Locating Korea Historically

2021 ◽  
pp. 41-62
Author(s):  
Hyeong-ki Kwon
Keyword(s):  
Free Market ◽  
Policy Instruments ◽  
Value Added ◽  
Active Role ◽  
Private Firms ◽  
Oriented Growth ◽  
Continuity And Change ◽  
Korean Economy ◽  
The 1960S ◽  
Korean State

Before examining in detail what makes for continuity and change in the evolution of Korean capitalism, this chapter provides an overview of changes and continuity in Korean capitalism, focusing first on changes in developmental strategy from input-oriented to innovation-based growth; second, changes in class alliances; and third, changes in policy instruments and governance methods. The Korean economy has rapidly grown since the 1960s. Yet this growth was not due to mobilization of cheap labor or massive capital inputs, but due to changes in developmental strategies, from highly input-oriented to high value-added and innovation-oriented growth. This transformation occurred not by voluntary actions in the free market, but by the state’s initiatives and private firms’ responses. The Korean state still plays an active role in building and upgrading national strategic industries for export-led growth.

Changes by Competition

2021 ◽  
Author(s):  
Hyeong-ki Kwon
Keyword(s):  
Economic Growth ◽  
Free Market ◽  
Active Role ◽  
Developmental State ◽  
The State ◽  
Long Period ◽  
Korean Economy ◽  
Long Time ◽  
Korean State ◽  
Sustainable Economic Growth

By tracing historically the evolution of Korean state-led capitalism and comparing it with other economies, this book criticizes prevalent theories including neoliberalism, the developmental state, and institutionalism, while proposing a theoretical alternative focusing on endogenous changes and institutional adaptability through elite competition within the state. Unlike the arguments of the neoliberals, the state can still play an active role in reconstituting the national economy in globalization. The Korean state successfully fosters economic growth by nurturing industrial commons even in globalization, rather than change toward a neoliberal free market system. In order to better account for sustainable economic growth over a long time, this book emphasizes institutional adaptability through elite competition, rather than offering neoliberal celebrations of the free market and the statist emphasis on the stringent Weberian state. The Korean economy, as well as the East Asian developmental state (DS) economies, could have sustainable development over a long period, not because of an apparent and standardized growth formula, or because of some institutional elements of a stringent Weberian state, but because they have adjusted their methods and strategies of development through competition among elites inside and outside the state, as new challenges, never met with an apparent solution, have continuously emerged. In order to better account for the evolution of state-led developmentalism in Korea, as well as in other countries, this book proposes changes by competition among elites within as well as outside the state, which causes changes in developmentalism and more flexible adjustments in new contexts.

The Liberalizers: Justifying Free-Market Finance

2018 ◽  
Author(s):  
Louçã Francisco ◽  
Ash Michael
Keyword(s):  
Public Discourse ◽  
Free Market ◽  
Second World War ◽  
Economic Regulation ◽  
Developed Economies ◽  
The Us ◽  
The 1960S ◽  
The Uk ◽  
Second World ◽  
The New Deal

Chapter 5 traces how free market ideology displaced the apparent consensus on economic regulation that emerged from the Depression, the New Deal, and the Second World War. Viewed as cranks within economics through the 1960s, Milton Friedman and his supporters built an apparatus of ideas, publications, students, think tanks, and rich supporters, establishing outposts in Latin America and the UK. When developed economies faltered in the 1970s, Friedman’s neoliberal doctrine was ready. With citizens, consumers, and workers feeling worked over by monopolies, inflation, unemployment, and taxes, these strange bedfellows elected Reagan in the US and Thatcher in the UK and rolled to power in academia and in public discourse with a doctrine of privatization, liberalization, and deregulation. Friedman, Eugene Fama, and James Buchanan whose radical free market views triumphed at the end of the 1970s are profiled. A technical appendix, “Skeptics and Critics vs. True Believers” explores the economic debates.

The Emergence of Business Groups: Israel and South Korea Compared

2002 ◽  
Vol 23 (5) ◽  
pp. 737-758 ◽  
Author(s):  
Daniel Maman
Keyword(s):  
South Korea ◽  
Multinational Corporations ◽  
Business Groups ◽  
South Korean ◽  
Economic Organizations ◽  
Self Sufficiency ◽  
Institutional Contexts ◽  
1960S And 1970S ◽  
The 1960S ◽  
Korean State

This paper examines the emergence of business groups in Israel and South Korea. The paper questions how, in very different institutional contexts, similar economic organizations emerged. In contrast to the political, cultural and market perspectives, the comparative institutional analysis adopted in this research suggests that one factor alone could not explain the emergence of business groups. In Israel and South Korea, business groups emerged during the 1960s and 1970s, and there are common factors underlying their formation: state-society relations, the roles and beliefs of the elites, and the relative absence of multinational corporations in the economy. To a large extent, the chaebol are the result of an intended creation of the South Korean state, whereas the Israeli business groups are the outcome of state policies in the economic realm. In both countries, the state elite held a developmental ideology, did not rely on market forces for economic development, and had a desire for greater economic and military self-sufficiency. In addition, both states were recipients of large grants and loans from other countries, which made them less dependent on direct foreign investments. As a result, the emerging groups were protected from the intense competition of multinational corporations.

Corporate social responsibility between public policy and enterprise policy

2004 ◽  
Vol 10 (3) ◽  
pp. 372-392 ◽  
Author(s):  
Thomas Bredgaard
Keyword(s):  
Market Integration ◽  
Policy Instruments ◽  
Active Role ◽  
Main Question ◽  
Business And Society ◽  
Employment Policy ◽  
Public Authorities ◽  
Social Partners ◽  
The Government ◽  
The Unemployed

In spite of – or maybe precisely because of – its inherent vagueness, ambiguity and multidimensionality, CSR has increasingly come into vogue with the EU institutions, national governments and numerous European companies. This article identifies four types of CSR approaches: (1) CSR between business and society (e.g. the US approach); (2) CSR in business (e.g. HRM within firms); (3) CSR between business and government (e.g. the European Commission's approach) and (4) CSR between employment policy and business (e.g. the Danish approach). Denmark, which provides the case study of the article, typifies an approach to CSR in which the government and social partners have played an active role in promoting CSR and where initiatives have focused narrowly on employers’ responsibilities for the recruitment, training, development and dismissal of labour. The Danish case thus allows for a discussion of the role of public authorities and social partners in CSR, a discussion often neglected in mainstream CSR literature. The main question addressed in the article is how links can be created between policy instruments and business interests in order to reduce workplace exclusion and promote the labour market integration of the unemployed and inactive. We propose a framework that transcends the dichotomy between voluntarism and coercion that characterises much of the CSR discussion by suggesting different, but complementary, roles of public authorities and social partners in CSR.

scholarly journals Monetary Stabilization Policy in the Coronacrisis

2021 ◽  
Vol 129 ◽  
pp. 01015
Author(s):  
Tatiana Kotcofana ◽  
Anastasiya Titova ◽  
Armen Altunyan
Keyword(s):  
Monetary Policy ◽  
Policy Instruments ◽  
Value Added ◽  
Stabilization Policy ◽  
University Of Oxford ◽  
Global Recession ◽  
National Economies ◽  
The University ◽  
The Impact ◽  
The Relationship

Research background: In 2020, all the world's economies faced a new, special phenomenon – the coronacrisis caused by the pandemic, and with the fall of most economic indicators. In the current conditions, it is extremely important to build a competent monetary policy in order to soften the "blows" caused by the global recession for national economies. Purpose of the article: The main purpose of the presented article is the analysis of measures to stimulate the economy using monetary policy instruments in the conditions of the coronacrisis. Methods: To conduct the study, we used official statistics data, on the basis of which an econometric model was built, which allowed us to determine the forecast values for inflation, taking into account the impact of monetary and non-monetary factors. Findings & Value added: The econometric analysis show the high importance of non-monetary factors of inflation. This makes it difficult to assess the monetary policy, since Central banks are able to influence non-monetary factors only indirectly. The paper notes the influence of the refinancing rate on loans to the real sector of the economy, since the stabilization monetary policy should be primarily aimed at maintaining economic growth. The correlation field of the relationship between the index of rigidity of restrictions developed by the University of Oxford and loans to small and medium-sized businesses is constructed. It is noted that with the reduction of administrative restrictions, the volume of loans granted to small and medium-sized businesses increases.

Transformal Role of Product Design in Singapore’s Transition to a Service Economy

2011 ◽  
pp. 431-446
Author(s):  
Peer M. Sathikh
Keyword(s):  
Product Design ◽  
Free Market ◽  
Small Population ◽  
East India Company ◽  
Scarce Resources ◽  
Challenges And Opportunities ◽  
The Status ◽  
The Government ◽  
The 1960S ◽  
City State

Singapore, a city state of 4.8 million people, located at the tip of the Malaysian Peninsula, was founded in 1819, when Sir Stamford Raffles of the East India Company established a trading settlement in Singapore. The meeting point for Chinese, Malays, Indians, Arabs, Europeans and others on their journey through the southern seas, Singapore achieved its initial economic success through international trade as a free port and free market. Given the status of an independent country in 1965, Singapore suddenly found itself in a struggle to survive. It’s small population and scarce resources meant that regional and world markets were larger than the domestic market, presenting the government and its policymakers with distinctive economic challenges and opportunities. This chapter tries to recount the policies and subsequent actions put in place in Singapore from the 1960s till the present, promoting the creative industry, including product design, in order to transform a market dependent economy into a service centered economy. This chapter also discusses if and how such a ‘planned intervention’ played an important role in building up the resources and infrastructure within Singapore and in attracting multi-national companies to locate their R&D and design facilities in Singapore, pointing to where it has succeeded and where it has not.

Soonponsri, Kamchorn (1937--)

2018 ◽  
Author(s):  
Charlotte Galloway
Keyword(s):  
Los Angeles ◽  
Fine Arts ◽  
Active Role ◽  
Art Exhibition ◽  
Master Of Fine Arts ◽  
Student Protests ◽  
Democratic Government ◽  
The 1960S ◽  
Privately Owned ◽  
Politically Active

Born in Lopburi, Thailand, Soonponsri graduated from Silpakorn University in 1962, and completed a Master of Fine Arts in sculpture and painting at the Otis Art Institute, Los Angeles in 1971. Throughout his career he has pushed the boundaries of institutional convention. While abstraction was popular with younger Thai artists such as Soonponsri in the 1960s, the National Exhibition of Art and Silpakorn University still favored more traditional works and approaches. Breakaway exhibitions arose, and Soonponsri was involved in one of the early shows held at the privately owned Bangkapi Gallery in 1964. He took on a politically active role following the pro-democracy student protests of 1973. Soonponsri became chairman of the Artists’ Front of Thailand, founded in 1974 with the aim of harnessing art in the quest to obtain democratic government. He was an organizer of the first Open Art Exhibition of Thailand, held in 1979 as a further challenge to the National Exhibition of Art. His activism contributed to significant change, and he later became a jury member for a revitalized National Art Exhibition. Soonponsri’s works are abstracted and emotive. In the early 1990s he was a lecturer at Silpakorn University with other well-known artists such as Ithipol Thangchalok.

17. Environment

2017 ◽  
Author(s):  
Peter Newell
Keyword(s):  
Developing Countries ◽  
Developing World ◽  
National Policy ◽  
Policy Instruments ◽  
Environmental Issues ◽  
Central Place ◽  
Environmental Movements ◽  
Continuity And Change ◽  
Policy Agendas ◽  
The Relationship

This chapter examines how developing countries are managing the relationship between the environment and development. Despite being widely regarded as a threat to their economic development and prospects for growth, environmental issues have come to occupy a central place on policy agendas throughout the developing world. Driven by donors, public concern, and vocal environmental movements, responses to these environmental issues have taken a number of different forms as they compete for ‘policy space’ with other pressing development concerns. The chapter links global agendas to national policy processes, highlighting differences and similarities between how countries respond to various environmental issues. It also considers patterns of continuity and change in the politics of environment in the developing world, along with new policy instruments for environmental protection. It concludes by reflecting on the likely future of environmental policy in the developing world.

scholarly journals Nutraceutical potentials of synergic foods: a systematic review

2019 ◽  
Vol 6 (1) ◽  
Author(s):  
Tharani Devi Natarajan ◽  
Janci Rani Ramasamy ◽  
Kirthika Palanisamy
Keyword(s):  
Chronic Diseases ◽  
Health Benefits ◽  
Nutrient Deficiency ◽  
Value Added ◽  
Well Being ◽  
Active Role ◽  
The Body ◽  
Health Food ◽  
Potential Health ◽  
Nutrition Research

AbstractFood synergy is a concept of linking foods to health. Food consists of mixtures of nutrients, serving as a fuel for the body. When synergistic foods are put together, the evidence for potential health benefits becomes stronger than individual foods. Nutrient deficiency is a known phenomenon in many individuals, and synergy plays a very important role in combating the nutritional deficiency. Today’s consumer expresses high interest to build knowledge on the active role of food in their well-being, as well as in the prevention of non-transmissible chronic diseases. Functional foods and their active compounds play a vital role in preventing chronic diseases, improving immunity, and decreasing infections. The concept of synergy is an overthinking in nutrition research which can enhance effective dietary planning value added to the forthcoming nutrition research. This paper gives an overview of various synergic combinations of food components and their interactions within the food and with the human system to attain ideal health benefits.

Success to Decay: Design and Economy from Self-Management to Free Enterprise Model

Design Issues ◽  
2019 ◽  
Vol 35 (2) ◽  
pp. 81-92
Author(s):  
Iva Kostešić ◽  
Fedja Vukić
Keyword(s):  
World War Ii ◽  
Industrial Production ◽  
Free Market ◽  
Value Added ◽  
Transformation Process ◽  
Social Model ◽  
Self Management ◽  
Free Enterprise ◽  
Independent State ◽  
The Social

The economic and industrial underdevelopment in the Socialist Federal Republic of Yugoslavia (SFRY) during the post-World War II period resulted in the partial abandonment of the Soviet economic model and the introduction of free market elements. The social concept of self-management and the 1965 economic reform enabled enterprise entities, still owned by the state, to allocate and distribute finances. From the 1950s, SFRY witnessed a fast growth in the economy and industrial production, and the emergence of design. However, most enterprises in former Yugoslavia had little interest in investing in design, even though the material means were available. Through the process of privatization from 1990 on, and upon the introduction of the free enterprise economy social model, this persistent resistance to achieve value-added products by implementing design strategy was eventually one of the reasons for both the economic troubles in the transformation process and the final decay of state-owned companies. Throughout the 1990s, the privatized companies in the newly independent state of Croatia inherited this non-innovative approach to industrial production while focusing more on license buying.

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