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Financialization or Capitalization? Debating Capitalist Power in South Korea in the Context of Neoliberal Globalization

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  • Park, Hyeng-Joon
  • Doucette, Jamie

Abstract

The article reviews debates concerning financialization in South Korea, with a focus on ongoing arguments between liberal, post-Keynesian, institutionalist and Marxist economists. It argues that post-Keynesian and institutionalist perspectives in particular neglect important class processes through which the financial circuit operates within the Korean economy, especially the power of Korea’s large, family-led conglomerates, or chaebol. In order to build upon Marxist approaches to Korean finance, we argue that Nitzen and Bichler’s approach to the ‘capitalization’ of capitalist class power provides a useful heuristic for understanding the differential power of Korean chaebol and their integration into global capital.

Suggested Citation

  • Park, Hyeng-Joon & Doucette, Jamie, 2016. "Financialization or Capitalization? Debating Capitalist Power in South Korea in the Context of Neoliberal Globalization," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 40(3), pages 533-554.
    • Handle: RePEc:zbw:espost:157800
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    References listed on IDEAS

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    5. Engelbert Stockhammer, 2012. "Financialization," Chapters, in: Jan Toporowski & Jo Michell (ed.), Handbook of Critical Issues in Finance, chapter 17, pages i-ii, Edward Elgar Publishing.
    6. Bichler, Shimshon & Nitzan, Jonathan, 2002. "New Economy or Transnational Ownership? The Global Political Economy of Israel," EconStor Preprints 157818, ZBW - Leibniz Information Centre for Economics.
    7. Roger Lee & Gordon L. Clark & Jane Pollard & Andrew Leyshon, 2009. "The remit of financial geography--before and after the crisis -super-1," Journal of Economic Geography, Oxford University Press, vol. 9(5), pages 723-747, September.
    8. Nitzan, Jonathan & Bichler, Shimshon, 2002. "The Global Political Economy of Israel," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 157972, June.
    9. AfDB AfDB, . "Annual Report 2012," Annual Report, African Development Bank, number 461.
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    Cited by:

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    2. Bichler, Shimshon & Nitzan, Jonathan, 2020. "Growing through Sabotage: Energizing Hierarchical Power," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 1(5), pages 1-78.

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