Big Business Strong State

This book debunks the rosy success story about South Korean economic development by analyzing how the state and businesses formed an alliance, while excluding labor, in order to attain economic development, and how these three entities were transformed in the process. The author analyzes the paradox of South Korean development from 1960 to 1990—a period during which the country experienced dramatic social, economic, and political changes. By reexamining South Korea's development through the collaboration and conflict between the state and the chaebol (big businesses), she illuminates the inherent limitations and problems of the developmental state.

Focuses on the paradox of development in the newly industrializing country of South Korea.

In 1961 South Korea was mired in poverty. By 1979 it had a powerful industrial economy and a vibrant civil society in the making, which would lead to a democratic breakthrough eight years later. The transformation took place during the years of Park Chung Hee's presidency. Park seized power in a coup in 1961 and ruled as a virtual dictator until his assassination in October 1979. He is credited with modernizing South Korea, but at a huge political and social cost. South Korea's political landscape under Park defies easy categorization. The state was predatory yet technocratic, reform-minded yet quick to crack down on dissidents in the name of political order. The nation was balanced uneasily between opposition forces calling for democratic reforms and the Park government's obsession with economic growth. The chaebol (a powerful conglomerate of multinationals based in South Korea) received massive government support to pioneer new growth industries, even as a nationwide campaign of economic shock therapy-interest hikes, devaluation, and wage cuts-met strong public resistance and caused considerable hardship. This landmark volume examines South Korea's era of development as a study in the complex politics of modernization. Drawing on an extraordinary range of sources in both English and Korean, these essays recover and contextualize many of the ambiguities in South Korea's trajectory from poverty to a sustainable high rate of economic growth.

Now in a fully revised and updated edition, this history of modern Korea explores the social, economic, and political issues it has faced since being catapulted into the wider world at the end of the nineteenth century. Placing this formerly insular society in a global context, Michael J. Seth describes how this ancient, culturally and ethnically homogeneous society first fell victim to Japanese imperialist expansionism, and then was arbitrarily divided in half after World War II. Seth traces the postwar paths of the two Koreas—with different political and social systems and different geopolitical orientations—as they evolved into sharply contrasting societies. South Korea, after an unpromising start, became one of the few postcolonial developing states to enter the ranks of the first world, with a globally competitive economy, a democratic political system, and a cosmopolitan and dynamic culture. By contrast, North Korea became one of the world's most totalitarian and isolated societies, a nuclear power with an impoverished and famine-stricken population. Considering the radically different and historically unprecedented trajectories of the two Koreas, Seth assesses the insights they offer for understanding not only modern Korea but the broader perspective of world history. All readers looking for a balanced, knowledgeable history will be richly rewarded with this clear and cogent book.

Now in a fully revised and updated edition, this comprehensive book surveys Korean history from Neolithic times to the present. Michael J. Seth explores the origins and development of Korean society, politics, and still little-known cultural heritage from their inception to the two Korean states of today. Telling the remarkable story of the origins and evolution of a society that borrowed and adopted from abroad, Seth describes how various tribal peoples in the peninsula came together to form one of the world’s most distinctive communities. He shows how this ancient, culturally and ethnically homogeneous society was wrenched into the world of late-nineteenth-century imperialism, fell victim to Japanese expansionism, and then became arbitrarily divided into two opposed halves, North and South, after World War II. Tracing the seven decades since 1945, the book explains how the two Koreas, with their deeply different political and social systems and geopolitical orientations, evolved into sharply contrasting societies. South Korea, after an unpromising start, became one of the few postcolonial developing states to enter the ranks of the first world, with a globally competitive economy, a democratic political system, and a cosmopolitan and dynamic culture. North Korea, by contrast, became one of the world’s most totalitarian and isolated societies, a nuclear power with an impoverished and famine-stricken population. Seth describes and analyzes the radically different and historically unprecedented trajectories of the two Koreas, formerly one tight-knit society. Throughout, he adds a rare dimension by placing Korean history into broader global perspective. All readers looking for a balanced, knowledgeable history will be richly rewarded with this clear and concise book.

This book examines how the South Korean state is able to execute national policies that are opposed to the interests of social constituents, despite the expansion of social power. The relationship between the government and big business provides an illuminating example of this. The author demonstrates how Confucian values, the role of the family and a firm hierarchical tradition have prevented South Korea from developing a modern state on the Western model.

First published in 1999, this book explores the question of is the business organisation a result of efficiency or is it a result of a state-business organisation a result of a state-business interaction? This question being in the context of the Korean chaebol system and the Japanese Keiretsu system; this book explores the political and economic growth and then the following down fall of these systems occurred without rupturing either country’s state policy regarding the chaebol or the keiretsu.

An against-the-grain polemic on American capitalism from New York Times bestselling author Tyler Cowen. We love to hate the 800-pound gorilla. Walmart and Amazon destroy communities and small businesses. Facebook turns us into addicts while putting our personal data at risk. From skeptical politicians like Bernie Sanders who, at a 2016 presidential campaign rally said, “If a bank is too big to fail, it is too big to exist,” to millennials, only 42 percent of whom support capitalism, belief in big business is at an all-time low. But are big companies inherently evil? If business is so bad, why does it remain so integral to the basic functioning of America? Economist and bestselling author Tyler Cowen says our biggest problem is that we don’t love business enough. In Big Business, Cowen puts forth an impassioned defense of corporations and their essential role in a balanced, productive, and progressive society. He dismantles common misconceptions and untangles conflicting intuitions. According to a 2016 Gallup survey, only 12 percent of Americans trust big business “quite a lot,” and only 6 percent trust it “a great deal.” Yet Americans as a group are remarkably willing to trust businesses, whether in the form of buying a new phone on the day of its release or simply showing up to work in the expectation they will be paid. Cowen illuminates the crucial role businesses play in spurring innovation, rewarding talent and hard work, and creating the bounty on which we’ve all come to depend.