Download or read book The Institutional Rise of the Chaebols Throughout South Korea s Transitional Vulnerabilities written by Naval Postgraduate Naval Postgraduate School and published by CreateSpace. This book was released on 2014-12-02 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a case study of South Korea's contemporary political economic history through the lens of the balance between the state and big business. It examines the evolving relationship between the state and the chaebols, or domestic conglomerates, which is at the heart of the Korean trajectory of postwar industrialization and growth. The book proposes that the political transitions over the past 50 years, both authoritarian and democratic, were central markers for the shifting balance between the state and the chaebols. The 3rd and 4th Republics under Park Chung-hee marked the initiation of the state-chaebol partnership: monopolization of the market began during Chun Doo-hwan's authoritarian transition; and the inauguration of South Korea's liberal democracy allowed the chaebols to establish themselves as a durable national institution both prior to and after the 1997 IMF crisis. Thus, over time, the state-business balance tilted in favor of the chaebols and the formation of this business oligarchy created detrimental market conditions that corroded political, economic, and social institutions. The conclusion provides a summary of South Korea's unique market institutional impacts and the lessons learned from the research.
Download or read book Making It Big written by Andrea Ciani and published by World Bank Publications. This book was released on 2020-10-08 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic and social progress requires a diverse ecosystem of firms that play complementary roles. Making It Big: Why Developing Countries Need More Large Firms constitutes one of the most up-to-date assessments of how large firms are created in low- and middle-income countries and their role in development. It argues that large firms advance a range of development objectives in ways that other firms do not: large firms are more likely to innovate, export, and offer training and are more likely to adopt international standards of quality, among other contributions. Their particularities are closely associated with productivity advantages and translate into improved outcomes not only for their owners but also for their workers and for smaller enterprises in their value chains. The challenge for economic development, however, is that production does not reach economic scale in low- and middle-income countries. Why are large firms scarcer in developing countries? Drawing on a rare set of data from public and private sources, as well as proprietary data from the International Finance Corporation and case studies, this book shows that large firms are often born large—or with the attributes of largeness. In other words, what is distinct about them is often in place from day one of their operations. To fill the “missing top†? of the firm-size distribution with additional large firms, governments should support the creation of such firms by opening markets to greater competition. In low-income countries, this objective can be achieved through simple policy reorientation, such as breaking oligopolies, removing unnecessary restrictions to international trade and investment, and establishing strong rules to prevent the abuse of market power. Governments should also strive to ensure that private actors have the skills, technology, intelligence, infrastructure, and finance they need to create large ventures. Additionally, they should actively work to spread the benefits from production at scale across the largest possible number of market participants. This book seeks to bring frontier thinking and evidence on the role and origins of large firms to a wide range of readers, including academics, development practitioners and policy makers.
Download or read book Korean Chaebol in Transition written by In Kwon Lee and published by . This book was released on 2000 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Restructuring Korea Inc written by Jang-Sup Shin and published by Routledge. This book was released on 2003-01-16 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1997 South Korean financial crisis not only shook the country itself but also sent shock waves through the financial world at large. This impressive book critically assesses the conventional wisdom surrounding the Korean crisis and the performance of the IMF-sponsored reform programme.Looking first at the strengths and weaknesses of 'Korea Inc.
Download or read book Sustaining Development and Growth in East Asia written by Timo Henckel and published by Routledge. This book was released on 2012-11-12 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: For several decades, fast-growing East Asia has been the envy of the developing world. Not only has East Asia outperformed all other regions of the world, but it also recovered surprisingly swiftly from the 1997–98 Asian financial crisis and the 2008–09 global financial crisis. Nevertheless, investment in the region remains subdued relative to pre-Asian crisis levels. Are current investment rates too low and, given greater investment, could the region grow even more rapidly? This book brings together a rich array of papers analyzing the determinants of, and impediments to, investment and growth. It discusses a range of issues bearing on investment and development. The chapters cover domestic and international economic, institutional and political factors, including the role of foreign direct investment, and the importance of public infrastructure, fiscal policy and export-oriented growth strategies. Trade and trade policy, in particular, are emphasized, with contributions ranging from an analysis of global production networks in electronics manufacturing, to the effects and implications of economic integration in the Mekong states. The chapters provide a healthy blend of theoretical and empirical analysis and offer a range of useful policy proposals. This book will be of interest to policy-makers, students and scholars of Asian economics and development economics alike.
Download or read book Corporate Governance and Financial Reform in China s Transition Economy written by Jing Leng and published by Hong Kong University Press. This book was released on 2009-06-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world economy is facing unprecedented challenges brought by the still unfolding global financial crisis. At this critical juncture in history, China's economic performance and financial stability are closely watched across the world. The current global economic downturn and the rigidities it poses on the growth prospects of any individual economy are a testing ground for the effects of China's corporate governance reform and financial reform that have been taking place in recent years. It is now a proper time to assess whether these reforms have yielded meaningful results which can help China withstand and navigate through the most severe economic difficulties of our times. This book provides a comprehensive and up-to-date review and critique of corporate governance reforms and related financial reforms in China during the country's transition to a market economy, involving its enterprise, banking and capital markets sectors. China's participation in economic globalization, symbolized by its accession to the World Trade Organization, is taken as a broad background to the country's domestic reform agenda. By exploring the dynamics of China's evolving corporate governance regime, this book presents an important country study of corporate governance reforms in developing and post-communist transition economies to show the possibility of alternative paths to the market.
Download or read book Financial Crisis and Transformation of Korean Business Groups written by Se-jin Chang and published by . This book was released on 2003 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores the strategies that chaebols - Korean business groups - have pursued, examines their structures, and assesses their performance. It highlights the strengths of chaebols that enabled their fast growth, as well as the weaknesses that waylaid them when the Asian crisis occurred.
Download or read book Business Groups in East Asia written by Sea-Jin Chang and published by OUP Oxford. This book was released on 2006-03-02 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1997 Asian Crisis principally affected Thailand, Indonesia, Malaysia, and Korea, as well as other East Asian countries heavily dependent on intra-regional trade. Banks and other financial institutions quickly become insolvent, and heavily indebted industrial firms went bankrupt. Many of these firms were affiliated with the business groups of this region, yet most groups did not immediately collapse, indeed they proved remarkably robust, some surviving and even prospering. This book examines these East Asian business groups and their subsequent restructuring following the Asian Crisis. East Asian nations embarked on very different trajectories to this common external shock. The Asian Crisis affected the inter-relationships among the socio-cultural environment, the state, and the market of each country quite differently and had distinct effects on the operations of these countries' business groups. This slow yet divergent pattern of development provides evidence against theories of rapid global convergence. Yet East Asian business groups face an uncertain future. Foreign investors' influence has increased substantially since the crisis, as East Asian governments had to accommodate their demands to keep attracting foreign capital. Governments supervise banks more closely and have loosened restrictions on mergers and hostile takeovers, further strengthening the discipline of the market. Various entry barriers that had inhibited foreign multinationals from competing in national markets were lifted, exposing business groups to intensified foreign competition. Under these new conditions, business groups in East Asia should reconfigure their business structures and adjust their corporate governance systems to regain momentum for further growth. Business groups will continue to be important vehicles for the sustained future growth of this region, and this book presents a substantial amount of new data on this, which will be of interest to academics, researchers, and advanced students of East Asian business, and business practitioners working within the region.
Download or read book Cross border Partnerships in Higher Education written by Robin Sakamoto and published by Routledge. This book was released on 2012 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Cross-border Partnerships in Higher Education is a welcome addition to the academic literature on the scope and impact of international partnerships in a very dynamic higher education market. Robin Sakamoto and David Chapman should be congratulated for this excellent contribution that can guide higher education institutions all over the world in thinking more strategically and achieving better results as they engage in cross-border partnerships."--Jamil Salmi, Tertiary Education Coordinator, The World Bank, Washington, DC.
Download or read book Political Conflict and Development in East Asia and Latin America written by Richard Boyd and published by Routledge. This book was released on 2007-01-24 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Long run processes of socio-economic change generate prodigious problems of social conflict and social control, and governments responsible for these processes must therefore manage the resultant conflict. Consequently, the success or failure of a government's management of such conflicts is a crucial factor in development outcomes. This volume investigates the political struggle for development specifically in two vital regions - East Asia and Latin America. This analysis calls into question the dominant emphasis on institutional and cultural bases for stable growth. A careful historical account of the two regions is presented, which permits the rigorous testing of conventional wisdoms regarding development. Of importance to a broad range of academics in the spheres of development studies, politics, political economy and sociology, this book will also make an interesting read for those with a general interest in these areas.
Download or read book Beyond the Asian Crisis written by Anis Chowdhury and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The volume is certainly interesting and well-informed and would make a valuable addition to reading lists for courses on East Asian economic development.' - Anne Booth, Asia Pacific Business Review As Southeast and Northeast Asia recover from the Asian crisis and return to a state of growth, the authors of this book assess the lessons to be learned from the crisis to achieve sustainable development in the future. While the importance of each factor contributing to the crisis varies from country to country, their collective experience has created unprecedented turmoil in current thinking on development policy.
Download or read book Industrial Relations in Korea written by Jooyeon Jeong and published by Routledge. This book was released on 2006-11-22 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: A key factor in Korea's economic success is the nature of industrial relations in Korean business and industry. Joo-Yeon Jeong presents a comprehensive survey of the current state of industrial relations in Korea. He shows how union membership has changed over recent decades, and how the focus of bargaining has widened from purely financial considerations to include a much wider range of issues including, principally, issues related to job security. In addition, the book considers the role of government in shaping the legal and institutional environment, and of employers, who have taken a more aggressive role towards unions since the mid-1990s.
Download or read book Financial Crisis and Transformation of Korean Business Groups written by Sea-Jin Chang and published by Cambridge University Press. This book was released on 2003-04-28 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sea-Jin Chang argues that the Korean financial crisis of 1997 was due to the inertia of both the business groups known as chaebols and the Korean government which prevented adaptation to changing external environments. Once the Korean government stopped central economic planning and pursued economic liberalization in the 1980s, the transition created a void under which neither the government nor markets could monitor chaebols' investment activities. The intricate web of cross-shareholding, debt guarantees, and vertical integration resulted in extensive cross-subsidization and kept chaebols from shedding unprofitable businesses. The government's continued interventions in banks' lending practices created 'moral hazards' for both chaebols and banks. This treatment demonstrates how the structure of chaebols later inhibited other adaptations and for all practical purposes became nearly dysfunctional. The book argues that restructuring of chaebols should focus on improving corporate governance systems. After such restructuring, the author predicts, chaebols will re-emerge as stronger, more focused global players.
Download or read book After the Storm written by Jomo Kwame Sundaram and published by NUS Press. This book was released on 2004 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the Storm discusses restructuring and growth strategies adopted in Indonesia, Malaysia, Thailand, and South Korea after the currency and financial crisis of 1997-98. These four Asian economies were the most adversely affected despite achieving rapid growth in the 1970s and 1980s, with low inflation and current account surpluses. Although macroeconomic fundamentals in these countries were relatively sound prior to the crisis, early analyses of the crisis dwelled on the failure of corporate governance, currency controls and immature financial institutions and infrastructure in some countries. The book offers fresh insights into the causes of the crisis and postcrisis restructuring, the growth strategies adopted, and domestic initiatives taken by these countries. It also reveals why reforms recommended by the IMF, World Bank and others were met with resistance, thereby contributing to the ongoing discourse on the effects of globalisation.
Download or read book The Political and Economic Transition in East Asia written by Xiaoming Huang and published by Routledge. This book was released on 2013-09-05 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book examines the political and economic developments in East Asia since the end of the Cold War in an attempt to identify a broad pattern of transition, particularly in terms of the reshaping of the state's relations with forces and institutions in economy, politics and domestic- international interactions. The chapters are organised into three parts: I: The state in the new economy; II: The state in the new politics; III: The state in the new global environment. The contributors find a general pattern of the state's withdrawal from these three areas. But it is not simply that the market takes over, as some envisaged. Instead, the transition is moving towards a set of governance-producing arrangements in which the role of both the market and the state are appreciated. The book concludes that a more sophisticated approach is needed to the problems of development vs. governance, the state vs. the market, and global dynamics vs. national interests, for a better understanding of the dynamic transition and the consequent new political economy in East Asia.
Download or read book From Stress to Growth written by Marcus Noland and published by Peterson Institute for International Economics. This book was released on 2015-10-20 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asian financial systems, which serve the most economically dynamic region of the world, survived the global economic crisis of the last several years. In From Stress to Growth: Strengthening Asia's Financial Systems in a Post-Crisis World, scholars affiliated with the Peterson Institute for International Economics and the Asian Development Bank argue in separate essays that Asian systems must strengthen their quality, diversity, and resilience to future shocks in order to deliver growth in coming years. The book examines such phenomena as the dominance of state-owned banks, the growth of non-bank lending (the so-called shadow banks), and the need to develop local bond markets, new financial centers, and stronger supervisory tools to prevent dangerous real estate asset bubbles. China's large financial system is discussed at length, with emphasis on concerns that China's system has grown too fast, that it is overly tilted toward corporate borrowing, and that state domination has led to overly easy credit to state-owned actors. Asia needs investment to improve its infrastructure and carry out technological innovation, but the book argues that the region's financial systems face challenges in meeting that need.
Download or read book Korea s Economic Crisis and Cultural Transition Toward Individualism written by Ho-ch'ŏl Yi and published by . This book was released on 2003 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
