Overview

Asian business conglomerates have clearly been successful agents of growth, mobilizing capital, borrowing technology from abroad and spearheading Asia's exports. However, these firms have long had a number of organisational and financial weaknesses, including heavy reliance on debt, that make them vulnerable to shocks. Nowhere was this more true than in Korea, where the large corporate groups known as chaebol have dominated the economic landscape. This collection of essays by leading political scientists and economists provides a comprehensive look at the chaebol problem in the wake of the Asian financial crisis. The authors consider the historical evolution of the chaebol and their contribution to the onset of economic turmoil in 1997. The book analyses the government's short-run response to corporate and financial distress, and outlines an agenda for longer-term reform of the financial system, corporate governance and the politics of business-government relations.

Full Product Details

Author:   Stephan Haggard (University of California, San Diego) ,  Wonhyuk Lim (Korea Development Institute) ,  Euysung Kim (Yonsei University, Seoul)
Publisher:   Cambridge University Press
Imprint:   Cambridge University Press (Virtual Publishing)
ISBN:  

9781139085083

ISBN 10:   1139085085
Publication Date:   05 July 2014
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Undefined
Publisher's Status:   Active
Availability:   Available To Order  
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Table of Contents

Introduction: the political economy of corporate restructuring in Korea Wonhyuk Lim, Stephan Haggard and Euysung Kim; Part I. The Politics and Economics of the Chaebol Problem: 1. The emergence of the Chaebol and the origins of the 'Chaebol problem' Wonhyuk Lim; 2. The politics of Chaebol reform, 1980–1997 Byung-Kook Kim; 3. The government, Chaebol and financial institutions in pre-crisis Korea Joon-Ho Hahm; 4. Corporate governance and performance of Korean firms in the 1990s Sung Wook Joh and Euysung Kim; Part II. The Political Economy of Crisis Management: 5. Business-government relations under Kim Dae Jung Jongryn Mo and Chung-in Moon; 6. The restructuring of Daewoo Dong Gull Lee; 7. Bank-led corporate restructuring Kyung Suh Park; Part III. Reform and Restructuring: 8. Corporate bankruptcy system and economic crisis in Korea Youngjae Lim; 9. FDI and corporate restructuring in post-crisis Korea Mikyung Yun; 10. Competition law and policy in Korea Kwang-Shik Shin; 11. Corporate governance reform in Korea Myeong-Hyeon Cho; Conclusion: whither the Chaebol? Stephan Haggard, Wonhyuk Lim and Euysung Kim.

Reviews

Review of the hardback: ' ... a well-planned volume. ... written by sophisticated political economists. The Haggard, Lim and Kim volume is a significant addition to the literature on the Asian financial crisis.' International Affairs Review of the hardback: 'This study will probably become the leading reference in English on how Korean policymakers addressed the chaebol issue in the aftermath of the 1997 crisis.' The Journal of Asian Studies The essays provide a timely review of chaebol reform, and represent a fine addition to the growing literature of Korean business-state relations. ...scholars and policy makers interested in policy implementation and procedure will welcome the volume. Pacific Affairs This work makes a significant contribution to existing knowledge regarding the Korean economy and its components. Each chapter has an extensive list of references. To my knowledge, there is no single work with which this one competes. Its intended audiences are academics and the business community. However, general readers interested in the subject matter will find this work interesting because it is readable and does not overuse the lexicon of economics or business. Perspectives on Political Science

Review of the hardback: ' ... a well-planned volume. ... written by sophisticated political economists. The Haggard, Lim and Kim volume is a significant addition to the literature on the Asian financial crisis.' International Affairs Review of the hardback: 'This study will probably become the leading reference in English on how Korean policymakers addressed the chaebol issue in the aftermath of the 1997 crisis.' The Journal of Asian Studies

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