IDEAS home Printed from https://ideas.repec.org/a/zbw/espost/157800.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/157800/1/bna-491_20160900_park_doucette_financialization_or_capitalization_preprint.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Farrukh Igbal & Jong-Il You, 2001. "Democracy, Market Economics and Development : An Asian Perspective," World Bank Publications - Books, The World Bank Group, number 13904, December.
    2. Michelle Buckley & Adam Hanieh, 2014. "Diversification by Urbanization: Tracing the Property-Finance Nexus in Dubai and the Gulf," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 38(1), pages 155-175, January.
    3. Seongjin Jeong, 1997. "The Social Structure of Accumulation in South Korea: Upgrading or Crumbling?," Review of Radical Political Economics, Union for Radical Political Economics, vol. 29(4), pages 92-112, December.
    4. Costas Lapavitsas, 2011. "Theorizing financialization," Work, Employment & Society, British Sociological Association, vol. 25(4), pages 611-626, December.
    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.
    9. AfDB AfDB, . "Annual Report 2012," Annual Report, African Development Bank, number 461.
    10. Engelbert Stockhammer, 2010. "Financialization and the Global Economy," Working Papers wp240, Political Economy Research Institute, University of Massachusetts at Amherst.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. McMahon, James, 2018. "Is Hollywood a Risky Business? A Political Economic Analysis of Risk and Creativity," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Online Fi, pages 1-24.
    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Baines, Joseph, 2014. "The Ethanol Boom and the Restructuring of the Food Regime," Working Papers on Capital as Power 2014/03, Capital As Power - Toward a New Cosmology of Capitalism.
    2. Baines, Joseph, 2015. "Price and Income Dynamics in the Agri-Food System: A Disaggregate Perspective," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 157992, July.
    3. Bichler, Shimshon & Nitzan, Jonathan, 2017. "Oil and Blood in the Orient, Redux," EconStor Preprints 172198, ZBW - Leibniz Information Centre for Economics, revised 2017.
    4. Bichler, Shimshon & Nitzan, Jonathan, 2014. "Energy Conflicts and Differential Profits: An Update," EconStor Preprints 157857, ZBW - Leibniz Information Centre for Economics.
    5. Hager, Sandy Brian, 2013. "Public Debt, Ownership and Power: The Political Economy of Distribution and Redistribution," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 157991, July.
    6. Sebastian Schipper, 2015. "Towards a ‘Post-Neoliberal’ Mode of Housing Regulation? The Israeli Social Protest of Summer 2011," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 39(6), pages 1137-1154, November.
    7. 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.
    8. Nitzan, Jonathan & Bichler, Shimshon, 2018. "The CasP Project: Past, Present, Future," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 1(3), pages 1-39.
    9. Di Muzio, Tim & Dow, Matthew, 2017. "Uneven and Combined Confusion: On the Geopolitical Origins of Capitalism and the Rise of the West," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 30(1), pages 3-22.
    10. Mouré, Christopher, 2022. "No Shortage of Profit: Technological Change, Chip 'Shortages', and Capital Accumulation in the Semiconductor Business," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 262742, July.
    11. Zenonas Norkus & Aelita Ambrulevičiūtė & Vaidas Morkevičius, 2019. "Relevance of American Diasporas for the Post-Soviet Economic Recovery and Growth of Their Homelands. Armenia and Lithuania in Comparison," Revue d'études comparatives Est-Ouest, Presses Universitaires de France, vol. 0(1), pages 207-239.
    12. Di Muzio, Tim, 2016. "Energy, Capital as Power and World Order," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 267-287.
    13. Sebastian Schipper, 2015. "Urban Social Movements and the Struggle for Affordable Housing in the Globalizing City of Tel Aviv-Jaffa," Environment and Planning A, , vol. 47(3), pages 521-536, March.
    14. Nitzan, Jonathan & Bichler, Shimshon, 2018. "Arms and Oil in the Middle East: A Biography of Research," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 30(3), pages 418-440.
    15. Bichler, Shimshon & Nitzan, Jonathan, 2012. "Capital as Power: Toward a New Cosmology of Capitalism," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 61, pages 65-84.
    16. Ravit Hananel, 2021. "Bills, Rights and Housing Policy: The Evolution of Israel’s Seven-Decade Housing-Related Bills," Sustainability, MDPI, vol. 13(9), pages 1-18, April.
    17. Bichler, Shimshon & Nitzan, Jonathan, 2023. "Regime Change and Dominant Capital: Lessons from Israel," Working Papers on Capital as Power 2023/02, Capital As Power - Toward a New Cosmology of Capitalism.
    18. Kantis, Hugo, 2018. "Mature and developing ecosystems: a comparative analysis from an evolutionary perspective," MPRA Paper 88453, University Library of Munich, Germany.
    19. Nitzan, Jonathan & Bichler, Shimshon, 2006. "New Imperialism or New Capitalism?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 0(1), pages 1-86.
    20. Bichler, Shimshon & Nitzan, Jonathan, 2015. "Still About Oil?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 70, pages 49-79.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:espost:157800. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/zbwkide.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.