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Globalisation and Economic Crises in the Korean Capitalism

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  • Seongjin Jeong

Abstract

This article explores the contradictory relation between globalisation and crisis in the Korean capitalism since the 1990s. After formulating the relation between globalisation and crisis from the perspective of Marxian theory of world market crisis, this article overviews the process of globalisation in Korea after the 1990s, focusing on foreign trade, capital export and global value chains. In addition, this article empirically examines the relation between globalisation and crises in the Korean capitalism by analysing the trend of Marxian ratios, including rate of profit. Based on the case study on the Korean capitalism, this article concludes that globalisation is not the cause of but the capitalist responses to the economic crises.

Suggested Citation

  • Seongjin Jeong, 2018. "Globalisation and Economic Crises in the Korean Capitalism," Arthaniti: Journal of Economic Theory and Practice, , vol. 17(1), pages 31-49, June.
    • Handle: RePEc:sae:artjou:v:17:y:2018:i:1:p:31-49
    DOI: 10.1177/0976747918774084
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    References listed on IDEAS

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    1. Chang, Ha-Joon, 1998. "Korea: The misunderstood crisis," World Development, Elsevier, vol. 26(8), pages 1555-1561, August.
    2. Bowles, Samuel & Edwards, Richard & Roosevelt, Frank, 2005. "Understanding Capitalism: Competition, Command, and Change," OUP Catalogue, Oxford University Press, edition 3, number 9780195138658.
    3. James Crotty & Kang-Kook Lee, 2009. "Was IMF-Imposed Economic Regime Change in Korea Justified? The Political Economy of IMF Intervention," Review of Radical Political Economics, Union for Radical Political Economics, vol. 41(2), pages 149-169, June.
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    More about this item

    Keywords

    Economic crisis; globalisation; global value chain; Korean capitalism; neoliberalism; rate of profit; JEL: P10; P160;
    All these keywords.

    JEL classification:

    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General

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