'Big Deal' or big disappointment? The continuing evolution of the South Korean developmental state

Pacific Review

Volumn 18, Issue 3, 2005, Pages 327-354

  Cherry, Judith ^a  

^a UNIVERSITY OF SHEFFIELD   (United Kingdom)

Author keywords

'Big Deals'; Corporate restructuring; Developmental state; Kim Dae jung; Transformative state: Chaebol

Indexed keywords

DEVELOPMENT STRATEGY; ECONOMIC REFORM; INDUSTRIAL RESTRUCTURING; STATE ROLE;

ASIA; EASTERN HEMISPHERE; EURASIA; FAR EAST; KOREA; SOUTH KOREA; WORLD;

EID: 24344451981     PISSN: 09512748     EISSN: None     Source Type: Journal    
DOI: 10.1080/09512740500188977     Document Type: Review

References (90)

1. Amsden, A. (1989) Asia's Next Giant: South Korea and Late Industrialization, New York: Oxford University Press.
2. Beeson, M. (2003) 'The rise and fall (?) of the developmental state: the vicissitudes and implications of East Asian interventionism'; available at http://eprint.uq.edu.au/archive/00000603/, accessed 22 February 2005.
3. Beeson, M. and Robison (2000) 'Introduction: interpreting the crisis', in R. Robison, M. Beeson, K. Jayasuriya, H. R. Kim (eds) Politics and Markets in the Wake of the Asian Crisis, London: Routledge, pp. 3-24.
4. Business Korea (1999a) 'Government forces rivals to embrace', January: 30-1.
5. Business Korea (1999b) 'Corporate Korea takes a whipping', October: 30-2.
6. Chang, H. J. (1999) 'The economic theory of the developmental state' in M. Woo-Cumings (ed.) The Developmental State, Ithaca, NY: Cornell University Press, pp. 182-99.
7. Che, Chong-im (1999) 'Chōkshinho k'yōjin kwanjudo "piktil": Chōngch'i nolli waegok'amyōn kaehyōk chwach'o' [Red light for government-led 'Big Deals': if political logic is distorted reforms will run aground], Wōlganmal [Monthly Report], March: 154-9.
8. Cherry, J. (2003) "The'Big Deals" and Hynix Semiconductor: state-business relations in post-crisis Korea', Asia-Pacific Business Review 10(2): 59-79.
9. Cho, Ch'ol-hwan (1999) 'Chaebōl kaehyōk "Mul kōnnōgan kot anya": Piktil hūjibuji, chaebōl yōnghyangnyōk ohiryō hwaktae' i Chaebol reform "Hasn't it crossed the Rubicon?": hushing up the 'Big Deals': instead the chaebol's influence has grown], Chugan Han'guk [Korea Weekly], 5 August: 34-5.
10. Cho, J. S. (2000) 'A train maker goes down', Chosōn Ilbo, 24 December; available at http://www.chosun.com.
11. Choson Ilbo (1998) 'Kim Dae-jung denies "Big Deals," 2 February; February; available at http://www.chosun.com.
12. Choson Ilbo (1998) 'Kim Dae-jung demands "Big Deals" plan by February 24', 22 January; available at http://www.chosun.com.
13. Ch'oe, Chong-p'yo (1999) 'Chaebōl kaehyōk kuho-man yoran, sōndan kyōngnyōng haech'e-ga kwan'gōn' [Chaebol reform i s just a slogan, the dismantling of fleet-style management is the key], Shindonga [New Donga], December: 158-63.
14. Chugan Maegyong (1998) 'Yu Han-su, POSRI sōnim yōn'guwiwōn: "Chōngbu chaegye-but'ō piktilhara" [Interview with Yu Han-su. Senior Researcher at POSCO Research Institute: 'Carry out the Big Deals starting with the government and business circles'], 2 September: 19.
15. Chun, S. W. (1998) 'Government, businesses working on follow up restructuring steps', Korea Herald, 28 July; available at http:// www.koreaherald.com.
16. Evans, P. (1995) Embedded Autonomy: States and Industrial Transformation, Princeton, NJ: Princeton University Press.
17. Han, Sang-gyun (1999) 'Chaebol kaehyōk rubik'ōn-ūl kōnnōnda: Kim taet'ongnyōng chujae-ro kūrup piktil mamuri' i Chaebol reform crosses the Rubicon: finishing touches to the group 'Big Deals' under President Kim's control], Nyumidio [New Media] January: 84-9.
18. Han'guk, Kaebal Yon'guwon (1998) Kungmin-gwa hamkke naeir-ūl yōnda [Opening Tomorrow with the People], Seoul: Taehan Min'guk Chōngbu.
19. Hong, J. H. (1998) 'LG Semicon refuses to move ahead with merger talks', Chosōn Ilbo, 28 December; available at http:// www.chosun.com.
20. Jang, J. (2001) 'The state activism toward the big business in Korea, 1998-2000: path dependence and institutional embeddedness'; available at http://www.missouri.edu/~polswww/papers/pp010423.pdf; accessed 22 February 2005.
21. Jin, N. (2001a) 'Government policies for economic recovery', Business Korea, September: 16-18.
22. Jin, N. (2001b) 'Steady footsteps forward', Korea Now, 2 June: 16-17.
23. Johnson, C. (1982) 'The industrial policy debate re-examined', California Management Review 27(1): 71-89.
24. Jung, K. H. (1999) 'Asian economic crisis and corporate restructuring', Korea Focus 7(3): 77-90.
25. Kim, Chang Hyun and Kim, Byung Moon (1998) 'Chaebōr-ūi hyōngsōng kwajōnggwa kaehyōk panghyang: Piktir-ūl chungshim-ūro, [The origins and reform of the chaebol, focusing on the 'Big Deals'], Haet'o Nonmunjip [Haet'o Collection of Learned Papers], December: 93-116.
26. Kim, C. S. (1998) 'How the chaebol can survive', Korea Focus 6(1): 41-54.
27. Kim, I. S. (2000) "Big Deal" program backfires', Chosōn Ilbo, 27 July; available at http://www.chosun.com.
28. Kim, K. H. (2002) "Big Deals" trigger huge losses', Chosōn Ilbo, 15 September; available at http:// www.chosun.com.
29. Kim, K. W. (2002) 'Corporate restructuring: with an emphasis on Jaebeol', Korea Journal 42(1): 5-41.
30. Kim, Y S. (2000) 'Much touted "Big Deals" deemed a failure', Chōson Ilbo, 20 December.
31. Kirk, D. (1998) 'Kim Dae Jung points a finger at the barons', International Herald Tribune, 12 July; available at http:// www.iht.com/IHT/D/98/dk120798.html.
32. Kong, T. Y. (2000) The Politics of Economic Reform in South Korea: A Fragile Miracle, London: Routledge.
33. Korea Herald (1998) "Big Deals" on the brink', 14 October; available at http://www.koreaherald.com.
34. Korea Herald (1998) 'A new start for the chaebol', 8 December; available at http://www.koreaherald.com.
35. Korea Herald (2001) 'New "Big Deals", 31 January; available at http://www.koreaherald.com.
36. Korea Herald (2001) 'Conflicting interests stall consolidation of 7 sectors', 22 February; available at http://www.koreaherald.com.
37. Korea Herald (2002) 'Newly created heavy industry companies faring well', 6 April; available at http://www.koreaherald.com.
38. Korea Now (2001) 'New Year message', 13 January: 8-9.
39. Korea Now (2001) 'Reforms on track', 19 May: 16-20.
40. Kwak, Hae-son (1998) Djnomiksū: Kkok araya hal Kim Tae-jung chōngbu-ūi kyongje chōngch'ae [Djnomics: Things You Must Know about the Kim Dae-jung Government's Economic Policy], Seoūl: 21Segi Puksu.
41. Larkin, J. (2001) 'When the chips are down', Far Eastern Economic Review, 19 July; available at http://feer.com.
42. Lee, C. S. (1998a) 'Now we mean it', Far Eastern Economic Review, 17 December; available at http://feer.com.
43. Lee, C. S. (1998b) 'Give me your sick', Far Eastern Economic Review, 2 July; available at http://www.feer.com.
44. Lee, D. H. (1998a) 'Economic ministries hint at stronger "Big Deals" measures', Chosōn Ilbo, 12 October; available at http://www.chosun.com.
45. Lee, D. H. (1998b) 'Big Deals' plans fall short of government expectations', Chosōn Ilbo, 7 October; available at http:// www.chosun.com.
46. Lee, D. H. (1998c) 'Business groups fail to settle "Big Deals", Chosōn Ilbo, 6 October; available at http://www.chosun.com.
47. Lee, D. H. (1998d) 'Finalization of "Big Deals" postponed yet again', Chosōn Ilbo, 2 October; available at http:// www.chosun.com.
48. Lee, Hyo-ch'an (1999) '"Piktil" (5dae chaebōl-gan kiōbinsu mit happyōng-ūi chōngchi kyōngjehakchōk punsōk' [An analysis of Korea's "Big Deals" -mergers and acquisitions among the five major chaebol - from a political economy perspective], unpublished master's degree dissertation, Chungang University, Seoul.
49. Lee, J. W. (1999) 'Corporate restructuring in Korea: experience and lessons', Korea Journal 39(3): 230-70.
50. Lee, Mun-hwan (2001) 'Shilp'aehan piktil samnyōn kōnjil kōshi ōptta' [Nothing to be saved from three years of failed 'Big Deals'], Naewoe Jōnōl [Naewoe Journal], December: 246-51.
51. Lee, S. H. (1998) 'Crisis in Korea and the IMF control', in E. M. Kim (ed.) The Four Asian Tigers: Economic Development and the Global Political Economy, San Diego: Academic Press, pp. 209-28.
52. Lee, W. J. (2000) 'Petrochemicals "Big Deal" dead', Chosōn Ilbo, 31 January; available at http:// www.chosun.com.
53. Lee, Y. H. and Kim, H. R. (2000) 'The dilemma of market liberalization: the financial crisis and the transformation of capitalism', in R. Robison et al. (eds) Politics and Markets in the Wake of the Asian Crisis, London: Routledge, pp. 116-29.
54. Lee, Yong-nan (1998) 'Andoenūn kōt-to toenūn kōt-to ōmnūn myohan kkol' [A curious appearance with nothing right and nothing wrong], Chugan Maegyōng [Weekly 'Economic Daily'], 2 September: 16-19.
55. Mo, J. R. and Moon, C. I. (1999) 'Korea after the crash', Journal of Democracy 10(3): 150-64.
56. Mo, J. R. and Moon, C. I. (2003) 'Business-government relations under Kim Dae-jung', in S. Haggard, W. Lim, E. Kim (eds) Economic Crisis and Corporate Restructuring in Korea: Reforming the Chaebol, Cambridge: Cambridge University Press, pp. 127-49.
57. Moon, C. I. and Rhyu, S. Y. (2000) 'The state, structural rigidity, and the end of Asian capitalism: a comparative study of Japan and South Korea', in R. Robison et al. (eds) Politics and Markets in the Wake of the Asian Crisis, London: Routledge, pp. 77-98.
58. Nam, I. S. (1998) 'Committee softens reform drive amid backlash from businesses', Korea Herald, 3 February; available at http:// www.koreaherald.com.
59. Noland, M. (2002) 'Economic reform in Korea: an unfinished legacy'; available at http://www.iie.com/publications/papers/noland0402.htm; accessed 22 February 2005.
60. Pak, Chae-gwon (1999) 'Nu-ga "piktirūl arūmdapta haennūn'ga: pandoch'e, chōngnyu woe-e-nūn chijibujin... Chōngbu, "kyǒldan naeryǒya" [Who said the 'Big Deals' are beautiful? Slow progress except in semiconductors and oil refining... The government has to make a decision], Shisa Jōnōl [Shisa Journal], 8 July: 54-6.
61. Pak, Tae-ho (1999) 'Piktiriyō, an'gae-rūl tturōra: sasang yurye ōpsōttōn illyōn-ūi kōrae, kū chōngch'i, kyōngjehakchōk t'ūkching-gwa paegyōng' [Big Deals! Penetrate the fog: a year of unprecedented transactions, their political economic characteristics and background], Nyūsumeikō [Newsmaker], 1 April: 34-5.
62. Park, S. S. (2002) 'Listed firms' net profit surges 25 per cent in 2001 excluding Hynix', Korea Herald, 3 April; available at http:// www.koreaherald.com.
63. Samsung Economic Research Institute (2000) Two Years after the IMF bailout: A Review of the Korean Economy's Transformation, Seoul: Samsung Economic Research Institute.
64. Samsung Economic Research Institute (2001) Three Years after the IMF Bailout: A Review of the Korean Economy's Transformation since 1998. Seoul: Samsung Economic Research Institute.
65. Shim, J. H. and Lee, C. S. (1998) 'Reality check', Far Eastern Economic Review, 3 December; available at http://www.feer.com.
66. Shin, J. S. and Chang, H. J. (2003) Restructuring Korea Inc., London: RoutledgeCurzon.
67. So, Myong-suk (1999) 'Kang Pong-gyun Ch'ōngwadae Kyōngjesusōk Pisōgwan: "Piktil kangje-ro shik'in chǒk ǒpta" [Kang Bong-gyun, Blue House Economic Secretary: 'We have never used force in the "Big Deals"], Shisa Jōnōl [Shisa Journal], 14 January: 14-15.
68. Song, E. D. (2001) 'Hyundai Mobis takes over Korea Rolling Stock', Chōsōn Ilbo, 28 August; available at http:// www.chosun.com.
69. Song, E. D. (2002) 'Firms looking for 'Big Deals' scapegoats', Chōsōn Ilbo, 2 September; available at http:// www.chosun.com.
70. Song, Ki-yong (1999) 'Chōngbu-chaebōl "huwōn'gūm piktil" ōmna' [The government and the chaebol - Isn't there a 'financial support "Big Deal"?], Chugan Tonga, [Weekly Tonga], 30 September: 32-3.
71. Tak, S. H. (2002) 'Chip deal falls apart as Hynix Board rejects MOU', Chōsōn Ilbo, 30 April; available at http:// www.chosun.com.
72. Wade, R. (1990) Governing the Market: Economic Theory and the Role of Government in East Asian Industrialization, Princeton, NJ: Princeton University Press.
73. Weiss, L. (1998) The Myth of the Powerless State: Governing the Economy in a Global Era, Cambridge: Polity Press.
74. Weiss, L. (2000) 'Developmental states in transition: adapting, dismantling, innovating, not "normalizing", The Pacific Review 13(1): 21-55.
75. Weiss, L. (2003) 'Guiding globalisation in East Asia: new rules for old developmental states', in L. Weiss (ed.) States in the Global Economy: Bringing Domestic Institutions Back In, Cambridge: Cambridge University Press, pp. 245-70.
76. Weiss, L. and Hobson, J. M. (1995) States and Economic Development: A Comparative Historical Analysis, Cambridge: Polity Press.
77. White, G. (ed.) (1988) Developmental States in East Asia, New York: St Martin's Press.
78. White, G. and Wade, R. (1988) 'Developmental states and markets in East Asia: an introduction', in Gordon White (ed.) Developmental States in East Asia, London: Macmillan, pp. 1-29.
79. Woo-Cumings, M. (1999) 'Chalmers Johnson and the politics of nationalism and development', in M. Woo-Cumings (ed.) The Developmental State, Ithaca, NY: Cornell University Press, pp. 1-31.
80. Yang, Sang-u (1999) 'Piktil, kaehyōg-uro kago innūn'ga: "Tijeinomiksu'illyon"' [Are the 'Big Deals' moving towards reform? One year of 'DJnomics'], Han'gyore 21 [Hangyore 21], 14 January: 22-5.
81. Yoo, C. M. (1998a) 'Hyundai to control joint chip company; LG rejects decision, clouding the merger', Korea Herald, 25 December; available at http://www.koreaherald.com.
82. Yoo, C. M. (1998b) 'FSC's Lee Hun-jae repeats calls for speedy "Big Deals", Korea Herald, 3 October; available at http:// www.koreaherald.com.
83. Yoo, C. M. (1998c) 'Chaebols to finalize "Big Deals" by October 7', Korea Herald, 3 October; available at http:// www.koreaherald.com.
84. Yoo, C. M. (1998d) 'Government, chaebols meet today to narrow gaps on "Big Deals", Korea Herald, 9 September; available at http://www.koreaherald.com.
85. Yoo, C. M. (1998e) 'Chaebols unveil restructuring of chip, six other industries', Korea Herald, 4 September; available at http:// www.koreaherald.com.
86. Yoo, C. M. (1998f) 'Government, chaebols agree on principle; differ in methods over business swaps [sic], massive layoffs', Korea Heral d, 28 July; available at http://www.koreaherald.com.
87. Yoo, C. M. (1999a) 'Hanhwa, Daelim finalize petrochemicals swap deal', Korea Herald, 3 December; available at http://www.koreaherald.com.
88. Yoo, C. M. (1999b) 'Chaebols' petrochemicals, auto mergers look bleak', Korea Herald, 30 April; available at http://www.koreaherald.com.
89. Yoo, C. M. (1999c) 'Samsung, Daewoo wrap up landmark auto merger deal', Korea Herald, 24 March; available at http://www.koreaherald.com.
90. Yoo, C. M. (2001) 'Seoul's new "Big Deal" policy meets with resistance from chaebol firms', Korea Herald, 30 January; available at http://www.koreaherald.com.