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Park, Hyeng-Joon
Doucette, Jamie
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[Journal:] Capital & Class [Volume:] 40 [Issue:] 3 [Pages:] 533-554
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.
capital as power
developmental state
institutional political economy
Marxian economics
post-Keynesian economics
South Korea
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