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Economic Crisis and Corporate Restructuring in Korea: Reforming the Chaebol

Economic Crisis and Corporate Restructuring in Korea: Reforming the Chaebol

Paperback Cambridge Asia-Pacific Studies

Edited by Stephan Haggard, Edited by Wonhyuk Lim, Edited by Euysung Kim

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  • Publisher: CAMBRIDGE UNIVERSITY PRESS
  • Format: Paperback | 368 pages
  • Dimensions: 152mm x 229mm x 28mm | 544g
  • Publication date: 18 February 2010
  • Publication City/Country: Cambridge
  • ISBN 10: 0521131715
  • ISBN 13: 9780521131711
  • Edition: 1
  • Illustrations note: 20 b/w illus. 78 tables
  • Sales rank: 836,137

Product description

Asian business conglomerates have clearly been successful agents of growth, mobilizing capital, borrowing technology from abroad and spearheading Asia's exports. However, these firms have long had a number of organisational and financial weaknesses, including heavy reliance on debt, that make them vulnerable to shocks. Nowhere was this more true than in Korea, where the large corporate groups known as chaebol have dominated the economic landscape. This collection of essays by leading political scientists and economists provides a comprehensive look at the chaebol problem in the wake of the Asian financial crisis. The authors consider the historical evolution of the chaebol and their contribution to the onset of economic turmoil in 1997. The book analyses the government's short-run response to corporate and financial distress, and outlines an agenda for longer-term reform of the financial system, corporate governance and the politics of business-government relations.

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Review quote

Review of the hardback: ' ... a well-planned volume. ... written by sophisticated political economists. The Haggard, Lim and Kim volume is a significant addition to the literature on the Asian financial crisis.' International Affairs Review of the hardback: 'This study will probably become the leading reference in English on how Korean policymakers addressed the chaebol issue in the aftermath of the 1997 crisis.' The Journal of Asian Studies

Table of contents

Introduction: the political economy of corporate restructuring in Korea Wonhyuk Lim, Stephan Haggard and Euysung Kim; Part I. The Politics and Economics of the Chaebol Problem: 1. The emergence of the Chaebol and the origins of the 'Chaebol problem' Wonhyuk Lim; 2. The politics of Chaebol reform, 1980-1997 Byung-Kook Kim; 3. The government, Chaebol and financial institutions in pre-crisis Korea Joon-Ho Hahm; 4. Corporate governance and performance of Korean firms in the 1990s Sung Wook Joh and Euysung Kim; Part II. The Political Economy of Crisis Management: 5. Business-government relations under Kim Dae Jung Jongryn Mo and Chung-in Moon; 6. The restructuring of Daewoo Dong Gull Lee; 7. Bank-led corporate restructuring Kyung Suh Park; Part III. Reform and Restructuring: 8. Corporate bankruptcy system and economic crisis in Korea Youngjae Lim; 9. FDI and corporate restructuring in post-crisis Korea Mikyung Yun; 10. Competition law and policy in Korea Kwang-Shik Shin; 11. Corporate governance reform in Korea Myeong-Hyeon Cho; Conclusion: whither the Chaebol? Stephan Haggard, Wonhyuk Lim and Euysung Kim.