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Economic crisis in Korea and the degraded developmental state

Hundt, David 2014, Economic crisis in Korea and the degraded developmental state, Australian journal of international affairs, vol. 68, no. 5, pp. 499-514, doi: 10.1080/10357718.2014.886667.

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Title Economic crisis in Korea and the degraded developmental state
Author(s) Hundt, DavidORCID iD for Hundt, David orcid.org/0000-0003-2019-1927
Journal name Australian journal of international affairs
Volume number 68
Issue number 5
Start page 499
End page 514
Total pages 16
Publisher Taylor & Francis
Place of publication Abingdon, Eng.
Publication date 2014
ISSN 1465-332X
Keyword(s) chaebol
developmental state
neo-liberalism
South Korea
state–business relations
strategic intent
Summary This article analyses the Korean developmental state since the late 1990s, and argues that the state has continued to play a weighty role in the economy. The state guided industrial and financial restructuring after the Asian economic crisis, and intervened to stimulate the economy during the 2008 global financial crisis. In doing so, state elites have displayed a distinctive form of economic leadership that is largely consistent with the developmental state. Rather than focusing predominantly on performance-related indicators of state strength such as growth rates, this article analyses the deeper aspects of the developmental state, specifically its internal functions and its collaboration with business. The article brings politics back into analysis of the developmental state by questioning the assumption that strong economic performance is necessary for the maintenance of close ties between the state and chaebol. Instead, economic performance is better understood as a predictor of patterns of conflict and cooperation. Longstanding ties between the state and big business have endured two significant economic crises, even if the performance of the developmental state has been degraded compared to earlier decades.
Language eng
DOI 10.1080/10357718.2014.886667
Field of Research 160606 Government and Politics of Asia and the Pacific
160603 Comparative Government and Politics
160607 International Relations
Socio Economic Objective 940304 International Political Economy (excl. International Trade)
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2014, Australian Institute of International Affairs
Free to Read? Yes
Free to Read Start Date 2016-08-26
Persistent URL http://hdl.handle.net/10536/DRO/DU:30063740

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Created: Sat, 31 May 2014, 14:25:40 EST by David Hundt

Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.