Financialization or Capitalization? Debating Capitalist Power in South Korea in the Context of Neoliberal Globalization

摘要

The article reviews debates concerning financialization in South Korea, with a focus on ongoing arguments between liberal, post-Keynesian, institutionalist and Marxist economists. It argues that post-Keynesian and institutionalist perspectives in particular neglect important class processes through which the financial circuit operates within the Korean economy, especially the power of Koreau2019s large, family-led conglomerates, or chaebol. In order to build upon Marxist approaches to Korean finance, we argue that Nitzen and Bichleru2019s approach to the u2018capitalizationu2019 of capitalist class power provides a useful heuristic for understanding the differential power of Korean chaebol and their integration into global capital.