Read more
This book criticizes the widespread view that the 1997 Asian crisis was due to 'crony capitalism' and puts the blame instead on misguided liberalization. It analyzes the case of Korea's business conglomerates, the chaebol, with particular attention to the car industry, to show how liberalization contributed to the crisis even at the level of the firm. It shows how those firms that had developed innovative capabilities survived the crisis much better than those that had merely expanded into markets opened up by liberalization.
List of contents
Introduction The Asian Crisis of 1997 and Its Causes Korea's Economic Institutions and the Crisis The Chaebol's Corporate Governance and the Crisis Korea's Automotive Industry: 1960-90s Hyundai Motor Company Daewoo's Global Management Comparison of Hyundai and Daewoo in R&D The Chaebol's Diversification: Ssangyong and Samsung Conclusion: Crisis, Restructuring, and the Future of Korea
About the author
SEUNG-IL JEONG is a writer and researcher with strong interest in international comparisons of corporate governance, the financial system, industrial innovation, management organizations, and labour relationships. He also teaches political economy at Kuk-Min University of Seoul, Korea, and contributes columns and articles for newspapers and magazines. He has a master's degree in social science from Humboldt University of Berlin and a Ph.D. in political economy from the Free University Berlin, Germany.
Summary
This book criticizes the widespread view that the 1997 Asian crisis was due to 'crony capitalism' and puts the blame instead on misguided liberalization. It analyzes the case of Korea's business conglomerates, the chaebol, with particular attention to the car industry, to show how liberalization contributed to the crisis even at the level of the firm. It shows how those firms that had developed innovative capabilities survived the crisis much better than those that had merely expanded into markets opened up by liberalization.
