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Financialization or capitalization? Debating capitalist power in South Korea in the context of neoliberal globalization
- Financialization or capitalization? Debating capitalist power in South Korea in the context of neoliberal globalization
- Park,Hyeng-joon; Doucette;Jamie
- Capital as Power
| Title |
Financialization or capitalization? Debating capitalist power in South Korea in the context of neoliberal globalization
Similar Titles
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| Material Type | Article |
| Author(English) |
Park,Hyeng-joon; Doucette; Jamie |
| Publisher |
Capital as Power |
| Date | 2016-09 |
| Journal Title; Vol./Issue | Capital & Class:no.2016/07 |
| Pages | 25 |
| Subject Country | South Korea(Asia and Pacific) |
| Language | English |
| File Type | Link |
| Subject | Economy < Financial Policy Government and Law < Political Science |
| Holding | Capital as Power |
| License |  |
Abstract
The article reviews debates concerning financialization in South Korea, with a focus on on-going 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.
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