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Abstract ▼ AI-Helper

The relationship between chaebols and the Korean state has a long history. Korean chaebols were created by the President Park in the 1960s. Chaebols were subject to and comply with the government’s development plan. They were the junior partner in relations with the government. The development plan ...

The relationship between chaebols and the Korean state has a long history. Korean chaebols were created by the President Park in the 1960s. Chaebols were subject to and comply with the government’s development plan. They were the junior partner in relations with the government. The development plan of heavy and chemical industries (HCI) in the early 1970s totally transformed the chabols’s financial structure. It caused the massive capital concentration of chaebols. In the process, the relationships between government and chaebols became more intimate and cooperative. But government was still the senior partner in their relationships. In the 1980s, Korea became more deeply integrated in the world economy. In the process chaebols became more independent in their economic activities and the government could no more be the omnipotent senior partner in the economic decision makings. The growing economic power of chaebols made the financial reform to be beneficial to chaebols or reflect the interests of chaebols. The nonbanking financial institutions(NBFIs) allowed chaebols to be independent from the government-controlled bank credits. Since the early 1990s, the government had lost much of the power to control the chaebols’ investment decisions. In the process the government did not develop any effective inspection mechanism to check the chaebols’ financial investment. Rather, the bureaucracy were more cooperative and had been increasingly co-opted by chaebols. Kim Dae-jung government tried to reform chaebol structure with the help of IMF during the period of the foreign exchange crisis in Korea. But government’s reform efforts did not work so well. Chaebols did not follow the government’s order, and the government could not but help the insolvent chaebols to get rid of the economic problems. Nowadays chaebols grew up to be an international superpower that can not controlled by the government. Chaebols are now no more the target to be dismantled. Chaebols are now working as leading TNCs (trans-national corporations) in the world market economy. Nevertheless, the legacy of developmental state and path dependency of the state-led economic development is still alive and leads the government to intervene in the economic activities in the time of national economic crisis.

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