Locating Korea from a Comparative Perspective
Before historically tracing the evolution of Korean capitalism from the early 1960s, this chapter locates the current Korean capitalism from a comparative perspective. To explore the extent of change in Korean state-led capitalism and whether the developmental state remains effective under globalization, this chapter first examines what a developmental state is, compared with the Anglo-Saxon free market system and social corporatism. Criticizing the prevalent DS theorist accounts, including both conflating context-specific elements of Korean DS with state-led developmentalism in general, and too broad definition of DS based on developmental mindset, this chapter emphasizes the different modes of economic operation and governance. By exploring different patterns of reconstituting national economy in the course of national corporations’ globalization, this chapter locates the Korean developmental pattern in globalization from a comparative perspective.