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From the financial crisis to the next eleven: limits and contradictions in the Korean process of capital accumulation

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  • Nicolas Grinberg

Abstract

This paper examines the South Korean economic crisis of 1997–1998 and the subsequent recovery. For this, it first analyses the specific characteristics and long-term development of the process capital accumulation there. The paper claims that, as in the rest of East Asia, capital accumulation in Korea has, since the mid-1960s, revolved around the production of specific industrial goods for world markets using the relatively cheap and disciplined local workforce for simplified labour-processes as appendage of the machine or in manual assembly operations. This modality of accumulation resulted from changes in the forms of production of relative surplus-value on a global scale through the development of computerisation and robotisation, and the concomitant transformation in the productive attributes of the collective worker of large-scale industry. The 1997–1998 financial-cum-economic crisis, as well as the foundations and characteristics of the subsequent recovery, are understood as manifestations of the contradictory dynamics of this specific form of capitalist development.

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  • Nicolas Grinberg, 2016. "From the financial crisis to the next eleven: limits and contradictions in the Korean process of capital accumulation," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 21(1), pages 1-25, January.
    • Handle: RePEc:taf:rjapxx:v:21:y:2016:i:1:p:1-25
    DOI: 10.1080/13547860.2015.1091545
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    1. Marcus Noland, 2000. "Avoiding the Apocalypse: The Future of the Two Koreas," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 94, April.
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    Cited by:

    1. Anthony P. D'Costa, 2018. "Capitalist maturity and South Korea's post†development conundrum," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 5(2), pages 279-297, May.

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