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Subordinate financialization and financial subsumption in South Korea

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  • Cheolung Choi

Abstract

This paper analyzes the peculiarity of financialization in South Korea after the 1997 Asian financial crisis. Financialization research originally focused on the US experience and primarily understood financialization in the scope of the national state. However, this study analyzes financialization in terms of geographical differentiation and uneven development, and confirms that financialization in South Korea has a subordinate character due to US financial hegemony. This study also focuses on the fact that household debts have exploded in South Korea since the 2000s and recognizes it as a financial subsumption in which the working class is directly expropriated by financial capital.

Suggested Citation

  • Cheolung Choi, 2020. "Subordinate financialization and financial subsumption in South Korea," Regional Studies, Taylor & Francis Journals, vol. 54(2), pages 209-218, February.
    • Handle: RePEc:taf:regstd:v:54:y:2020:i:2:p:209-218
    DOI: 10.1080/00343404.2018.1502419
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    Cited by:

    1. Seth Schindler & J Miguel Kanai & Javier Diaz Bay, 2023. "Deindustrialisation and the politics of subordinate degrowth: The case of Greater Buenos Aires, Argentina," Urban Studies, Urban Studies Journal Limited, vol. 60(7), pages 1212-1230, May.
    2. Kyungbo Park & Hangook Kim & Jeonghwa Cha, 2023. "An Exploratory Study on the Development of a Crisis Index: Focusing on South Korea’s Petroleum Industry," Energies, MDPI, vol. 16(14), pages 1-24, July.

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