism in Korea ‘resolved’ the distributional conflict between capital and labour by maximising short-term profit and implementing labour market reforms. Consequently, with the growing power of finance, the rentier share in the national income increased in parallel with the growing indebtedness of households, thus further widening income inequality.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-21768-5_5

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DOI: 10.1007/978-3-031-21768-5_5

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