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From Miracle to Crisis and Back: South Korean Development

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Presentation on theme: "From Miracle to Crisis and Back: South Korean Development"— Presentation transcript:

1 From Miracle to Crisis and Back: South Korean Development
Stephanie Gladwin

2 Nicolas Grinberg: Author
Article Purpose: “Analyze the process of economic development and associated political transformations in South Korea since the mid-1960’s” (Grinberg, 2014). Article Argument: Grinberg argues that the state policies enacted created the widely successful capitalist Korean economic structure from 1960’s until now.

3 30 year overview “In only three decades, the country went from a poor, war-destroyed nation to a leading industrial producer where full employment prevailed and poverty was practically uprooted.” -Nicholas Grinberg

4 Goals: Korea was looking to be able to create a production of relative surplus value on a global scale... Why? Create a capitalist structure which requires an influx of capital, hence, relative surplus of product How? Simplified Manual Labor processes

5 Trends

6 Economic crisis Different arguments by four different authors Neoliberal authors: blamed the market liberalisation program Statist authors: blamed the state intervention of financial and banking sectors Marxist authors: saw the development of Korean capitalism in terms of the interaction between domestic and international processes Grinbergs argument: Global developments in reproduction of Korean capitalism was better than policy centered neoclassical-neoliberal debates

7 Domestic and International
On the domestic side: we see a lack of discipline and a rise of working class political activism → wages for manual workers were pushed up On the international side: U.S. investment in low-wage China in the late 1980’s → meant that Korea could not compete in the global market This caused Korea to have to change their production strategies

8 Important terms to know and why they matter
Moving from ISI to EOI ISI: Imports-substitute industrialization EOI: Export-Oriented Industrialization NIDL- New International Division of Labor in 1970 Definition: Dispersal of parts of production for minimal production costs

9 What did Capitalism mean for Koreans?
Producing commodities=power. They give up some of that power as a sovereign act for representation Capitalism helped individuals gain: Citizenship Political representation

10 Conclusion Export Recovery Plan: 1999
→ Korea had to invest in their labor market. They needed to change their relatively cheap and disciplined labor force to trained and knowledgeable laborers and invest in Technology → The Export Recovery Plan was contradictory and resulted in slow growth but today they have a powerful global market.


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