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Complete Dissertation VU Research Portal Neo-liberalism and the Korean Economy since the 1997 Financial Crisis: Lee, T.S. 2012 document version Publisher's PDF, also known as Version of record Link to publication in VU Research Portal citation for published version (APA) Lee, T. S. (2012). Neo-liberalism and the Korean Economy since the 1997 Financial Crisis: A Christian Ethical Analysis centering upon Tax Havens, Labor-Management Relations and Real Estate. 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Sep. 2021 Neo-liberalism and the Korean Economy since the 1997 Financial Crisis: A Christian Ethical Analysis centering upon Tax Havens, Labor-Management Relations and Real Estate Teok Shin Lee 1 Copyright© 2013 Teok Shin Lee Druk: Drukkerij Vrije Universiteit, Amsterdam 2 VRIJE UNIVERSITEIT Neo-liberalism and the Korean Economy since the 1997 Financial Crisis: A Christian Ethical Analysis centering upon Tax Havens, Labor-Management Relations and Real Estate ACADEMISCH PROEFSCHRIFT ter verkrijging van de graad Doctor aan de Vrije Universiteit Amsterdam, op gezag van de rector magnificus prof.dr. L.M. Bouter, in het openbaar te verdedigen ten overstaan van de promotiecommissie van de Faculteit der Godgeleerdheid op woensdag 16 januari 2013 om 11.45 uur in de aula van de universiteit, De Boelelaan 1105 door Teok Shin Lee geboren te Buan, Zuid-Korea 3 promotor: prof.dr. J.S. Reinders copromotor: prof.dr. B. Goudzwaard 4 Contents Acknowledgements ……………………………………….………. 8 Introduction 1. Beyond the Economic Schizophrenia ………………………………… 10 2. The 1997 Korean Financial Crisis and the Economic Unsoundness …. 10 2.1. The Development of the 1997 Korean Crisis ..……………………… 10 2.2. The Social Consequences of the 1997 Korean Crisis ..……………… 12 3. The Research Project and Structure ..………………………………….. 14 Chapters 1. The 1997 Korean Financial Crisis and Neo-liberalism 1.1. The Nature of the Crisis and its Relations to Neo-liberalism ……….. 16 1.2. Neo-liberalism and its Mechanisms …………………………………. 17 1.3. The South Korean Economy under Neo-liberalism …………………. 20 2. The Principles of Global Capitalism behind the Korean Crisis 2.1. The Washington Consensus: Satanic Mills ………………………….. 24 2.2. The Fictitious Economy ……………………………………………... 32 2.3. The Full Faith in Free Markets ……………………………………… 35 2.4. The Social Evolutionism …………………………………………….. 40 2.5. The Subjectivism and Utilitarianism of the Austrian School ………... 49 2.6. The Anachronism of Neo-liberalism: a Gap between Austria (West) and Korea ………………………………………………………….... 54 3. The Case Studies of Capital, Labor and Land: Tax Havens, Labor-Management Relations and Real Estate 3.1. Tax Havens …………………………………………………………... 62 3.1.1. What is a Tax Haven? ……………………………………………... 63 3.1.2. Tax Havens and the Korean Financial Crisis ……………………… 66 3.1.3. The Fictitious Traits of Tax Havens ……………………………….. 72 5 3.1.4. Tax Havens and the Global Cross-border Dirty Money …………… 73 3.1.5. Tax Havens and Financial Instability ……………………………... 76 3.2. The Labor-Management Relations in South Korea …………………. 78 3.2.1. A General Survey of the Korean Labor-Management Relations ….. 78 3.2.1.1. Before the 1987 Great Workers‟ Struggle ……………………….. 78 3.2.1.2. From the 1987 Struggle to the 1997 Financial Crisis …………… 82 3.2.1.3. Since the 1997 Financial Crisis ………………………………….. 84 3.2.2. The Antagonistic Character of the Korean Labor-Management Relations …………………………………………………………... 87 3.3. The Real Estate in South Korea ……………………………………... 89 3.3.1. A Real Estate Class Society ……………………………………….. 90 3.3.1.1. The Developmental State and the Formation of a Real Estate Class Society …………………………………………….. 90 3.3.1.2. The Democratization and the „Public Concept of Land‟ Campaign … 93 3.3.1.3. The Financial Crisis and the Liberalization of Real Estate Market …. 95 3.3.2. The Absolutism of the Private Property Right …………………….. 99 3.3.2.1. The Disparity of Real Estate and the Absolutism of the Private Property Right …………………………………………………... 99 3.3.2.2. The Origin of the Absolutism of the Private Property Right …... 100 3.3.3. Ecological Destruction and Developmentalism ………………….. 105 3.3.3.1. A Construction State under Developmentalism and Ecological Degradation ………………………………………… 105 3.3.3.2. The Origin of Developmentalism: the Descartian Dualism between Man and Nature ………………………………………. 111 4. The Value-free [Positive] Methodology of Modern Economics 4.1. Traditional Economics as a Moral Science ………………………… 114 4.2. The Enlightenment Philosophies of Immanuel Kant and David Hume & the Value-free Economics ………………………………………. 119 4.3. The Objections to the Dichotomy between Positive and Normative of Value-free Economics ……………………………… 128 5. The Christian Responses to the Neo-liberal Economic Thoughts, Practices and Methodology 6 5.1. The Christian Alternative Views of Markets, Economics and Globalization ………………………………………………………. 136 5.2. The Christian Ideas and Practices in reference to the Previous Case Studies ……………………………………………………….. 139 5.2.1. Tax Havens ……………………………………………………….. 140 5.2.1.1. Tax Havens: For Absolute Freedom or For Slavery? …………... 140 5.2.2. Labor-Management Relations ……………………………………. 143 5.2.2.1. The Intrinsic Value of Human Labor …………………………... 143 5.2.2.2. The Dutch Protestant Church‟s Cooperative Views of Labor-Management Relations ……………………………… 145 (1) Abraham Kuyper: An Organic View of Human Society and the Principle of Sphere Sovereignty …………………………… 146 (2) The Patrimonium: Klaas Kater and Willem Hovy ………………….. 148 (3) From the Inter-class Patrimonium to the Separate Christian Labor Unions: Aritius Talma vs. Herman Bavinck and Johannes Sikkel …. 150 (4) The Consultative Trade Organizations as the Alternative to the Separate Workers‟ and Employers‟ Organizations: Marinus Ruppert vs. Herman Dooyeweerd ………………………… 155 (5) The Labor Foundation and the Social and Economic Council: The Agreement of Wassenaar, the Agreement of Flexibility and Security and the Report of Convergence and Consultative Economy ……….. 159 (6) Appraisals and Lessons ……………………………………………... 165 5.2.3. Real Estate ……………………………………………………….. 168 5.2.3.1. The Public Concept of Real Estate …………………………….. 168 5.2.3.2. The Intrinsic Value of Nature ………………………………….. 177 5.3. The Christian Views of Modern Value-free Economic Methodology ….. 179 5.3.1. A Critique of Value-free Economics from the Viewpoint of a Christian Epistemology ………………………………………… 179 5.3.2. A Critique of Value-free Economics regarding the Dichotomy between Economics and Christian Faith …………………………. 181 6. Summary and Conclusion ………………………………… 186 Samenvatting (Dutch Summary) …………………………... 196 Bibliography ………………………………………………………. 206 Curriculum Vitae ………………………………………………... 224 7 Acknowledgements A long journey is over and at last it is time to go back home! My family started this academic journey with insufficient resources. But it is our final confession: “But seek first his kingdom and his righteousness, and all things will be given to you as well (Matthew 6:33).” God has abundantly provided us - his workers - with all our necessities and completed his own project through us. All the glory and honor to Him! God has led us to meet a lot of His helping angels during the journey. First, I‟d like to mention Prof. Sang Won Lee, who encouraged me to study Christian ethics and advised me to go to Holland (The Netherlands) when I had almost given up studying abroad, and Prof. Dong Chun Kim who introduced and taught me a theology of social responsibility and participation. Second, I thank my supervisors - Prof. J. S. Reinders and Prof. B. Goudzwaard. The former is a gentleman who has never pressed me to hurry up anything and has tried to share his gifts of teaching and friendship with me. Without his kind and appropriate guidance I would have lost my way a long time ago. I am honored to learn from the latter who is a renowned Christian figure not only in Holland but also internationally – including South Korea. His inspiring literature and comments were my textbooks to which I referred whenever I was stuck. I am very thankful to him for accepting and maintaining the position of my supervisor even in his old age. I also express my deep gratitude to the examination committee members – all the great scholars - who have read my thesis and given valuable advice – Prof. A. Klamer (Erasmus University, Rotterdam), Prof. H. Noordegraaf (Protestant Theological University), Prof. G. Harinck and Prof. R. Ganzevoort (Free University, Amsterdam). It was our blessing to have fellowship with many warm-hearted people within and outside churches while in The Netherlands. In particular, Carly Lie and Carin de Wit, Almere group members of Crossroads International Church – who volunteered to help my family in many areas - shopping, moving, giving language or driving lessons, fixing computers and so on. Carin has undertaken the heavy task of translating the English summary into Dutch. We are also grateful to the New Day International Church in Almere for becoming our spiritual shelter and to the present and former pastor couples – Melvin and Louise Ho, and Peter and Nancy van der Meijden, for their sacrificial ministries. Mrs. van der Meijden did her best to proofread this thesis. Among others, we are so thankful for the family of Mr. Moon Gap Han who assisted us in settling down in the early times, and for the families of Mr. Soon Ho Jeong and Mr. Seung Dae Kim, our good neighbors with whom we shared moments of joy and sorrow with each other.
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