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Korea's state-business partnership and the growth of chaebols

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  • Korea's state-business partnership and the growth of chaebols
  • Kim, Woochan
  • KDI School of Public Policy and Management


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Title Korea's state-business partnership and the growth of chaebols
Similar Titles
Material Type Reports
Author(English)

Kim, Woochan

Publisher

[Sejong, Korea]:KDI School of Public Policy and Management

Date 2011-12
Pages 19
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Trade
Economy < Economic Administration
Industry and Technology < Others
Holding SSRN

Abstract

The state-business relationship in the 1960s and 70s was a vertical one where the state led the private sector. The government made the plan, provided the necessary resources, and later evaluated the performance of the entrepreneurs who executed the plan. In the 1980s, however, the relationship changed into a horizontal one where neither of the two dominating the other. This was partly due to the neo-liberal policy stance adopted by the new government and partly due to Chaebols’ economic power that strengthened over time. With farmland reform (1950) and the Korean War (1950-1953), the private sector in Korea was virtually non-existent in the 1950s. Six decades later, in 2011, the picture looks very different. Many Korean firms are now major players in the world economy. I find three factors behind this accomplishment: (i) support from the state as an input factor, (The rest omitted)