IngentaConnect Korea: Economy, Politics and Government

Abstract:

In the space of just three decades spanning the 1960s, 1970s and 1980s, the South Koreans turned their country around from the ravages of a civil war to become the world's eleventh richest economy. Successive governments directed credit to the large family-run conglomerates or chaebol (‘fortune clusters') that emerged in the post-war economy. Officials often issued direct orders to their chiefs, simulating a ‘national corporation' and leading some Western commentators to laud the ‘guided market' model of development as the chaebol became global players in shipbuilding, electronics and auto manufacturing despite the country's late industrialization.

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