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The Potential Driving Forces of Wealth Accumulation by South Korea’s Leading Shipbuilding Giants: Wage-Labor Nexus and Dual-channel Capital Accumulation

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  • WooJin KIM

    (Graduate School of Economics, Kyoto University, Yoshida-honmachi, Sakyo-ku, Kyoto 606-8501, Japan.)

Abstract

This study explores how institutional factors increase the possibility of Korea’s three main shipbuilders’ capital accumulation and what effect institutional factors have on their capital accumulation. By examining the structural features of these shipbuilders’ labor and changes in their wage-labor nexus, the mechanisms of dual-channel capital accumulation are better understood. Ultimately, our findings show that dual-channel capital accumulation, which allows three shipbuilders to secure the practicality of overall loss minimization or overall profit maximization, has been created through the evolution of their labor structure.

Suggested Citation

  • WooJin KIM, 2017. "The Potential Driving Forces of Wealth Accumulation by South Korea’s Leading Shipbuilding Giants: Wage-Labor Nexus and Dual-channel Capital Accumulation," Journal of Economics Library, KSP Journals, vol. 4(1), pages 9-29, March.
    • Handle: RePEc:ksp:journ5:v:4:y:2017:i:1:p:9-29
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    More about this item

    Keywords

    Dual-channel capital accumulation; Wage–labor nexus; Korean shipbuilders; Structural transformation; Shipbuilding and offshore industry.;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • L62 - Industrial Organization - - Industry Studies: Manufacturing - - - Automobiles; Other Transportation Equipment; Related Parts and Equipment

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