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Financialization or capitalization? Debating capitalist power in South Korea in the context of neoliberal globalization

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  • Financialization or capitalization? Debating capitalist power in South Korea in the context of neoliberal globalization
  • Park,Hyeng-joon; Doucette;Jamie
  • Capital as Power


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Title Financialization or capitalization? Debating capitalist power in South Korea in the context of neoliberal globalization
Similar Titles
Material Type Articles
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
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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.