The Korean Economic System: Governments, Big Business and Financial Institutions

The book focuses on an analysis of the formation of the economic system, using Korea as a case study to break away from the views on economic development put forward by the three main views: the neo-classical, the developmental-state and the dependency view. Five arguments are offered in this book, which differ from the three main views of economic development. The study will examine in detail the evolution of institutions that contributed to economic growth. It will analyse the formation and the workings of the economic system, with an emphasis on the close interaction between government, private institutions (Chaebol and financial institutions) and the influence of Japan rather than the selection of specific factors considered most relevant to economic development. It will be argued that economic development comes about through the evolution of institutions, which comprise both internal and external factors.