1 Perspectives, Arguments and the Structure

Notes

1 . William Elliot Griffis’s book (1882) Corea: The Hermit Nation, is the first docu- mented source that used the term ‘Hermit Kingdom.’ Many Koreans also use this term to refer to pre-modern Korea. 2 . The term Yangban finds its origin in the civil service examination conducted under Munkwa (civilian) and Mukwa (military) categories during the Koryo Dynasty (935–1392). However, during the Joseon Dynasty the entire land- holding class was known as Yangbans, who for obvious reasons controlled various privileges offered by the state, including the exclusive right to give civil service exams, large tracts of land and other stipends, etc. In the absence of any socio-political contest, the Yangban-dominated status quo continued even during the colonial period. Only comprehensive land reforms post- independence were able to finally end Yangban domination. For further details about this tiny aristocracy, see Martina Deuchler (1995) The Confucian Transformation of Korea: A Study of Society and Ideology, Harvard-Yenching Institute Monograph Series, Cambridge, MA: Harvard University Asia Center; Young-Chan Ro (1989) The Korean Neo-Confucianism of Yi Yulgok, Suny Series in Philosophy, Albany, N.Y.: State University of New York Press; Carter J. Eckert, Ki-Baik Lee, Young Lew, Michael Robinson and Edward W. Wagner (1991) Korea Old and New: A History , Cambridge, MA: Harvard Korea Institute; Ki-Baik Lee, Edward J. Schultz and Edward W. Wagner (trans.) (2005) A New History of Korea, Harvard-Yenching Institute Publications: Harvard University Press. 3 . In the 1960s, Korea’s real GDP registered an average 9 percent growth rate; in the 1970s, it moved to 9.3 percent and touched 10 percent in the 1980s. Similarly, Korea’s industrial transformation was equally remarkable, as by 1996 Korea became the world’s No. 1 manufacturer of memory chips, the No. 2 shipbuilder, No. 3 supplier of semiconductors, No. 4 in electronics and No. 5 in automobiles. For details see, Alice H. Amsden (1992) Asia’s Next Giant: South Korea and Late Industrialization , New York: Oxford University Press; John Lie (1998) Han Unbound: The Political Economy of South Korea , Stanford, CA: Stanford University Press; Jung-en Woo (1991) Race to Swift: State and Finance in the Korean Industrialization , New York: Columbia University Press. 4 . The quantum leap from the ‘feudal agrarian economy’ with per capita GNI US$60 in 1960 to one of the ‘advanced industrialized economies’ crossing per capita GNI US$11,385 in 1996 and touching US$24,000 in 2013 has been achieved within a generation. For the details of this remarkable transformation, see L. Jones and I. SaKong (1980) Government, Business, and Entrepreneurship in Economic Development: The Korean Case, Studies in the Modernization of Korea: 1945–75 , Harvard East Asian monographs, vol. 91, Cambridge, MA: Harvard

210 Notes 211

University Press; I. SaKong (1993) Korea in the World Economy, Washington, DC: Institute for International Economics; B. N. Song (1997) The Rise of the Korean Economy , 2nd edn., New York: Oxford University Press; H. K. Lee (1996) The Korean Economy: Perspectives for the Twenty-First Century, Suny Series in Korean Studies, Albany, N.Y.: State University of New York Press; C. F. Bergsten and I. Choe, (eds) (2003) Korean Diaspora in the World Economy, Washington, DC: Institute for International Economics; J. Kim (2002) The South Korean Economy: Towards a New Explanation of an Economic Miracle , Aldershot, Hampshire: Ashgate Publishing Co. 5 . Books carrying such titles provided convincing explanations regarding Korea’s first successful transition from the agrarian to the industrial era. For details, see Alice H. Amsden (1992) Asia’s Next Giant: South Korea and Late Industrialization, – New York: Oxford University Press; John Lie (1998) Han Unbound: The Political Economy of South Korea , Stanford, CA: Stanford University Press. 6 . Literature on the Korean financial crisis is divided into two perspectives; first, a systemic crisis perspective that blames macroeconomic imbalances, moral hazard in banking and external shocks as a major cause of the crisis; second, a financial liberalization and structural weaknesses perspective that cites unproductive credit in the banking system, financial liberalization that created scope for currency and maturity mismatches, and a self-fulfilling loss of market confidence, manifested in the refusal of foreign lenders to roll over short-term loans to banks, forcing illiquid borrowers into bankruptcy. For further details regarding literature on the financial crisis, see G. G. Kaufman, T. H. Krueger, W. C. Hunter (1999) The Asian Financial Crisis: Origins, Implications and Solutions , New York: Springer; J. D. Sachs and S. Radelet (1998) ‘The East Asian Financial Crisis: Diagnosis, Remedies, Prospects,’ Brookings Papers on Economic Activity , Vol. 1: 1–74; Helen Hughes (1999) ‘Crony Capitalism and the East Asian Currency Financial “Crises”,’ Policy, 15(3):3–9; Ha-Joon Chang, Hong Jae Park, Chul Gyue Yoo (1998) ‘Interpreting Korean Crisis: Financial Liberalization, Industrial Policy and Corporate Governance,’ Cambridge Journal of Economics , 22(6): 735–746. 7 . The prime indicator of corporate control is a nation’s stock market, which in the case of Korea permitted only 13 percent foreign ownership in 1996 and increased to 50 percent in 1997. More specifically, 58.1 percent Samsung Electronics, 55.3 percent Hyundai Motors, and 70.1 percent POSCO equity moved to foreign hands. Similarly, foreign ownership in the Korean banking sector in mid-2005 was 74 percent for the Korea Exchange Bank, 100 percent for Korea-America Bank, owned by Citibank, 100 percent for Korea First Bank, owned by Standard Chartered, 76 percent for Hana, 84 percent for Kookmin, and 63 percent for Shinhan Bank. For further analysis on this matter, see J. Crotty and K. Lee (2005) ‘The Effects of Neoliberal “Reform” on the Post-Crisis Korean Economy,’ PERI Working Paper Series , 111: 1–21. 8 . ‘People’s Committee’ has been referred to as local self-governing body that was leaning left but was open to other ideologies as well. In the wake of liberation, these committees sprang up on the entire peninsula, involved in restoring basic services after the sudden departure of the Japanese colonial government; however their close proximity to the left movement was seen with a degree of skepticism by the U.S. government, which finally acted firmly to demolish them. For details about these committees, see Martin Hart-Landsberg (1998) 212 Notes

Korea: Division, Reunification, and U.S. Foreign Policy, New York: Monthly Review Press; G. Handerson (1968) Korea: The Politics of Vortex, Cambridge, MA: Harvard University Press. 9 . For details of the critique provided to the Chaebol-dominated political economy, see Seung-Rok Park and Ky-Hyang Yuhn (2012), ‘Has the Korean Model of Chaebol Succeeded?’ Journal of Economic Studies 39(2): 260–74; Yuji Akaba, Florian Budde and Jungkiu Choi (1998) ‘Restructuring South Korea’s Chaebol,’ McKinsey Quarterly, (4): 68–79; Un-chan Chung (2007) Cool Head, Warm Heart, Seoul: Humandom Corp.; Duck-Koo Chung and Barry Eichengreen (eds) (2004) The Korean Economy beyond the Crisis , Cheltenham: Edward Elgar; Sunhyuk Kim (2001) Politics of Democratization in Korea: The Role of Civil Society , Pittsburgh: University of Pittsburgh Press; Jang-Sup Shin and Ha-Joon Chang (2003) Restructuring Korea Inc., London & New York: Routledge-Curzon. 10 . Martin Hart-Landsberg (1993) The Rush to Development: Economic Change and Political Struggle in South Korea , New York: Monthly Review Press, 99. 11 . Bruce Cumings (1981) The Origins of the Korean War: Liberation and the Emergence of Separate Regimes, 1945–47, Princeton, NJ: Princeton University Press, 10. 12 . A biological theory, ‘punctuated equilibrium’ has been used extensively to explain nature and quantum of change in social sciences as well (Gersick, 1991; Gould and Eldredge, 2001). This theory has also been used by political scientists to explain changes in policy making. It emphasizes the building-up of incremental pressures, over a period of time that can slowly tilt the balance against the forces of status quo. It maintains that short bursts of quantum change are interspersed between long periods of stability. 13 . Based on Andre Gunder Frank’s (1998) non-Eurocentric analysis and drawing upon Giovanni Arrighi et al. (2003) and Immanuel Wallerstein’s frameworks (2005), an attempt has been made to trace the historical development of East Asia in relation to the transformation of the world system. World system analysis goes beyond nation-state and looks into world system dynamics and regional geo-politics. It examines such processes as incorporation into the world system, regionalization, the Cold War, the Japanese flying geese model, and China’s national reunification project, etc. For details, see Andre Gunder Frank (1998) ReOrient . Berkeley: University of California Press. This study traces the historical development of East Asia in relations to the transformation of the world system. Giovanni Arrighi, Po-Leung Hui, Ho-Fung Hung and Mark Selden (2003) ‘Historical Capitalism, East and West,’ 259–334 in Giovanni Arrighi et al. (eds) (2003) The Resurgence of East Asia, London & New York: Routledge. This study traces the connection between capitalism in the West and capitalism in the East. Immanuel Wallerstein (1991) Geopolitics and Geoculture: Essays on the Changing World-System, Cambridge: Cambridge University Press. 14 . The existence of dynamic economies of scale and positive external effects of production in certain industries prompted the governments to actively stimulate the development of these industries, since the private sector was thought to be incapable of assessing the long-term economic benefits of investing in these industries. According to this model of industrialization, governments would stimulate the development of infant industries by means of subsidies Notes 213

and protective measures until they were sufficiently developed to produce without government support. 15 . For further details about Williamson’s ‘internal organization model,’ see Oliver E. Williamson (1981) ‘The Economics of Organization: The Transaction Cost Approach,’ American Journal of Sociology , 87(3): 548–77. 16 . For details, see Wei-Ming Tu (1988) ‘A Confucian Perspective on the Rise of Industrial East Asia,’ The American Academy of Arts and Sciences Bulletin , 62(1), 32–50; Hung-Chao Tai, ed., (1989) Confucianism and Economic Development: An Oriental Alternative?, Washington D.C.: The Washington Institute Press; Lucian W. Pye (1990) ‘The New Asian Capitalism: A Political Portrait,’ in Peter L. Berger and Hsin-Huang Michael Hsiao (eds) (1990) In Search of an East Asian Development Model , New Brunswick, NJ, and London: Transaction Publishers, 81–98; Marion J. Levy, Jr. (1992) ‘Confucianism and Modernization,’ Society , 29(4), 15–18; David Throsby (2001) Economics and Culture , Cambridge: Cambridge University Press; F. Adams, Gerard and Heidi Vernon (2007) ‘Evaluating the “Asian culture/Asian Success” Hypothesis,’ Journal of Asia- Pacific Business, 8(4), 5–20; Michael W. Allen, Sik Hung Ng, Ken’ichi Ikeda, Jayum A. Jawan, Anwarul Hasan Sufi, Marc Wilson and Kuo-Shu Yang (2007) ‘Two Decades of Change in Cultural Values and Economic Development in Eight East Asian and Pacific Island Nations,’ Journal of Cross-Cultural Psychology , 38(3), 247–69; Damien Power, Tobias Schoenherr and Danny Samson (2009) ‘The Cultural Characteristic of Individualism/Collectivism: A Comparative Study of Implications for Investment Operations between Emerging Asian and Industrialized Western Countries,’ Journal of Operations Management , 28, 206–22. 17 . Korea’s national culture derives core logic from Confucian philosophy that argues for unambiguous authority based on hierarchy. This clarity in authority brought discipline and hard work among the Korean people, which contributed to the economy’s development. For details, see Lee-Jay Cho (1994) ‘Culture, Institutions and Economic Development in East Asia,’ in L. J. Cho and Y. H. Kim (eds) Korea’s Political Economy: An Institutional Perspective , Boulder: Westview Press, 3–41; Sang-Seek Park (1995) ‘Culture and Development: The Korean Experiment,’ Korea and World Affairs , 19(3), 510–21; Yoon Hyung Kim (1994) ‘An Introduction to the Korean Model of Political Economy,’ in Lee-Jay Cho and Yoon Hyung Kim (eds) (1994) Korea’s Political Economy: An Institutional Perspective , Boulder: Westview Press, 45–62; Byung-Nak Song (2003) The Rise of the Korean Economy, Hong Kong: Oxford University Press, 56–9; Bon Ho Koo (1995) ‘Sociocultural Factors in the Industrialisation of Korea,’ in B. H. Koo and D. H. Perkins (eds) (1995) Social Capability and Long-Term Economic Growth , New York: St. Martin’s Press, 181–202; Duck Woo Nam (1994) ‘Korean’s Economic Takeoff in Retrospect,’ in S. Y. Kwack (ed.) (1994) The Korean Economy at a Crossroad , London: Praeger, 1–19. 18 . D. Kingsbury (2001) South-East Asia: A Political Profile, New York: Oxford University Press, 10–11 19 . For details on colonial modernity in Korea, see Atul Kohli (1994) ‘Where Do High Growth Political Economies Come From? The Japanese Lineage of Korea’s Developmental State,’ World Development, 22(9), 1269–93; Carter J. Eckert (1991) Offspring of Empire: The Koch’ang Kims and the Colonial 214 Notes

Origins of Korean Capitalism, 1876–1945, Seattle: University of Washington Press; Stephan Haggard, David Kang and Chung-in Moon (1997) ‘Japanese Colonialism and Korean Development: A Critique,’ World Development, 25(6), 867–81. 20 . Kijun Cho (1973) Hangukjabonjueui Seongripsaron ( A Study on the History of Formation of Korean Capitalism ). Seoul: Bakyeongsa. 21 . For the role of ‘people’s committees’ in altering political–economic priorities, see Martin Hart-Landsberg (1998) Korea: Division, Reunification, and U.S. Foreign Policy , New York: Monthly Review Press. 22 . In the post-financial crisis (1997) phase, the NGO sector in Korea expanded rapidly. There exist more than 20,000 NGOs in South Korea ( NGO Times , 2000). It is notable that the number of NGOs increased dramatically in the 1990s, as indicated by the fact that more than 56 percent of NGOs were established in the 1990s. More than numbers, the NGO sector in Korea commands more societal trust than other political institutions, including political parties. In 1991 the Citizens’ Coalition for Economic Justice (CCEJ), a Korean NGO, was formed to seek an ethical overhaul of the economic system. For this purpose, CCEJ founded the Korean Economic Justice Institute (KEJI) to evaluate the ethical performance of large Korean corporations. For details, see Soo Joo Sung (2000) ‘Understanding the NGO Revolution in Korea,’ Global Economic Review, 29(4), 3–19; Euiyoung Kim (2002) ‘Lowering Entry Barrier: The Case of the Deregulation of the Business Interest Association,’ in Jongryn Mo, et al. (eds) (2002) Case Studies on Economic Reform in Korea , Seoul: Oruem (in Korean); Junki Kim (2000) ‘The Growth of the Non-Government Sector in Korea and Its Relations with the State,’ Global Economic Review, 29(4), 20–42. 23 . Punctuated equilibrium theory maintains that short bursts of quantum change are interspersed between long periods of stability. This theory has also been used by political scientists to explain changes in policy making. 24 . For details about the April 1960 Student Revolution, see C. I. Eugene Kim and Ke-soo Kim (1964) ‘The April 1960 Korean Student Movement,’ The Western Political Quarterly , 17(1), 83–92; Alan Stone (1974) ‘The Korean Student Revolution: A Political Analysis,’ Occasional Papers on Korea , University of Washington, Center for Korea Studies, (2), 132–143. 25 . President Park Chung-Hee ‘traded political rights to economic rights with the United States.’ This careful exchange greatly helped the national bourgeoisie to consolidate. For further details, see Hwang Jong-Sung (1997) ‘Analysis of the Structure of the Korean Political Elite,’ Korea Journal, 37(4), 98–117; Kyong-Dong Kim (1976) ‘Political Factors in the Formation of the Entrepreneurial Elite in South Korea,’ Asia Survey, 26(5), 465–77. 26 . Criticism of the state–Chaebol nexus became the core political logic powering progressive thinking; see details David Kang (2002) Crony Capitalism: Corruption and Development in South Korea and the Philippines, Cambridge: Cambridge University Press; Soon-il Hong (2001) ‘Cronyism,’ Korea Times . 27 . Korea’s former president, Kim Dae-Jung, promoted the idea of majority participation in the nation’s economic activities, which came to be known as ‘DJnomics.’ For details, see Ministry of Finance and Economy (1999) DJnomics: A New Foundation for the Korean Economy , Korea Development Institute; Dae-Jung Kim (1985) Mass-Participatory Economy: A Democratic Notes 215

Alternative for Korea, Center for International Affairs, Harvard University, and University Press of America. 28 . Korea has tried to recast its capitalism by linking it to the bottom of the industrial pyramid; however, the role of SMEs in the Korean industrial system is still at the margins. For further details, see Ian Pirie (2008) The Korean Developmental State: From Dirigisme to Neo-Liberalism , London: Routledge; R. M. Janelli and D. Yim (1995) Making Capitalism: The Social and Cultural Construction of a South Korean Conglomerate , Stanford, CA: Stanford University Press. 29 . For the details about cultural–industrial inter-linkages, see J. Howkins (2001), The Creative Economy: How People Make Money from Ideas, London: Penguin Global; D. Hesmondhalgh (2002), The Cultural Industries, London: Sage Publication; C. Herrera, (2002) ‘Cultural Capital and Its Impact on Development”, IDB Cultural Centre: Encountors, Vol. 43:1–13; J. Heilbrun and Gray C. (2004) The Economics of Art and Culture, Cambridge: Cambridge University Press; R. Caves (2000), Creative Industries: Contracts Between Art and Commerce, Cambridge: Harvard University Press; and J. Ko (2006) ‘Cultural Contents Industry Seeks Growth through Exports,’ SERI Economic Focus , Samsung Economic Research Institute.

2 Situating Korea’s Political Economy under Twin Transitions

1 . For further details, see Carter J. Eckert (1990) ‘The South Korean Bourgeoisie: A Class in Search for Hegemony,’ Journal of Korean Studies , 7, 115–48. 2 . The prominent peasant rebellions in Korea were: the 1946 Jeju-do Rebellion and the 1948 Yosu Rebellion. For details, see Bruce Cumings (1981) The Origins of the Korean War, Liberation and the Emergence of Separate Regimes , 1945–1947 , Princeton, NJ: Princeton University Press, 266; Chalmers Johnson (2000, 2004, rev. edn.) Blowback: The Costs and Consequences of American Empire , Owl Books, 99–101; John Kie-Chiang Oh (1999) Korean Politics: The Quest for Democratization and Economic Development , Ithaca, NY: Cornell University Press; Martin Hart-Landsberg (1998) Korea: Division, Reunification, and U.S. Foreign Policy, New York: Monthly Review Press; John Eperjesi (2011) ‘Jeju: From Peace Island to War Island,’ The Asia-Pacific Journal: Japan Focus , retrieved on May 10, 2013; Jay Hauben (2011) ‘People’s Republic of Jeju Island, 1945–1946,’ PEAR , 3(3), 277–84; J. Michael Varhola (ed.) (2000) Fire and Ice: The Korean War, 1950–1953 . Mason City, IA: Da Capo Press. 3 . For details, see Gene M. Lyons (1961) Military Policy and Economic Aid: The Korean Case, 1950–53 , Columbus: Ohio State University Press. 4 . Cited in Lie (1998: 23). 5 . For details, see In-Joung Whang (2001) ‘Administration of Land Reform in Korea, 1949–1952,’ in Korean National Commission for UNESCO (ed.) The Korean Economy: Reflections at the New Millennium] , Seoul: Hollym, 235–60. 6 . For details on the ‘developmental state,’ see Amsden, 1989; Haggard, 1992; Eun-Mee Kim 1993; Johnson 1983; Onis, 1991; Wade, 1990; Woo, 1991; Woo-Cummings, 1999. 7 . The Korean president’s emphasis on monitoring progress through attending regular monthly meetings was rather exceptional for a Confucian society. For 216 Notes

details, see Tu-jen Cheng, Stephan Haggard and David Kang (1996) Institutions, Economic Policy and Growth in the Republic of Korea and Taiwan Province of China, East Asian Development: Lessons for A New Global Environment, Study 2; Geneva: United Nations Conference on Trade and Development: 41–3. 8 . In 1961, President Park Chung-Hee exerted the state’s financial control by nationalizing banks, but not the manufacturing industries. For details regarding the evolution of the Korean financial system, see, David C. Cole and Yung Chul Park (1983) Financial Development in Korea, 1945–1978 , Cambridge, MA: Harvard University Press. 9 . President Park was instrumental in establishing EPB to monitor and mobilize resources to push for mass-production industries. For details, see Eun Mee Kim (1997) Big Business, Strong State , Albany, New York: State University of New York Press. 10 . For details regarding the developmental contribution of Chaebol in Korea, see Sung-No Choi (1995 and 1996) The Analysis of the 30 Korean Big Business Groups , Seoul: Korea Economic Research Institute; and Sung-No Choi (1997, 1998 and 1999) Big Business Groups in Korea , Seoul: Center for Free Enterprise. 11 . For details regarding subsidized credit to Chaebol, see Jung-en Woo (1991) Race to the Swift: State and Finance in Korean Industrialization , New York: Columbia University Press. 12 . Debates after the financial crisis in 1997 can be organized into two categories; first, the crisis was due to malfunctioning of the system; and second, uncoordinated financial system reforms under pressure from various international institutions as well as the U.S. Treasury and Wall Street nexus caused the crisis. Korea initiated policy actions to improve systemic efficiency, including reforms in the state, corporate and social system. For further details, see Robert Wade and Frank Veneroso (1998) ‘The Asian Crisis: The High Debt Model vs. the Wall Street-Treasury-IMF Complex,’ New Left Review , March–April. 13 . For details, see Hyung Soo Chang and Yoon Jong Wang (1998) IMF Cheje Hanguk Gyungje, 1997.12–1998.6: Chonghap Simchung Bogo (Korean Economy Under the IMF Regime, December 1997, June 1998: A Comprehensive Report ), Seoul: Korea Institute for International Economic Policy (in Korean); Keun Lee (1999) Corporate Governance and Growth in the Korean Chaebols: A Microeconomic Foundation for the 1997 Crisis, Seoul National University, mimeo. 14 . For the data and analysis on Korean corporate control, see Sung-Hee Jwa (2002) The Evolution of Large Corporations in Korea, Cheltenham: Edward Elgar. 15 . The conservative–progressive split is a relatively new phenomenon in Korean political thinking. During the country’s military dictatorship and even during the initial years after the transition to democracy in 1987, there was no true competition among distinct political viewpoints. Due to the imminent threat emanating from North Korea, only a conservative ideology – anti- North Korean and pro-American – was considered legitimate and monopo- lized Korean politics. However, during the Kim Dae-Jung and Roh Moo-Hyun administrations, progressive political thought acquired a distinct profile and pattern. Now, the term ‘progressive’ (Jinbo) is often used to denote political Notes 217

positions that might be better termed as ‘left’ in Europe and North America. For the details, see Chaibong Hahm (2005) ‘The Two South Koreas: A House Divided,’ The Washington Quarterly, 28(3), 57. 16 . Regarding the arrival of the ‘post-developmental state’ in Korea, see Crotty and Kook, 2005; Iain Pirie, 2008; Kim Yun Tae, 1999; Min Jae Kim, 2011; Jayasuriya, 2005. 17 . For details about the ‘regulatory state,’ see Yeonho Lee, YooJin Lim, and Sukkyu Chung (2002) ‘Hankookaeseo gyoojaegooka-ui deungjang-gwa jeongboo-kyeop kwankyae’ [The rise of regulatory state and government- business relations in South Korea]. Hankook jeongchi hakhoibo [Korean Political Science Review], 36(3): 199–222. 18 . For further details about the Korean state’s ‘pluralist-supportive role,’ see Minjae Kim (2011) Defining the New Korean State: Examining the Recomposition of the Korean Economic State after the Asian Financial Crisis, Chicago, IL: University of Chicago. 19 . For restructuring and reform during the Kim Dae-Jung period, see Stijn Claessens, Swati Ghosh and David Scott (1999) ‘Korea’s Financial Sector Reforms. Korea and the Asian Economic Crisis: One Year Later,’, Joint U.S.- Korea Academic Studies 9, Washington DC: Korea Economic Institute, 83–110. ; Edward Graham (1999) ‘Restructuring the Chaebol in Korea.’ Korea’s Economy , 32–8, Washington, DC: Korea Institute of America; Kwan Kim (1997) ‘From Neo-Mercantilism to Globalism: The Changing Role of the State and South Korea’s Economic Prowess,’ in M. T. Berger and D. A. Borer (eds) The Rise of East Asia: Critical Visions of the Pacific Century , 83–105. London: Routledge; Ministry of Finance and Economy, Republic of Korea (1998) Challenge and Chance: Korea’s Response to the New Economic Reality . Seoul; Seong Min Yoo (1998) ‘Democracy, Equity and Chaebol Reform,’ Korea Focus, July/August, 1–15. 20 . In one of the major setbacks to Korean national capital, the state decided to close 4 insurance companies, 5 commercial banks and 16 of 30 merchant banks. Moreover, 2 of the 6 major city banks, Korea First Bank and Seoul Bank, were auctioned off to America’s New Bridge Capital Ltd and London- based Hong Kong and Shanghai Banking Corporation (HSBC) respectively. For details, see Hun Joo Park (2002) ‘After Dirigisme: Globalization, Democratization, the Still Faulted State and Its Social Discontent in Korea,’ The Pacific Review , 15(1), 63–88. 21 . Regarding Korean state intervention in the financial system, see David Cole and Yung Chul Park (1983) Financial Development in Korea 1945–1978 , Cambridge, MA: Harvard University Press; Yoon Je Cho and Joon-Kyung Kim (1995) Credit Policies and the Industrialization of Korea , World Bank Discussion Papers 286, Washington DC: The World Bank. 22 . For the debate about Korean capitalism, see Dennis L. McNamara (ed.) (1999) Corporatism and Korean Capitalism, London: Routledge; Carter J. Eckert (1991) Offspring of Empire: The Colonial Origins of Korean Capitalism,1876–1945 , Seattle: University of Washington Press; and Gi-Wook Shin (1998) ‘Agrarian Conflict and the Origins of Korean Capitalism,’ American Journal of Sociology , 103(5), 1309–1351. 218 Notes

3 Yangban-centered Agrarian Aristocracy and Its Social Discontents, 1700–1910

1 . For details regarding the critique of the nationalist historiography, see Duol Kim and Ki-Joo Park (2012) ‘A Cliometic Revolution in the Economic History of Korea: A Critical Review,’ Australian Economic History Review, 52(1), 85–95. 2 . The theory of ‘sprout capitalism’ was developed both in North and South Korea (Duol Kim, 2012). 3 . Martina Deuchler (1997) ‘Social and Economic Developments in Eighteenth- Century Korea,’ in Anthony Reid (ed.) (1997) The Last Stand of Asian Autonomies: Responses to Modernity in the Diverse States of Southeast Asia and Korea, 1750–1900 , New York: St. Martin’s Press, 317. 4 . The high population growth in Korea was due to under recovery of the population from the Korea–Japan War in 1592 and the Manchu War of 1636. 5 . The Term ‘Hermit Kingdom’ was popularized by the first American book about Korea, authored by William Eliot Griffis in 1882, titled: Corea, The Hermit Nation . 6 . The Commoners, known as Chungin in Korea, refers to a small group of petty bureaucrats and other skilled workers. The Chungin’s technical and administrative skills enabled the Yangban aristocracy and the royal family to rule the lower classes. This class was the lifeblood of the Confucian agrarian bureaucracy, on whom the upper classes depended to maintain their vice-like hold on the people. 7 . The philosophy of ‘Neo-Confucianism’ focuses on a rationalist and secular form of Confucianism and rejects the increasing influence of superstitious and mystical elements of Daoism and Buddhism. Unlike Buddhists and Daoists, who envisioned metaphysics as a catalyst for spiritual development and religious enlightenment, the Neo-Confucianists saw metaphysics as a guide for developing a rationalist ethical philosophy. For further details, see Wing-tsit Chan (1963) A Sourcebook of Chinese Philosophy, Princeton, NJ: Princeton University Press; Daehwan Noh (2003) ‘The Eclectic Development of Neo-Confucianism and Statecraft from the 18th to the 19th Century,’ Korea Journal , 43(4), 87–112. 8 . An early reference from Yi Su-Gwang (1563–1628) included in his encyclopedic work references to Western maps, self-starting clocks, ships, prisms, grape wine, Western religion and Matteo Ricci. 9 . The Ganghwa Treaty (1876) marks a point of departure in the history of East Asia. Under this treaty, Korea was recognized as an independent country, signaling its place beyond the Chinese world order. Also, the treaty provided Japan all the leverage it needed to open new ports in Korea and strengthen its foothold on the peninsula. For details, see Young-lob Chung (2005) Korea under Siege, 1876–1945: Capital Formation and Economic Transformation , New York: Oxford University Press. 10 . In March 1881, Korea’s King Kojong dispatched a delegation, known as the ‘Gentlemen’s Observation Mission’ to Japan with the specific purpose of observing that country’s military establishment. 11 . The Progressive Party supported restructuring the Korean political process on the model of Japan’s Meiji Restoration, aimed at removing class distinctions and bringing an end to China’s interference in Korean affairs, etc. Notes 219

12 . For the details regarding growing Japanese pressure on Korean peninsula, see Peter Duus (1995) The Abacus and the Sword: The Japanese Penetration of Korea, 1895–1910 , Berkeley: University of California Press. 13 . Fukuzawa Yukichi (1835–1901) was a Japanese enlightenment author, jour- nalist and educational entrepreneur who founded Keio-Gijuku University and the newspaper Jiji-Shinpo . For details about his contributions, see Albert M. Craig (2009) Civilization and Enlightenment: The Early Thought of Fukuzawa Yukichi , Cambridge: Harvard University Press. 14 . The Enlightenment Party (EP) – also known by other names, such as the Reformist Faction, Innovation Party of the Joseon, and Independence Party of the Joseon – was founded after the Imo Incident (July 23, 1882), with advice and support from Takezoe Shinichiro, the Japanese minister to Korea. The EP tried to move Korea out of submissive relations it had with the Qing Dynasty of China. The EP orchestrated the Gapsin Coup, which was finally crushed by the Qing army. Eventually, many EP leaders such as Kim Ok-Gyun, Park Yeong-Hyo and Seo Jae-Pil sought asylum in Japan. The EP collapsed after the rise in popularity of pro-Russians in Korea. 15 . School of Practical Learning, also known as Sirhak in Korea, was a body of scholarship that represents a decisive shift from a metaphysically rooted vision of man and society based on Neo-Confucianism to a concern for real facts and situations. Sirhak aimed to provide a critique of the socioeconomic injustices of the time. Many Sirhak scholars were trained in the private academies known as Sowon and argued for sweeping land reforms, along with supporting aristocratic privileges. These scholars also wanted a return to Korea’s egalitarian past and largely criticized the Yangban system. For details, see Syngboc Chon (1984) Korean Thinkers: Pioneers of Sirhak (Practical Learning) , Seoul: Si-sa-yong-o-sa; Pong Hyon Paek (1981) Silhak scholarship in Yi Korea, PhD diss., Harvard University. 16 . Private academies or Sowon, located away from the politics of Seoul, became focal points for scholarship that argued for an egalitarian political economy by providing a critique to the socioeconomics of that period. 17 . Yu Hyong-Won, understood as the patriarch of the Sirhak School, strongly encouraged the development of an agricultural economy based on egalitarian principles. He argued for a ‘public land system’ wherein the state would hold title to the land and allocate a fixed amount of acreage to each farmer. Aiming at creating an ideal type of agricultural state, Yu proposed to redistribute the land to all members of society to create an egalitarian political economy. 18 . The book, Record of Concern for the Underprivileged, written by Yi Ik, proposed an ‘equal field system,’ but categorically forbade merchants owning land and demanded minimum land plot for each peasant household. Yi’s egalitarian thinking supported the notion that slaves should be included as farmers. 19 . In 1860, Che-u Ch’oe (also known as Suun) founded the Donghak movement that appeared as a response to the unsettling new ideas and developments taking place, including the spread of Christianity. But, its main roots were in Confucianism. Fearing rebellion among his followers, the Korean state executed Ch’oe in 1884. For details regarding the movement, see Susan Shin (1978–9) ‘The Donghak Movement: From Enlightenment to Revolution,’ Korean Studies Forum, 5, 1–79. 220 Notes

20 . According to Kenneth M. Wells (1995: 13), minjung refers to ‘a sense of disen- franchisement from the state-manufactured status quo, a collective desire to struggle against entrenched and corrupt power structures, a shared urgency to shatter complacent paradigms that failed to adequately articulate what it meant to be Korean – all of these were common elements of minjung . The struggle of the minjung was not a class struggle in the sense of the proletariat rising up against the bourgeoisie, but rather a struggle of the suffering.’ 21 . This is a political organization of intellectuals who had been exposed to Western liberalism and ‘battled to secure the nation’s independence and the rights of the people.’ For details, see Ki-baik Lee (ed.) (1984) A New History of Korea, trans. Edward W. Wagner, Cambridge, MA: Harvard University Press, 302. 22 . Minjung ideology sought to explain the Korean sense of victimization by offering a revisionist and interventionist approach to history. 23 . The Gabo Reforms (1894) were initiated by pro-Japanese progressive reformers who argued for a modern system of administration. However, these reforms became the victim of the ensuing Sino-Japanese contest over the nature and direction of reform. These reforms refer to the year, 1894, in which they began. For further details, see Dong-no Kim, John B. Duncan, Do-hyung Kim (2006) Reform and Modernity in the Taehan Empire, Yonsei Korean Studies Series No. 2, Seoul: Jimoondang Publishing Company. 24 . Born and raised in obscurity, Queen Myeongseong, the first official wife of King Gojong, the 26th king of the Joseon Dynasty, became a beacon for progress and independence in Korea. The Queen stood firm despite tremendous conflict between powerful conservative and progressive elements in the late Yi Dynasty. In the face of brutal encroachments by Western as well as Eastern nations, Queen Min attempted to maintain Korea’s independence through modernization. For details, see Frederick A. Mackenzie (2010) The Tragedy of Korea, Folkestone, Kent: Global Oriental; James Bryant Lewis (2003) Frontier Contact between Choson Korea and Tokugawa Japan , London: Routledge. 25 . As moderate modernizers, King Gojong and Queen Myeongseong had a shared vision to keep some elements of the old order, including the monarchy itself, and envisioned that Korea should change with the times.

4 Continuation of Status Quo under Colonial Economic Drain, 1910–45

1 . The Joseon state, which lasted over 500 years, exercised wide-ranging power as a vassal to Chinese throne, however, in reality, the power of state was limited to moral persuasion and symbolically upholding the political, intellectual and cultural prestige of the state. A classic case of ‘normative centralization,’ Joseon state had only a few political activities. In other words, the Joseon state created a centralized administrative apparatus that was closely aligned with the local Yangban elites. For more details, see John B. Duncan (2000) The Origins of the Choson Dynasty, Seattle: University of Washington Press; and Byong-ik Koh (1976–7) ‘Confucian Ideology and Political Equilibrium in East Asia,’ Social Science Journal, 4, 7–15. 2 . Unlike British colonialism, which was indirect in nature as it allowed Indian kings to rule and pay taxes to the colonial government, Japanese colonialism was rather direct, owning land, businesses and other assets in Korea. Notes 221

3 . The grand Governor-general Building of Korea, which was in front of Korean royal residence, Gyeonbokgung, was demolished in 1995–6. 4 . The majority of officials in the colonial administration were Japanese nationals who provided bottom-up support to the centralized colonial state in Korea. For further information, see Jun Uchida (2011) Brokers of Empire: Japanese Settler Colonialism in Korea, 1876–1945, in Harvard East Asian Monographs, Cambridge, MA: Harvard University Press; E. Taylor Atkins (2010), Primitive Selves: Koreana in the Japanese Colonial Gaze, 1910 –1945 , Berkeley: University of California Press; Gi-Wook Shin (2006) ‘Colonial Racism and Nationalism,’ Ethnic Nationalism in Korea: Genealogy, Politics, and Legacy, Stanford, Calif.: Stanford University Press; Mark E. Caprio (2009) ‘Radical Assimilation under Wartime Conditions,’ in Japanese Assimilation Policies in Colonial Korea, 1910– 1945 , Seattle: University of Washington Press; and Peter Duus (1995) The Abacus and the Sword: The Japanese Penetration of Korea, 1895–1910 , Berkeley: University of California Press. 5 . Among the notable Korea-owned industries were: Kyongsong Cord Company, founded by the Yun family in 1911; Kyongbang Textile Company, founded by Kochang Kims of North Cholla province; Hanil Bank, founded by Min Kyu-sik; Hwasin Department Store, owned by Pak Hung-sik. For details, see Carter J. Eckert (1991) Offspring of Empire: The Ko’chang Kims and the Origins of Korean Capitalism, Seattle: University of Washington Press; and Dennis L. McNamara (1989) ‘The Keisho and the Korean Business Elite,’ Journal of Asian Studies , 48(2), May, 310–23. 6 . Close alignment of interests between the Korean Yangban class entrepreneurs and the colonial administration has seen them termed ‘collaborators’ who carefully promoted self-interests at the cost of the Korean national interest. For details, see Yumi Moon (2013) Populist Collaborators: The Ilchinhoe and the Japanese Colonization of Korea, 1896–1910, Ithaca, London: Cornell University Press. 7 . Korea became part of the emerging Japanese military–industrial complex to provide support for imperialist ambitions, specifically facilitating empire-wide movement of troops that helped in the conquest of Manchuria and made deeper inroads into China. For details, see Ian Gow (2004) Military Intervention in Pre-War Japanese Politics: Admiral Kato Kanji and the Washington System , London, New York: Routledge Curzon; Glenn D. Hook (2007) Militarization and Demilitarization in Contemporary Japan , London & New York: Taylor & Francis; John M. Maki (1945) Japanese Militarism, Past and Present, New York: Alfred A. Knopf. 8 . For details, see Andrew C. Nam (1988) Korea: Tradition and Transformation , Elizabeth, NJ: Hollym International, 324. 9 . The Governor-general became the largest landowner in the country as it took over all the land owned by the Korean state and the royal households. In 1930, the colonial government owned 40 percent of the total land in Korea. The semi-governmental Oriental Developmental Company acquired land in Korea and then offered it to Japanese farmers at a bargain price. Thus, the largest landowners, having more than 500 acres, numbered 184 Japanese and only 116 Korean farmers. Collaborating with the colonial administration, former Yangban had the opportunity to consolidate their land holdings. In 1942, landlords owning more than 50 chonbo (one chonbo equals 0.99 hectare) numbered 2,173 Korean and 1,219 Japanese. 222 Notes

10 . More details on the ‘March First Movement,’ see Frank Prentiss Baldwin, Jr. (1969) ‘The March First Movement: Korean Challenge and Japanese Response’, PhD dissertation, New York: Columbia University. 11 . As manifested at the Paris Peace Conference of 1919, Wilson was not inter- ested in challenging global power relations. Since Japan was one of the victors, a discussion of the status of Korea was inappropriate. 12 . The U.S. State Department stated in a brief to its ambassador to Japan in April 1919 that the consulate in Seoul should take extra caution that no one should be encouraged to think that the United States would assist the Korean nationalists to take on Japanese interests on the peninsula. Also, it clarified that Japanese authorities should not suspect that the U.S. government sympathizes with the Korean nationalist movement. 13 . Yong-ha Shin (2009) ‘Why Did Mao, Nehru and Tagore Applaud the March First Movement?,’ Chosun Ilbo , February 27. 14 . For details, see Yumi Moon (2013) Populist Collaborators: The Ilchinhoe and the Japanese Colonization of Korea, 1896–1910, Ithaca: Cornell University Press; and Youn-Tae Chung (2002) ‘Refracted Modernity and the Issue of Pro-Japanese Collaborators in Korea,’ Korea Journal , 43(4) (Autumn), 18–59. 15 . A special committee called Banmin Teugwi handled 682 cases; among them 559 cases were turned over to a special prosecutor’s office, which handed down indictments in 221 cases. A special tribunal tried 38 cases, resulting in guilty verdicts and punishment in 12 cases. Eight others had their civil rights suspended, six others were found innocent, and the remaining two were found guilty. But, in sudden haste, Korea’s Supreme Court suspended their execution in March 1950, and President Rhee dissolved the special committee.

5 U.S. Intervention, War and the Assertion of the ‘Second State,’ 1945–60

1 . From 1953 to 1961, Korea received total of US$2.3 billion in aid, with the United States contributing 85 percent, which was equivalent to two-thirds of the nation’s total import bill. U.S. economic aid to Korea in the late 1950s accounted for over 10 percent of the total gross national product. 2 . Choson Ilbo , February 23, 1946. 3 . Yo Un-Hyong (1885–1947) commands great respect in the hearts and minds of the Korean people. His undisputed contribution to the national struggle and demand for an egalitarian political economy placed him as a real hero of Korea. Born in Korea’s Kyonggi province, Yo came from Yangban family background but ideologically he was close to the Left; above all these ideological boundaries he was a patriot. Yo was a founding member of the Korean Provisional Government in exile. Although under tremendous pressure from the colonial administration, Yo never collaborated with the Japanese. After the liberation, Yo was the people’s obvious choice to lead Korea. On the day of liberation, August 15, 1945, Yo headed the Korean People’s Republic and the various ‘people’s committees’ that existed at the local level. Unfortunately, the United States refused to recognize the KPR as the official governing body of Korea. Finally, Yo was assassinated in 1947. Notes 223

For details, see Yon-gu Yo (2001) Na ui aboji Yo Un-hyong: Iroborin kosong ui chae chomyong , [My Own Father Yo Un-Hyong: Memory of Forgotten Tragedy], Seoul: Kimyongsa; Chong Sik Lee (1965) The Politics of Korean Nationalism , Berkeley: University of California Press, 130; Bruce Cumings (1981) The Origins of the Korean War (2 vols.), Princeton, NJ: Princeton University Press, 474–5. 4 . Myong-lim Park (1997) Hanguk chonejaeng ui palpal kwa kiwon [The Korean War: The Outbreak and Its Origins], vol. II, Seoul: Nanam chulpansa, 39. 5 . For further details, see Bong-youn Choy (1984) A History of Korean Reunification Movement: Its Issues and Prospects, Research Committee on Korean Unification, Institute of International Studies, Peoria, IL: Bradley University, 36. 6 . Issued by the United States (Franklin D. Roosevelt), Great Britain (Winston Churchill) and China (Chiang Kai-shek), the Cairo Declaration, proclaimed in November 1943, was the first formal international statement recognizing Korean independence. According to this declaration, Korea was to receive independence ‘in due course’ following the expected unconditional surrender of the Japanese military. For details, see ‘Cairo Communiqué, December 1, 1943,’ Japan National Diet Library; and the ‘Cairo Declaration,’ Department of State Bulletin, IX (December 4, 1943), 393. 7 . ‘Draft Memorandum to the Joint Chiefs of Staff,’ SWINCC 176 Series, FRUS, 1945, VI, 1039. 8 . Rhee Syungman (1876–1965), born in Hwanghae province in North Korea, had a background in an upper class Yangban family in the Joseon Dynasty. Rhee was the first Korean national to receive an M.A. from Harvard (1908), and allegedly a PhD from Princeton (1910). Staunchly anti-Japanese, Rhee spent several years in jail. Rhee was the leader of the Korean Provisional Government in exile. His nationalist and anti-communist credentials helped him climb the power ladder, and he became the U.S. choice for the leadership role in independent Korea. For details, see Young Ick Lew (2013) The Making of the First Korean President: Syngman Rhee’s Quest for Independence , Honolulu: University of Hawaii Press; Yong-Pyo Hong (1999) State Security and Regime Security: President Syngman Rhee and the Insecurity Dilemma in South Korea, 1953–60 , New York: Palgrave Macmillan. 9 . In protest against the policies of the United States Military Government in Korea and in support of the restoration of power to the ‘peoples committees,’ an uprising of Korean peasants broke out in the autumn of 1946. The epicenter was in Busan, and the uprising eventually spread to Seoul, Daegu, Gyeongsangbuk-do, Gyeongsangnam-do, Chungcheongnam-do and Jeollanam-do, finally ending in mid-November. For details, see Bruce Cumings (1981) The Origins of the Korean War: Liberation and the Emergence of Separate Regimes, 1945–1947 , Princeton, NJ: Princeton University Press; Martin Hart-Landsberg (1998) Korea: Division, Reunification, and U.S. Foreign Policy , New York: Monthly Review Press, 75–7. 10 . For more about the rebellion and its leadership, see Michael J. Varhola (ed.) (2000) Fire and Ice: The Korean War, 1950–1953, Da Capo Press, 317; John Merrill (1989) Korea: The Peninsular Origins of the War , Newark, DL: University of Delaware Press. 11 . Hideko Takayama (2000) ‘Ghosts Of Cheju,’ Newsweek , June 19. 12 . Ibid. 224 Notes

13 . The Communist Party of South Korea or Namrodang was founded on November 23, 1946. U.S. occupation authorities made it illegal, but it was able to obtain a considerable following, and to organize a network of clandestine cells with some 360,000 party members. On April 3, 1948, against the unilateral declaration of the foundation of the Republic of Korea, the party led a popular uprising on Jeju Island, where thousands of islanders were killed. For details about the party and the revolt, see Carter Malkasian, ed. (2001) The Korean War, 1950–53, 4th edn., Essential Histories, Oxford: Osprey Publishing. 14 . The first Truth Commission was established by President Kim Dae-Jung in 2000 and completed its work in 2004. However, the Korean senate felt that a much broader Truth and Reconciliation Commission was needed to examine Japanese colonialism, division and the period of authoritarian governments. Thus, on December 1, 2005, the Korean Assembly enacted a law establishing the Truth and Reconciliation Commission, which was a governmental body responsible for investigating incidents that occurred during 1910–1993. The commission, staffed by 240 people with an annual budget of $19 million, had a mandate to investigate each incident based on a citizens’ petition. A three-year activity report of the commission is available at the following website: http://www.usip. org/sites/default/files/ROL/South_Korea_2005_reportEnglish.pdf 15 . ‘The National Committee for Investigation of the Truth about the Jeju April 3 Incident’ (2008). 16 . According to Chalmers Johnson, the death toll in Jeju was 14,000–30,000. For details, see Chalmers Johnson (2000, rev. 2004 ed.) Blowback: The Costs and Consequences of American Empire, New York: Owl Books, 99–101. 17 . A government appointed ‘Truth and Reconciliation Commission,’ which looked into atrocities and deaths during the Yeosu-Suncheon uprising, found that between 439 and 2,000 area civilians were killed by government forces. A new report by the Truth Commission places blame on Syngman Rhee and the defense ministry, and advises the government to apologize. For details, see Hankyoreh. January 8, 2009. 18 . Martin Hart-Landsberg (1998) Korea: Division, Reunification, and U.S. Foreign Policy , New York: Monthly Review Press, 87–8. 19 . For more information, see Bruce Cumings (1981, 1990) The Origins of the Korean War: Liberation and the Emergence of Separate Regimes, 1945–1947, vol. 2, Princeton, NJ: Princeton University Press. 20 . Bruce Cumings (2005) Korea’s Place in the Sun: A Modern History, New York: W. W. Norton & Co., 238. 21 . The Cold War was an important cause of the Korean War as deteriorating relations between the United States and the Soviet Union were complicated in October 1949 by China becoming communist, which created a threat perception about Japan falling to Communism. 22 . Developmental experts put South Korea in the ‘basket case’ category. 23 . For detailed information about the CPKI and the People’s Committee, see Bruce Cumings (1981, 1990) The Origins of the Korean War: Liberation and the Emergence of Separate Regimes 1945–1947, Princeton, NJ: Princeton University Press, 68–99. 24 . Bruce Cumings (1981) The Origins of the Korean War: Liberation and the Emergence of Separate Regimes, 1945–1947, Princeton, NJ: Princeton University Press, 95. Notes 225

25 . The Korean Democratic Party (KDP) derived its support from a group of people who became wealthy during the colonial era by having close ties with the Japanese. This elite group spoke English and filled many of the advisory positions in the U.S. military government. Rhee’s nationalist credentials with his shrill anti-Japanese, anti-communist rhetoric helped the KDP to vigor- ously contest for power in independent Korea. 26 . The Korean Provisional Government (KPG) was established on April 13, 1919, shortly after the March 1, 1919 Movement. Based in Shanghai, the KPG was a partially recognized Korean government-in-exile. For details, see Yongho Choe, Peter H. Lee, and Wm. Theodore de Bary (eds) (2000) Sources of Korean Tradition: From the Sixteenth to the Twentieth Century, vol. 2, New York: Columbia University Press. 27 . The Korean National Police (KNP) was a notorious colonial apparatus aimed at containing local resentment, protest and rebellion. The inertia of this colonial era legacy was so powerful that even in independent Korea the KNP continued to use colonial-era torture methods such as third-degree interro- gation, inhuman torture, and searches without formal authorization. After liberation, the KNP was organized by USMGK and then reactivated by the new government under the Home Ministry in 1948. Korea’s authoritarian military governments used the KNP for political purposes by adopting tech- niques like sleep and food deprivation, electric shocks, beating and forced water intake. In 1975 the director general of the KNP was elevated to vice- ministerial rank, working directly under the Minister of Home Affairs. 28 . For details regarding the KNP, see Bong-Jin Kim, (2003) ‘Paramilitary Politics under the USAMGIK and the Establishment of the ROK, Korea Journal, 43(2), 289–322. 29 . Despite Syungman Rhee’s American education and his decades-long pres- ence in Hawaii and on the U.S. mainland, his manners were more autocratic than democratic. For details, see John E. Jessup (1998) ‘Rhee Syungman’ in An Encyclopedic Dictionary of Conflict and Conflict Resolution, 1945–1996 , Westport, CT: Greenwood Publishing Group; Adrian Buzo (2007) The Making of Modern Korea , London & New York: Taylor & Francis. 30 . A newspaper editorial letter in Haebang Ilbo (Liberation Daily) reveals the heterogeneous membership of the December 8, 1945, 600-person inaugural meeting of Chonnong: ‘I wish that more of the representatives were farmers. When I looked around, everyone looked like an “interi” [intellectual]. ... They wore western clothes and shaved their faces; there were no differences among them. Perhaps they took their “A-frames” from their backs, left their carts in storage, and changed into different clothes to come to the conference. But I wished there were more farmers. ... Local representatives! In the future, send more farmers! Among the ten people you send, perhaps one intelligentsia would be enough.’ See, Chong-Sik Lee (1977) Materials on Korean Communism, 1945–1947 , Honolulu: Center for Korean Studies, 135. 31 . Sang-Hwan Chang (1988: 138) argues that the land reform was a turning point away from a colonial, semi feudal society to neo-colonial, bureaucratic monopoly capitalism. Moreover, he contends that the land reform effectively weakened the rapidly growing alliance of farmers and workers after 1945, thwarting a more progressive ‘historical development.’ He further argues that the ‘subject’ of the movement was neither landlords nor farmers, but rather 226 Notes

the combined interests of the U.S. military and South Korean governments (1988: 133). 32 . Ban, Moon and Perkins (1980: 287) calculate that by 1965 only 16 percent of the total cultivated land was still tenant land, of which half should have been distributed; the other half was accounted for by the exemptions, including, for example, clan land, land of educational institutions and reclaimed land. The matter of these exemptions – both the efficiency and the legitimacy of their promulgation – was central in the Koch’ang Tenant Farmers Movement. Consideration of the efficacy of the land reform depends on the feasibility of land purchase at that time and, in turn, on the ability of new owner- farmers to sustain a livelihood. Chang Sang-Hwan (1988: 135) calculates conservatively that only 10 percent of tenant land was resold before farmers completed their payments, while Chang Su-Hyon reports that, according to some district employees, about two-thirds of the land was sold before the payments were completed. 33 . South Korean land reform did not lead to any substantial change in the size of farming units. For further details, see Eddy Lee, ‘Egalitarian Peasant Farming and Rural Development: The Case of South Korea,’ 24–71, in Dharam Ghai, Azizur Khan, Eddy Lee, and Samir Radwan (eds) (1979) Agrarian Systems and Rural Developmen t, New York: Holmes and Meier Publishers. 34 . During the 1945–65 period, the United States and UN gave about US$3.8 billion in economic aid to Korea, including approximately US$0.3–0.4 billion of military aid (Yu Kwang-Ho et al., 1987: 118). The aid offered to Korea during the 1948–62 period accounted for, on average, 12 percent of GNP of the same period per annum. For details, see Kwang-Ho Yu et al. (1987) Hyondae Hanguk Kyongjesa (The History of the Modern Korean Economy), Hanguk Chongsin Munhwa Yonguwon [Academy of Korea Studies], 118. 35 . For details, see Young-Iob Chung (1985) ‘Chaebol Entrepreneurs in the Early Stage of Korean Economic Development,’ Journal of Modern Korean Studies , 2, 4–28. 36 . Yong-Ho Ch’oe, Peter H. Lee, Wm. Theodore de Bary, eds. (2000) ‘Declaration of the Seoul National University Students Association, April 1960.’ Sources of Korean Tradition, New York: Columbia University Press, 393. 37 . For details, see Bruce Cumings (1981) The Origins of the Korean War: Liberation and the Emergence of Separate Regimes , 1945–1947 , Princeton, NJ: Princeton University Press, 344. 38 . ‘Telegram from the Embassy in Korea to the Department of State,’ April 26, 1960, FRUS, 1958–1960, XVIII: Japan, Korea, 641–4. 39 . For details, see Joong Seok Seo (2005) Contemporary History of South Korea in Photos and Paintings , Seoul: Ungjin Jisikhouse. 40 . For further details about socioeconomic changes, see Tae Jun Gwon (2006) South Korea Leaps the Century-Industrialization, Democratization and Civil Society , Seoul: Nanam.

6 Nurturing of National ‘Industrial Bourgeoisie’ under Authoritarian Polity, 1961–97

1 . The term ‘developmental state’ was coined by Chalmers Johnson in the context of explaining spectacular Japanese economic development. For details, see Chalmers Johnson (1982) MITI and the Japanese Miracle: The Notes 227

Growth of Industrial Policy, 1925–1975, Stanford, CA: Stanford University Press. 2 . Discussion on the structurally distinctive features of Korea’s political economy is based on the author’s PhD dissertation, titled: The Political Economy of Financial Regulations: Korean and Indian Experiences in the Comparative Perspective , Seoul National University, Seoul, 2002. 3 . For details, see Federation of Korean Studies (ed.) (1988) Cheyuk konghwaguk kwa chonbu kyuje hamnihwa chujinpanghyang [The Sixth Republic and the Course of the Rationalization of Government Regulations], Seoul: Federation of Korean Studies. 4 . Chi-do Om (1992) ‘Nodaetongnyong ui chaebol kwa ui chonchaeng’ [‘President Roh’s War Against the Chaebol’], Wolgan Chosan, February, 322–45. 5 . For details, see Gerschenkron, 1962; Hirshman 1958. The free market point of view posits that the state’s intervention in the market generates distortions and, therefore, inefficiency. Korea as well as Taiwan, it argues, could achieve successful economic performance if they would have removed those distortions by adopting a series of liberalization policies, particularly trade liberalization, and introduce realistic foreign exchange and interest rate systems. Meanwhile, in a compromised neo-classical position, the existence of state intervention is at least acknowledged. It suggests that a neutral incentive structure was eventually created, as various measures of state intervention canceled each other out, although state intervention operated in the process of Korean and East Asian economic development (Little, 1982; Lal, 1983). In another slightly variant theory, it is argued that a ‘prescriptive’ East Asian state could attain more successful economic performance than a ‘proscrip- tive’ counterpart could, since ‘they tend to leave open areas (outside the prescription) where [private] initiative could be exercised’ (Bhagvati, 1988: 98–101). Therefore, even if the government distorted the allocation of existing resources, the prescriptive government did not ‘tend to stifle technical change and entrepreneurial activity,’ nor did it hurt growth. 6 . Korea’s state-controlled industrial adjustment has two sides; on the one side, it was unsuccessful in the 1980s when it intervened in the HCI and led to the breakdown of the state–business coalition; on the other side, it contrasts with the successful transformation of HCI in the 1970s. For details, see Jong- Chan Rhee (1994) The State and Industry in South Korea: The Limits of the Authoritarian State , New York: Routledge. 7 . For the details, see Johnson Chalmers (1982) MITI and the Japanese Miracle: The Growth of Industrial Policy 1925–1975, Stanford, CA: Stanford University Press. 8 . Jung-en Woo (1991) Race to the Swift: State and Finance in Korean Industrialization , New York: Columbia University Press, 7. 9 . Byung Yun Park (1980) ‘Junghwahak Gongup ui Naemak,’ [‘The Inside Story of the Heavy and Chemical Industries’], Shin Dong Ah, 194–210; Yung Chul Park (1984) ‘70 Nyundae ui Goimul, Gwayoksok ui Junghwahak Gongup,’ [‘Monster of the 1970s: The Ambition of Heavy and Chemical Industrialization’], Chungkyung Munhwa , 138–47; KDI (1982) Gyungje Angunghwa Sichack Jaryo Jip (Collection of Materials on Economic Stabilization Policies), vols. 1 and 2, Seoul: KDI. 10 . For details, see Zysman (1983). 11 . The debt-to-equity ratios for Korean firms, derived from 202 of the 230 firms listed on the Korean stock exchange, are high compared even with those of 228 Notes

Japan, 3.2, which in turn are three times those of the United States, 1.1. See Korean Exchange Bank (1984) Monthly Review, 18, May 1984, 2–4; Far Eastern Economic Review , 19 July 1984, 44. 12 . Far Eastern Economic Review , May 16, 1985, 92. 13 . EPB (1982) Uri Gyungje ui Hyun Hwang qwa Unyong Bangan [Present Status of Our Economy and Management Policies ], Seoul: EPB, 34–5. 14 . The Korean Chaebol, or conglomerate, was exclusively owned, managed and controlled by an entrepreneurial founder and his family. For details regarding this unique capitalist firm, see Tong-song Cho (1991) Hanguk chaebol yongu [A Study of the Korean Chaebol], Seoul: Maeil Kyongje Sinmunsa; Chong- hawn Chu (1985) Chaebol kyonggjeron [ Chaebol Economics ], Seoul: Chongum Munhwasa; Young-Iob Chung (1991) ‘Chaebol Entrepreneurs in the Early Stage of Korean Economic Development,’ The Journal of Modern Korean Studies, 2, 14–28; Chol-kyu Kang, Chong-Pyo Choe and Chi-San Chang, Chaebol [The Chaebol ], Seoul: Pibong. 15 . For details, see Ippei Yamazawa and Hirohisa Kohama, ‘Trading Companies and the Expansion of Foreign Trade: Japan, Korea and Thailand,’ in Kazushi Ohkawa, Gustav Ranis, and Larry Meissner (eds) (1985) Japan and the Developing Countries , New York: Basil Blackwell. 16 . ‘High-debt, High-growth Model’ refers to a supply of continuous debt to push high growth. It indicates input-driven growth, where higher inputs mean high-debt, which in the longer term may not be sustainable. This model is based on Robert Wade’s idea of the ‘high-debt model.’ For details, see Robert Wade and Frank Veneroso (1998). 17 . For details about quasi-internal organization argument, see C. H Lee (1992) ‘The Government, Financial System, and Large Private Enterprises in the Economic Development of South Korea,’ World Development , 20(2), 187–97. 18 . Yoon-Je Cho (1989) ‘Finance and Development: The Korean Approach,’ Oxford Review of Economic Policy , 5(4), 88–102. 19 . For the details of the Chaebol phenomenon, see Sakong Il (1980) ‘Gyungje Sungjang gwa Gyungjeryuk Jibjung’ [‘Economic Growth and the Concentration of Economic Power’], KDI Review, 1, March, 2–13; Hankuk Ilbo , Appendix, September 29, 1981, 5–8; Leroy P. Jones, ‘Jaebul and the Concentration of Economic Power in Korean Development: Issues, Evidence and Alternatives,’ in Il Sakong (ed.) (1987) Macroeconomic Policy and Industrial Development Issues , Seoul: Korea Development Institute. 20 . Business Korea , August and September 1985. 21 . The Tongilbyo planting program was an economic and political penetration scheme launched from above. For details, see Burmeister (1990: 58). 22 . The GINI Index calculations of household income distribution, for instance, demonstrate that while the coefficient decreased significantly in the 1960s (1960s: .448; 1965: .344; 1970: .322) it rose in the 1970s (1975: .391; 1980: .389). Quoted in Nancy Abelmann (1996: 270). 23 . Keefer and Knack (1993) present a relatively comprehensive econometric analysis of institutions and their impact on growth. More precisely, they investigate the relationship measures of institutional capacity and the ability of relatively less developed countries to catch up with the more developed. They define institutional capacity broadly as capacity to secure and enforce property rights. For details, see Philip Keefer, and Stephen Knack (1993) Notes 229

Why Don’t Poor Countries Catch Up? A Cross National Test of an Institutional Explanation , Working Paper 60. IRIS, College Park: University of Maryland. 24 . For details about the Korean bureaucracy, see Kwang-Chun Kim and Kim Shin (1991) Hanguk ui kwallyoje yongu [ A Study of the Korean Bureaucracy ], Seoul: Taeyong Munhwasa. 25 . Peter Evans (1998) ‘Transferable Lessons? Re-examining the Institutional Prerequisites of East Asian Economic Policies,’ Journal of Developmental Studies , 34(6), August, 66–86. 26 . For a description of Korean bureaucratic recruitment, see, Byung-Kook Kim (1987) Bringing and Managing Socioeconomic Change: The State in Korea and Mexico , PhD diss., Harvard University, Department of Government, Boston; Hilton L. Root (1996) Small Countries, Big Lessons: Governance and the Rise of East Asia , Published for the Asian Development Bank, Hong Kong: Oxford University Press. 27 . For example, the Korean Development Institute (KDI) was established in 1971 to assist the Economic Planning Board (EPB) in developing medium- and long-term plans. The Korea Educational Development Institute (KEDI), founded by the Ministry of Education in 1972, the Korea Rural Economic Development Institute (KERI), founded by the Ministry of Agriculture and Fisheries in 1978, and the Korea Land Development Institute (KLDI), established in 1978 by the Ministry of Construction, are other cases. Researchers in these institutes generally possess a PhD, many from highly reputable institutions. For details, See Danny Leipziger and Kihwan Kim (1992) ‘Korea: A Case of Effective Government-led Growth.’ Paper presented at the World Bank Workshop on the Role of Government and East Asian Success, East- West Center, Honolulu, 15. 28 . ‘Since effective coordination among ministries required both power and prestige, the EPB was made a “Super Ministry”.’ [It was] the only ministry in the government led by Deputy Prime Minister.’ Leipziger and Kim (1992: 7). 29 . Economic Planning Board (1982) Kaebal yondae ui kyongje chongchak: kyongje kihoegwon isimnyonsa [Economic Policy in Developing Years: The twenty years history of Economic Planning Board ], Seoul: Economic Planning Board. 30 . The annual awards for outstanding export performance were enthusiastically sought after by the big firms. 31 . MITI (Ministry of International Trade and Industry) of Japan has served as an architect of ‘strategic industrial policy’, an arbiter on industrial problems and disputes, and a regulator of developmental initiatives. Acting on state’s developmental priorities, MITI facilitated the early development of nearly all major industries by providing Japanese big business effective protection from import competition, technological up-gradation, help in securing foreign technology, access to foreign exchange, and assistance in mergers. 32 . For more on ‘Policy Loans,’ see Jin-Young Bae (2001) ‘Incentive Structure and Its Changes in the Korean Industrial Policy Regimes from 1962–1997,’ Journal of the Korean Economy , 2(2), 297–331. 33 . The most widely accepted definitions of EP and IS, according to Jagdish Bhagwati (1988), are related to the incentives. The incentive-related defini- tion highlights that a country is following the IS strategy if the effective exchange rate for the exports of the country is less than for its imports. These 230 Notes

effective exchange rates measure the incentives to export and import-substi- tute, respectively. 34 . For more details on Korea’s ‘strategic industrial policy,’ see Ha-Joon Chang (1994) The Political Economy of Industrial Policy , London: St. Martin’s Press; Sunghoo Lee, Sidong Kim, and Sung-Ho Han (1989), Industrial Policy of Korea , Seoul: KIET (in Korean). 35 . After World War II, the most influential development economists – Raul Prebisch and Ragnar Nurkse – believed in ‘export pessimism.’ For details, see Raul Prebisch (1984) ‘Five Stages in My Thinking about Development,’ in P. Bauer, G. Meier and D. Seers (eds) (1984) Pioneers in Development, New York: Oxford University Press; R. Nurkse (1959) Patterns of Trade and Development , Wicksell Lectures, Stockholm: Almquist and Wicksell. However, the debate has tilted towards export optimism due to economists such as Cairncross (1962) and Kruger (1961) who raised doubts about export pessimism. See A. Cairncross (1962) Factors in Economic Development, London: Allen and Unwin; Anne O. Krueger (1961) ‘Exports Prospects and Economic Growth: India: A Comment,’ Economic Journal , 71, 436–42. 36 . Outward-oriented firms involved in exports enjoyed greater access to credit and lower borrowing costs than did inward-looking domestic-oriented firms. 37 . President Park Chung-Hee initiated institutional structures to have a strict and detailed vigil on corporate performance. Therefore, the ‘Monthly Export Promotion Meetings’ and ‘Monthly Briefings on Economic Trends’ were chaired by the Korean president and included senior government officials, bankers, representatives of industrial enterprises and industry associations; the meetings offered opportunities for both state and business to short out differences in their approaches and fill all gaps due to lack of any information. 38 . For details, see Yong-Chool Ha, Hong-Yung Lee and Clark W. Sorensen (eds) (2013) Colonial Rule and Social Change in Korea, 1910–1945 , Seattle: University of Washington Press. 39 . For details, see Gerschenkorn (1962). 40 . Wookhee Shin (1993) Dynamics of Patron-Client State Relations: The United States and Korean Political Economy in the Cold War , Seoul: Seoul National University. 41 . Wookhee Shin (1993: 11). 42 . Neo-Confucianism refers to a version of a rational and secular form of Confucianism. This new form of Confucianism rejected superstitious and mystical elements of Daoism and Buddhism that had influenced Confucianism during and after the Han Dynasty. Neo-Confucianism acquired prominence in Korea from the 15th century and paid much attention to issues related to pragmatism of daily life. 43 . Further details about the modern Confucian family in Korea, see M. Deuchler (1992) The Confucian Transformation of Korea: A Study of Society and Ideology , Cambridge, MA: Harvard University Press. 44 . The Great King Sejong (1418–50) of the Yi Dynasty helped devise a system of writing suitable for all Koreans, regardless of their class. In 1440, the king commissioned scholars of the Royal Academy to create a easily learnable phonetic alphabet. In October 1446, King Sejong presented Hangul to Koreans, which played very important role in taking education to the masses. Notes 231

45 . Presidential Commission on Educational Reform (PCER), recommendations included ‘strengthening of international competitive power in higher education, increasing the educational finance, emphasis on autonomy and account- ability in private schools, improvement of the college-entrance examination system, reconsideration of diversification and elasticity in school systems, reorganization of elementary and secondary curricula, extension of teachers’ specialization and enhancing their spirit, creation of school community, innovation of vocational education, renovation of education laws and ordi- nances, and solidification of life-long education’ (PCER [1996], 18–26). For details, see Presidential Commission on Educational Reform (PCER) (1995) The First Educational Reform Plans for the Establishment of the New Educational System Initiated Internationalization and Informationalization , Seoul.

7 Financial Crisis, Democratic Consolidation and Civil Society Intervention, 1997–2007

1 . A group of scholars attributes systemic problems as one of the causes of the Korean financial crisis. For details, see Anne O. Krueger (2002) ‘Chaebol Capitalism and the Currency-Financial Crisis,’ in Jungho Yoo, Sebastian Edwards and Jeffrey A. Frankel (eds) Preventing Currency Crises in Emerging Markets , Chicago, IL: University of Chicago Press. 2 . There were two sets of prominent views explaining the onset of the 1997 financial crisis in Korea; one, talked about systemic problems, such as cronyism, interventionist state, repressed finance causing malfunction of the system leading to crisis; the other argued that an unprepared, uncoordinated financial market opening led to the financial meltdown. 3 . The number of students grew dramatically in the 1970s. For example, in 1971, only one person in 212 was in college; this ratio rose to one in 60 by 1982. Quoted in John Lie (1998: 133). 4 . Minjung refers to the ‘impoverished majority’ in Korea that has been oppressed but is capable of rising up against oppression. Minjung consciousness derives its logical core from Korea’s past, where society was organized horizontally. Some scholars view that Minjung has been a victim of ‘failed history’ and ‘negative modernity.’ Minjung ideology offered a revisionist and interventionist approach to history and sought to explain the Korean sense of victimization. More on the ideology of Minjung see Namhee Lee (2007) The Making of Minjung: Democracy and the Politics of Representation in South Korea , Ithaca: Cornell University Press. 5 . For more on Kim Dae-Jung’s struggle toward democracy under the two-decades-long Park rule, see Hae Gu Jung (2001) ‘State Formation and Democracy in South Korea,’ in Hee Yeon Cho (ed.) Dynamics of Democracy and Social Movements in South Korea , Seoul: Nanumui Jip; Guillermo O’ Donnell and Philippe Schmitter (1986) Transitions from Authoritarian Rule – Tentative Conclusion about Uncertain Democracies, Baltimore and London: Johns Hopkins University Press. 6 . For details regarding the citizens’ movement and its trajectory in the 1990s, see Kwang Yeong Shin (2006) ‘The Citizen’s Movement in Korea.’ Korea Journal , 46(2) (Summer), 5–34. 232 Notes

7 . For the crisis of the developmental state, see David C. Kang (2002) ‘Bad Loans to Good Friends: Money, Politics, and the Developmental State in South Korea,’ International Organization , 56(1), 177–207. 8 . For details regarding post-developmental state, see Iain Pirie (2008) The Korean Developmental State: From Dirigisme to Neo-liberalism, London & New York: Routledge; Linda Weiss (2000) ‘Developmental State in Transition: Adopting, Dismantling, Innovating, Not “Normalizing”,’ The Pacific Review , 13(1), 21–55; Jitendra Uttam (2006) ‘Korea’s New Techno-Scientific State: Mapping a Strategic Change in the Developmental State,’ China Report , 42(3), 257–68; John Minns (2001) ‘Of Miracles and Models: The Rise and Decline of the Developmental State in South Korea,’ Third World Quarterly , 22(6), 1025–43. 9 . For details, see Iain Pirie (2008) The Korean Developmental State: From Dirigisme to Neo-liberalism, London & New York: Routledge; Kim Yun Tae (1999) ‘Neoliberalism and the Decline of the Developmental State,’ Journal of Contemporary Asia , 29(4), 441–61. 10 . Unlike the ‘developmental state’ that intervenes in the economy through administrative means based on political logic, the regulatory state intervenes in the economy through regulatory agencies empowered to enforce various standards of behavior to safeguard the public against various market failures, such as monopolistic pricing, predation and other abuses of market power. For details on the rise of the regulatory state in Korea, see Jayasuriya (2005). 11 . Minjae Kim, ‘Defining the New Korean State: Examining the Recomposition of the Korean Economic State after the Asian Financial crisis,’ Conference paper at http://pol.illinoisstate.edu/current/conferences/2011/Kim_Minjae%20 ISU%20Conference%20Paper%20Submission.pdf 12 . For details, see Alice Amsden (1989) Asia’s Next Giant: South Korea and Late Industrialization, London: Oxford University Press; Robert Wade (1990) Governing the Market: Theory and Role of State in East Asian Industrialization, Princeton, NJ: Princeton University Press; Peter Evans (1995) Embedded Autonomy: States and Industrial Transformation, Princeton, NJ: Princeton University Press; Stephan Haggard (1990) Pathways from Periphery: The Politics of Growth in the Newly Industrializing Countries , Ithaca, NY: Cornell University Press. 13 . For details, see Dae-Jung Kim (1985) Mass-Participatory Economy: A Democratic Alternative for Korea , Cambridge, MA: Center for International Affairs, Harvard University. 14 . The Ordo-liberalism model, developed by the Freiburg School in Germany, highlights active government intervention to reinforce market functions but argues against its intervention in individual resource allocation. 15 . Since February 1998, the Kim Dae-Jung government has been urged to carry out five core tasks: enhancement of managerial transparency, clearing mutual payment guarantees, capital adequacy, accelerating industry specialization and reinforcement of management responsibility. Latter, administration included three more tasks: control over circulating investment and unfair internal dealings, eliminating dominance over the financial market and preventing irregular inheritance. 16 . For further details, see Jitendra Uttam (2006) ‘Korea’s New Techno-scientific State: Mapping a Strategic Change in the Developmental State,’ China Report , 42(3), 257–68. Notes 233

17 . The industrial structure in Korea has been tilted in favor of big business; SMEs always played a distant second fiddle. For further details, see Soon Cho (1994) The Dynamics of Korean Development, Washington, DC: Institute for International Economics. 18 . For more on the Chaebol-vendor relationship, see Du Sig Choi, Paul Michell, Dayananda Palihawadana (2008) ‘Exploring the Components of Success for the Korean chaebols,’ Journal of Business & Industrial Marketing, 23(5), 311–22. 19 . For details, see S. Oh (2000) ‘The Korean Venture Capital Industry: Present and Future,’ Korea Institute of Finance working paper; S. Lee (2007) ‘The Development of Venture Capital Industry and the Role of Government in Korea: Venture Boom vs. Post Boom,’ paper presented at KDI 36th Anniversary International Conference. 20 . ‘Policy Loans’ refers to highly subsidized credit linked to the companies participating in the HCI project, which not only had better access to capital, but also faced significantly lower average borrowing costs. Since Chaebols were mostly involved in the HCI, they were the main beneficiaries of policy loans. For details, see Jin-Young Bae (2001) ‘Incentive Structure and Its Changes in the Korean Industrial Policy Regimes from 1962–1997,’ Journal of the Korean Economy , 2(2), 297–331. 21 . After becoming president in 1961, Park Chung-Hee quickly nationalized all banks, took control of foreign borrowing and merged the agricultural coop- erative movement with the agricultural bank. As a result, the government took control of all forms of institutional credit. It is important to note that while the Park government nationalized the banks, it did not take over the manufacturing industries. See details, David C. Cole, and Yung Chul Park (1983) Financial Development in Korea, 1945–1978 , Cambridge, MA: Harvard University Press. 22 . In order to monitor the nation’s export performance based on targets set at the beginning of each year, President Park Chung-Hee regularly chaired monthly export-promotion meetings. These meetings also were attended by leading government officials and businessmen, providing a credible and legitimate forum to achieve consensus in decisions on complex problems. As a reward, good export performers were given medals and national recogni- tion on ‘Export Day,’ commemorating when Korea’s annual exports exceeded $100 million for the first time. 23 . For details, see MOFE (Ministry of Finance and Economy) (1999) DJnomics: A New Foundation for the Korean Economy. Published for Korea Development Institute (KDI). 24 . The Bank of Korea, established on June 12, 1950 under the ‘Bank of Korea Act,’ was a mere appendage to the Ministry of Finance and Economy (MOFE) during the developmental planning phase. 25 . For details, see Hun-Joo Park (2002) ‘After Dirigisme: globalization, democratization, the still faulted state and its social discontent in Korea,’ The Pacific Review , 15(1), 63–88. 26 . The share of non-performing loans out of all commercial bank loans fell sharply from 13.6 percent in 1999 to 8.8 percent in 2000 and 3.3 percent in 2001. The BIS ratio of commercial banks increased from 7.0 percent in 1997 and 8.2 percent in 1998 to 10.8 percent in 1999 and after then was constantly higher than 10 percent. 234 Notes

27 . For details, see Judith Cherry (2005) ‘“Big Deal” or Big Disappointment? The Continuing Evolution of the South Korean Developmental State,’ The Pacific Review , 18(3), 327–54. 28 . The Foreign Investment Promotion Act was enacted in Korea in 1998 for the specific purpose of courting foreign direct investment after the 1997 financial crisis. This act serves as the basic law for foreign investment, and its subordinate statutes include ‘Enforcement Decree of the Foreign Investment Promotion Act’ and ‘Enforcement Rule of the Foreign Investment Promotion Act,’ which prescribe matters delegated by the ‘Foreign Investment Promotion Act and Matters Necessary for the Enforcement thereof,’ and ‘Regulations on Foreign Investment and Technology: Introduction.’ 29 . For further details regarding labor repression in Korea, see Hagen Koo (2002) The Making of the Korean Working Class , Seoul: Changbi Publishers. 30 . The weak civil society in Korea was the outcome of a democratic deficit. During the successive authoritarian governments, under the name of national security various social movements, assemblies, and demonstrations were banned. 31 . The Yushin constitution refers to an openly dictatorial constitution that provided systemized measures necessary to prolong Park Chung-Hee’s rule, such as indirect election of the president by an institution named the National Congress for Reunification, the president’s right to appoint one-third of the National Assembly, and the president’s right to declare ultra-constitutional emergency provisions. For details, see An Byeong Uk et al. (2005) Yushin and Anti-Yushin (in Korean), Seoul: Korea Democracy Foundation. 32 . Due to these laws, by the end of 1998 the unemployment rate soared to 8 percent which was approximately a 5 percent increase compared with the 3.1 percent average unemployment rate between 1985 and 2001 (Park, 2007: 419). 33 . The share of Korean workers with ‘irregular’ jobs, including workers with temporary contracts and part-time jobs was at 56 percent, the highest in OECD countries. Non-regular workers in Korea are paid about 50 percent lower wages, are entitled to fewer benefits and are not well-covered by the related safety nets. Reflecting casualization of work, the share of labor income fell significantly from 62.3 percent in 1997 to 58 percent in 2004. Since the share of employed persons categorized as ‘workers’ increased from 61.7 percent in 1998 to 66 percent in 2004, the erosion of labor’s economic share is serious. For details, see James Crotty and Lee Kang-Kook (2002) ‘A political- economic analysis of the failure of neo-liberal restructuring in post- crisis Korea,’ Cambridge Journal of Economics , 26(5), 667–78. 34 . Associational revolution is a global phenomenon, but it is particularly signif- icant in contemporary Korea. For details, see Lester M. Salamon (1994) ‘A Global “Associational Revolution”: The Rise of the Nonprofit Sector,’ Foreign Affairs , (July–August) 73(4), 111–24. 35 . Soo Joo Sung (2000) ‘Understanding the NGO Revolution in Korea,’ Global Economic Review , 29(4), 3–19. 36 . Peter Evans (ed.) (1997) State-Society Synergy: Government and Social Capital in Development, Berkeley: International and Area Studies, University of California, Berkeley; Xu Wang (1999) ‘Mutual Empowerment of State and Society,’ Comparative Politics, 31(2), 231–49. Notes 235

37 . Korean civic organizations are different from the grassroots groups that created the peoples’ movement. The majority of participants in the citizens’ movement include middle-class citizens, such as white-collar workers, profes- sionals, religious leaders and intellectuals, who largely emphasized gradual institutional reforms to correct the distorted and unjust aspects of the system. These groups rely mostly on legal and nonviolent methods, such as public campaigns, peaceful demonstrations, lectures and so on. With regard to issues, they focus on a variety of social and economic issues and citizens’ daily-life matters, including consumers’ rights, the environment and gender inequalities.

8 Korea’s Post-Industrial Consolidation under Global Financial Uncertainty, 2008–14

1 . Joon-Kyung Ha, Jong-Wha Lee and Lea Sumulong (2010) ‘Rebalancing Growth in the Republic of Korea.’ ADBI Working Paper 224, Tokyo: Asian Development Bank Institute. This paper is available at: http://www.adbi.org/ working-paper/2010/07/01/3925.rebalancing.growth.korea/ 2 . For details, see Jitendra Uttam (2012) ‘Korea’s New Techno-Scientific Strategy: Realigning State, Market and Society to Move beyond Technological Catch-up,’ in Jorg Mahlich, Werner Pascha (eds) Korean Science and Technology in an International Perspective , Berlin: Springer: Physica-Verlag. 3 . Korea’s renewed emphasis on the development of a knowledge economy can be understood by the quantitative as well as qualitative increase in its total layout on education. Korea’s education share of GDP reached 7.1 percent in 2002, a much higher level than the OECD average of 5.8 percent. Only Iceland, the United States and Denmark spend more money on education than Korea. Furthermore, a multi-billion dollar initiative such as Brain Korea-21 added funding to the research infrastructure. 4 . In 2002, White Book of Public Fund Administration, published by the Korean Ministry of Finance and Economy, revealed that 156.7 trillion won had been mobilized and used under the ‘Public Fund’ scheme by June 2002. For details, see Ministry of Finance and Economy (2002) White Book of Public Fund Administration , Republic of Korea (in Korean). 5 . The financial crisis provided a pretext to Chaebol to demand labor flexi- bility. For details, see Kyung-sup Chang (2007) ‘The End of Developmental Citizenship? Restructuring and Social Displacement in Post-Crisis South Korea,’ Economic & Political Weekly, 42(50) (15 December), 67–72. 6 . The economic growth in Korea during the heyday of the ‘developmental state’ promoted equity, as more than 75 percent of the people came under the middle class income groups. (For details, see Kyung-sup Chang, 2007). 7 . It has been pointed out that reduction in the corporate Korea’s highly leveraged debt-equity ratios do not represent true picture. Much-hyped improvement in the corporate capital structure was realigned primarily through increase in the value of equity rather than any worthwhile reduction in debt. For details, see Stephan Haggard, Wonhyuk Lim and Euysung Kim (2003) ‘Conclusion: whither the chaebol?’, in Stephan Haggard et al. (eds) Economic Crisis and Corporate Restructuring in Korea, Cambridge: Cambridge University Press. 236 Notes

8 . The East Asian developmental model was described in the study conducted by the World Bank, titled ‘East Asian Miracle.’ For details, see World Bank (1993) The East Asian Miracle: Economic Growth and Public Policy , Policy Research Report, New York: Oxford University Press; Stephan Haggard (2000) The Political Economy of the Asian Financial Crisis , Washington, DC: Institute for International Economics. 9 . The United States, United Kingdom, Canada and Australia, along with Ireland and New Zealand constitute the ‘Anglo-Saxon model’ that comes within the liberal market economy variety of capitalism. For details, see Peter A. Hall, and David Soskice (2001) ‘An Introduction to Varieties of Capitalism,’ in Peter Hall, and David Soskice (eds) Varieties of Capitalism: The Institutional Foundations of Comparative Advantage , Oxford: Oxford University Press; Richard Whitley (2000) Divergent Capitalisms: The Social Structuring and Change of Business Systems, Oxford: Oxford University Press; Bruno Amable (2003) The Diversity of Modern Capitalism , Oxford: Oxford University Press. 10 . Historically Korean students going to Western universities, mostly U.S. institutions, ranked third in numbers after China and India. The United States attracts nearly 63 percent of all Korean students who study abroad, followed by Japan, Australia, the United Kingdom, and Canada. Therefore, PhDs from U.S. universities clearly dominate Korean academic institutions and contribute enormously to generating the national discourse. 11 . The middle class in Korea, namely a two-person household with a monthly income of 1.75 million to 5.25 million won, accounted for 67.7 percent of the population in 2010, down significantly from 75.4 percent in 1990. In the past two decades, Korea has witnessed an increase of the poor class to 12.5 percent from 7.1 percent. The financial crisis in 1997, credit-card crisis in 2002 and global financial crisis of 2008 – all these have led to the thinning of the middle class, although it may be also linked with a global phenomenon, called ‘jobless growth.’ For further details, see Kyong-ae Choi (2013) ‘Middle-income Class Shrinking,’ Korea Times , December 30. 12 . However, this situation should not be equated with a return of the ‘old’ East Asian developmental state, as suggested by Stubbs (2011) and Wade (2012). For details, see Richard Stubbs (2011) ‘The East Asian developmental state and the Great Recession: Evolving contesting coalitions,’ Contemporary Politics , 17(2), 151–66; Robert Hunter Wade (2012) ‘Return of Industrial Policy?,’ International Review of Applied Economics , 26(2), 223–39. 13 . Recapitalization of the Korean banking sector was inconsistent with the neoliberal recipe. The Korean Ministry of Finance and Economy revealed that 156.7 trillion won had been mobilized and used under the ‘Public Fund’ scheme by June 2002. 14 . Some scholars have suggested other names, such as ‘neo-developmental state.’ For details, see Thomas Kalinowski (2008) ‘Korea’s Recovery since the 1997/98 Financial Crisis: The Last Stage of the Developmental State,’ New Political Economy , 13(14), 447–62. 15 . The 2008 global financial crisis soon became the crisis of capitalism. For details, see John C. Bogle (2005) The Battle for the Soul of Capitalism, New Haven: Yale University Press; Carmen N. Reinhart, and Kenneth S. Rogoff (2009) This Time is Different. Eight Centuries of Financial Folly, Princeton, NJ: Princeton University Press; George Soros (1998) The Crisis of Global Capitalism , Notes 237

New York: Public Affairs; and UNCTAD (2009) The Global Economic Crisis: Systemic Failures and Multilateral Remedies, Geneva: United Nations, United Nations Conference on Trade and Development. 16 . ‘Keynesian Consensus’ emerged in the post-WWII period and ended in the 1960s. For further information, see Henry Farrell and John Quiggin (2012) ‘Consensus, Dissensus and Economic Ideas: The Rise and Fall of Keynesianism during the Economic Crisis,’ The Center for the Study of Development Strategies; Jerome L. Stein (1982) Monetarist, Keynesian and New Classical Economics , Oxford: Blackwell; Gordon A. Fletcher (1989) The Keynesian Revolution and Its Critics: Issues of Theory and Policy for the Monetary Production Economy , Basingstoke: Palgrave Macmillan. 17 . David C. Kang (2002) Crony Capitalism: Corruption and Development in South Korea and the Philippines , Cambridge: Cambridge University Press; Ajit Singh and Ann Zammit (2006) ‘Corporate Governance, Crony Capitalism and Economic Crises: Should the U.S. Business Model Replace the Asian Way of “Doing Business”?’ Corporate Governance: An International Review, 14(4), 220–33. 18 . IMF economic philosophy revolves around ‘neoliberalism’ (coined in 1938 by the German scholar Alexander Rustow) which promotes the ascendency of finance over the real economy. IMF and its ‘neoliberal’ ideas came under criticism due to recurring financial crises. For details, see Noam Chomsky (2011) Profit over People: Neoliberalism and Global Order, New York: Seven Stories Press; Gerard Dumenil, and Dominique Levy (2013) The Crisis of Neoliberalism , Cambridge MA: Harvard University Press. 19 . In 2009, Korea’s government further increased assistance to SMEs, including the following measures: (a) advising banks to automatically roll over loans provided to SMEs; (b) sharply raising guarantees by public financial institutions for lending to SMEs; and (c) doubling public spending to assist SMEs. While enhanced, expanded financial support to SMEs prevented some bank- ruptcies and job losses, it also exacerbated moral hazard problems. Thus, supporting non-viable SMEs can adversely affect public finance and may pose a drag on Korea’s growth potential. 20 . ‘Collective Consciousness’ refers to ‘the totality of beliefs and sentiments common to the average members of a society forms a determinate system with a life of its own’ (Durkheim, 1893). In case of Korea, enhancement of collective consciousness and internal solidarity was due to external threats. For details, see Gi-Wook Shin (1994), ‘The Historical Making of Collective Action: The Korean Peasant Uprisings of 1946,’ American Journal of Sociology , 99(6), 1596–624. 21 . Korea’s average annual growth in real gross expenditure on R&D (GERD) was almost 10 percent between 2000 and 2008. In the total GERD, the government funded 25 percent while industry financed 73 percent. However, R&D was conducted mainly by industry (76 percent), followed by the government (12 percent) and the higher education sector (11 percent). For details, see OECD Science, Technology and Industry Outlook , OECD, 2010. 22 . The term, Hallyu , which literally means ‘flow of Korea,’ consists of two Korean words ‘Han’ for Korean and ‘Ryu’ for Wave. For the first time, Beijing journalists, who were surprised by China’s growing appetite for South Korean cultural products, used this term. Bibliography

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Index

agrarian aristocracy, 51, 53, 102, 208 buddhism, 58, 143 aristocratic yangban, 7, 22, 23, 84 confucianism, 13, 145 rural Korea, 65, 83, 96 confucian classics, 146 suppression of productive forces, 23 confucian culture, 12 yangban aristocracy, 6, 17, 83, 85, confucian family, 145 205 confucian literati, 146 agrarian interest-group, 170 confucian moral code, 205 agriculture sector, 41, 127 confucian moralist worldview, agrarian interest groups, 34 205 Farm Product Price Maintenance confucian values, 22, 57 Law (1961), 127 shamanism, 65 grain-loan system, hwan’gok, 56 assimilation during colonialism, 72, post-war agricultural policy, 102 80 aid-dependent, 35, 142 demolish Korean identity, 79 alliance system, 41, 156 greater East Asia co-prosperity alliance partners, 40 sphere, 80 American Office of the Property greater Japan, 23, 141 Custodian (AOPC), 104 naeseon ilche, 79, 80, 81 anti-Americanism, 155 naeseon yuhwa, 79 American military, 89 associational revolution, 179 dependent position, 114 global associational revolution, 177 anti-communism, 33, 35 Law on Promotion of Nonprofit ideological confrontation, 7 Civil Organizations, 177 ideological rivalry, 142 NGOs, 8, 16, 25, 26, 204, 207 policy of containment, 108 CCEJ (Citizens’ Coalition for preemptive apprehension Economic Justice, 1989, 179, (elimination of leftist in 180 Korea), 90 fourth governmental branch, 178 apology mission (to Japan), 63 PSPD (People’s Solidarity for Fukuzawa Yukichi, 63 Participatory Democracy, Kim Ok-Kyun (1851–94), 63 1994), 179, 180, 204 Pak, Yong-Hyo (1861–1939), 63 authoritarian Korea, 170 ascendancy of finance, 199, 200 authoritarian rule, 4, 35, 153, 154 global finance, 25, 39, 189 political authoritarianism, 153 liberal finance, 192 regulated finance, 197 banking system, 15, 118, 119, 124, Asian financial crisis, 145, 185, 188, 131, 168, 197 195 bank-based financial system, 162 crony capitalism, see capitalism BOK (Bank of Korea), 44, 157, 158, Korean financial crisis (1997), 174 168, 193 Southeast Asia, 6, 39, 119, 151, 187, BOK (Bank of Korea) Act (December 192 1, 1997), 157 Asian values, 188, 194, 196 nationalization of banks (1960), 168

261 262 Index

BK (Brain Korea), 21, 183, 201 tributary system, 3, 58 incubation, 201, 204 Chun Doo-Hwan regime (1979–88), NURI (New University for Rgional 115 Innovation), 183, 201 Gwangju uprising (1980), 154, 155 research funding, 201 Inhae foundation, 173 bourgeoisie, 18, 36, 37, 141, 167, 203, chusapa, 155 205, 206 civil society, 15, 21, 49, 177, 178, 204 bourgeois impulse, 21, 141 Simin-Minjung movement, 176 Korean bourgeoisie, 141–142 civil-service exams, 130, 131 Korean industrial class, 20 entry barriers, 205 national bourgeoisie, 37 scholar-officials, 54, 130 Bretton Woods system, 198, 196 yangban system, 5 BRICS countries, 197 civil-society, 25, 178 bureaucracy, 6, 86, 129, 130, 131, 132 cold war era, 20, 36, 40, 41, 92, 114, Bureaucratic examination system, 118, 142 19 cold war era constraints, 36 bureaucratic parasitism, 35 cold war political-economy, 199 bureaucratic-aristocracy, 69 cold war polity, 39, 151, 171 ideological contest, 70 Cairo Declaration, December 1, 1943, strategic constraints, 114, 142 88 collaborators, 69, 83, 95, 96 Cairo communiqu, 88 banmin teugwi, 1948, 83 due course, 88 chinilpa, 83 capital markets, 132, 165, 169, 170, colonialism, 13, 14, 73, 81, 95 200 colonial administration, 14, 74, 76, capital market-based financial 79, 80, 81, 83 system, 162, 192 colonial Korea, 13, 22, 33, 70, 72, 170 internal capital market, 148, 168 colonial modernity, 14 stock market, 155, 193 colonial state, 74 capital-market-based system, 170, 192, direct colonialism, 141, 142 207 economic drain, 71, 73, 75, 77, 79, KOSDAQ (Korea Association of 81, 83 Securities Dealers Automated Japanese colonialism, 73, 77, 81, Quotation), 166 109, 141, 170 capitalism versus capitalism, 26, 178 Miura Goro (1847–1926), 69 citizens’ movement, 8, 15 communism, 7, 24, 70, 93, 95, 99, 100 economic justice, 49, 92 communist, 35, 91, 94 minority shareholders, 49, 190 communist ideology, 40 capitalism versus socialism, 178 communist movement, 96, 109 people’s movement, 7, 15, 49, 177, Korean Communist Party, 82, 88 178, 179, 204 North Korean land reforms, 97 people’s resistance, 3, 89 land reform, 7, 31, 34, 66, 99, chaebol phenomenon, 123 100, 101, 102, 109, 125 family-owned chaebol firms, 37 jeonbo = 0.992 hectares, 34 cheap labor, 172 kwangmu land Survey, 77 labor-intensive, mass-production, land redistribution, 33, 99, 100, 113, 148, 206 107, 206 Chinese hegemony, 6, 22 Land Reform Act (June 1947), tributary status, 22, 109 99 Index 263 communism – continued spread of knowledge, 9 land-distribution law (1949), credit policies, 20, 134 33, 100 credit-rationing, 140 level playing field, 4, 34, 41, credit-rationing system, 140 44, 113 policy loans, 38, 118, 119, 120, 134, national land administration, 167 99 culture of dissent, 129, 153 revisionist communist pressure, 35 counter-cultural cafes, 154 concentration of wealth, 7, 45, 206, minjung activism, 129 207 minjung consciousness, 17, 67, 154, chaebol, 18, 21, 22, 38, 120, 122 205 Daewoo corporation, 151, 152 community of dissent, 17 Kim Woo-choong, 152 minjung movement, 109, 176 diversified industrial groups, 38 current-account surplus, 182, 185 Hyundai, 38, 114, 120, 124, 125, cycle of under-productivity, 205 162 LG (former Lucky Goldstar), 114, debt-equity ratios, 125 118, 125 democratization, 116, 153, 164, 179 octopus-like spread, 114, 122, 125 democratic consolidation, 151, Samsung, 38, 46, 114, 119, 120, 153 124, 162 democratic market economy, 186 consciousness, 59, 109, 144, 154, 176, democratic upsurge, 188, 194 201 dependent status, 36, 40 collective consciousness, 201 Sino-centric world view, 63 collective solidarity, 144, 145, 208 Sino-centric, 63 homogeneity, 176 developmentalist neo-liberal, 45 individual consciousness, 145, 201 dictatorial regime, 105, 106 individual creativity, 20, 208 bureaucratic authoritarianism, 144, convergence of interests, 95 145 consumption-era-based interest military dictatorship, 18, 24, 154, articulation, 176 155, 176 production-era-based movements, Djnomics, 19, 116 176 Donghak movement, 65, 66, 67, 69 corporate governance, 144, 162, 184 anti-Japanese, 65, 66, 68, 69, 94, 96 CEO, 46, 207 anti-landlord, 97 owner-CEO, 46 Cho Si-Hyong (1829–98), 65 professional CEO, 46, 207 Donghak peasant revolution, 1960, life-long job assurance, 46, 207 65, 67 managerial hierarchies, 144 downward spiral, 156, 195 corporate ownership, 27, 43 foreign ownership, 169, 193 East Asian developmental paradigm, national equity, 184 191 corruption, 65, 71, 86, 104, 109, 153 East Asian developmental model, 37 cronyism, 48, 109, 168 East Asian economic miracle, 159 election fraud, 105 eastern ways, western machines, 63 state-business nexus, 43 eastern learning, 65 creative destruction, see East-West economic rivalry, 199 Schumpeterian creative rise of East Asian economies, 199 destruction trade barriers, 38 264 Index economic modernization, 142, 153, corporate debt levels, 151 154 short-term debt, 185, 194, Economic Planning Board (EPB), 116, 195 182 external supply-and-demand shocks, economic bureaucracy, 129, 131 120 economies of scale, 124 education fervor, 147 fair trade commission, 116 university enrolments, 106 farmers’ dissent, 127, 128 egalitarianism, 113, 154, 205 donghak peasant rebellion, 154 endogenous egalitarian ethics, 67 Korean farmers’ association, 1981 equal field system, 64 128 equitable political economy, 205, Korean Independent Farmers 207 Federation, August 30, 1947, village socialism, 66, 67, 68, 85, 99 109, 155, 205 Federation of Korean Trade Unions horizontal society, 109, 205 (FKTU), 172 elitism, 70, 113, 148 fighter (T’usa), 175 industrial bourgeoisie, 18, 111, 113, financial crisis, 43, 153, 160, 165, 185, 204 188, 192 privileged minority, 31, 35, 36, 146 financial crisis in 2008, 185 yangban class, 17, 23, 77, 83 financial crisis of 1997, 157 endogenous development paradigm, financial meltdown, 5, 25, 152 54 fire sale, 160, 196 endogenous business community, systemic crisis, 4, 152 76 financial supervisory, 44, 46, 47, 169, enlightenment party, 63 171 export pessimism, 10 export financial supervisory commission, pessimists, 36 44, 46 export-dependent economy, 195 financial supervisory service, 169 export-promotion, 34, 37, 114, 134, financial system, 45, 167, 193 140, 164 financial big bang, 47, 169 deliberation councils, 12 finance capital, 199 export incentives, 138 financial capitalism, 200 export machine, 195, 196, 197 financial deregulation, 27, 161 export optimism, 135 financial repression, 123, 132, export performance, 36 133 export targets, 131, 138 replace capitalism (not reform), Export-Promotion Industrialization 49 (EPI), 114 flight to safety, 195 monthly export meetings, 12 focucauldian paradigm, 74 monthly meetings, 138, 168 fordist model, 39 monthly trade-promotion meetings, foreign capital, 45, 131, 156, 186, 187, 138 192, 193, 196, 197, 207 preferential credit, 135 cross-border capital flows, 115 preferential tax, 135 Foreign Investment Promotion Act, strategic industrial policy, 134, 151 November 1998, 169 external autonomy, 22, 39, 114, 143, international capital interests, 44 171 foreign control, 193 external debt, 194 foreign exchange reserve, 194, 197 Index 265

Gabo reform (1894–96), 68, 69 IMF conditionalities, 27 Governor-General, 72, 74, 75, 78, 80, IMF-U.S. Treasury-Wall Street 87 nexsus, 199 grassroots mobilization, 16, 23, 85, 94 impoverished majority, 31, 68 grassroots movement, 5, 204 poor peasants, 16, 65 greater marketization, 188, 194 Agricultural Land Ordinance growth with equity, 190 1934, 78 balanced growth, 10 Arbitration Ordinance, 1932, 78 growth-first strategy, 114, 152, 167, tenants, 23, 34, 54, 78, 98 171, 206 incremental changes, 8, 21, 27 unbalance growth, 10 incubation centers, 204 Gyungsan-do, 204 new tech start-ups, 48, 162 New-Technology Business Financing hallyu (cultural wave), 6, 184, 202, Supporting Law, 166 208 industrialization, 9, 14, 18, 24, 25, 34, creative economy, 44 41, 76, 100, 115, 132, 135, cultural economics, 208 143, 206 cultural exports, 184, 208 bottom of industrial pyramid, 202 cultural wave, 6, 43, 202 Export-Promotion Industrialization Korean cultural wave, 6, 43, 202 (EPI), 34, 36, 164 Heavy and Chemical Industries (HCI), Import-Substitution 39, 118–19 Industrialization (ISI), 14 big push, 117–18, 122 export pessimism, 135 Nixon doctrine, 143 industrial bourgeoisie, 5, 36, 141, hermit kingdom, 3, 57 203 policy of self-isolation, 3 industrial capital, 123, 199 self-imposed isolation, 57, 58, 65 industrialized-militarized Japan, hierarchy, 114, 144, 145, 188 71 family-sponsored authoritarianism, infant industry logic, 10 145 informal money market, 133 high-growth, high-debt model, 123, kerb market, 133 124 inter-Korean War (1950–53), 13, 33, cross-debt guarantees, 190 85, 86, 92, 94 debt-led expansion, 180 armistice, 93 debt-ridden chaebol, 167 internal development theory, 55 debt-to-equity ratios, 125, 126 internal organization theory, 117 sovereign guarantee, 167 quasi internal organization, 12 horizontal community, 67 Williamson, 12 minjung ideology, 177 internal policy autonomy, 114 village egalitarianism, 67 international capital, 7, 36 interventionist state, 10, 117, 200 imbalance in the industrial system, state-controlled banking, 156 162 chaebol-dominated economy, 156 Japan house, 58 marginalization of SMEs, 43 jobless economic growth, 175, 188 IMF (International Monetary Fund), 7, 19, 25, 42, 44, 156, 174, Keynesianism, 133, 198 184, 189 Keynesian consensus, 198 IMF bailout, 25, 42, 200 Keynesian economics, 10, 142 266 Index

Kim Young-Sam, 116, 177, 178, 186 Lee Myung-Bak, 44, 193 globalization, 46, 116, 159, 161, left movement, 7, 8 194, 207 Liberal International Economic Order global financial crisis, 187 (LIEO), 196 global knowledge system, 192 liberation, 14, 24, 88, 102 global marketplace, 37, 38 CPKI (Committe for the Preparation global political economy, 36 of Korean Independence), Kim Young-sam administration, 1945, 24, 87, 95 177, 178 samil movement (March 1919), 17, OECD member, 42 81, 82, 204 knowledge-based service economy, Choe Nam-seon (1890–1957), 181 81 Korea asset management corporation independence movement, 81, (KAMCO), 44, 169 94 Korea deposit insurance corporation loan-guarantee program, 165 (KDIC), 44 lost decade (Japan), 183, 191 Korea technology development bubble-bursting in the late 1990s corporation (1981), 166 (Japan), 191 Korean capitalism, 25, 201 low-level developmental equilibrium, organized from the top, 179 205 recasting Korean capitalism, 178 Korean Democratic Party (KDP), 16 manufacturing-trap, 25 September 1945, 24 falling profitability, 161, 165, 180 Korean National Police (KNP), 96 trap of falling profitability, 180 Korean People’s Republic (KPR), 95, marginalization of the region, 204 97 Jola-do (province), 204 Yo Un-Hyong (1885–19470), 87 market paradigm, 36, 201 Korean People’s Republic (September market conformity, 121, 134, 135, 6, 1945), 24, 87–88, 94–95 148 people’s committees, 16, 23, 24, 70, market fundamentalism, 9, 85, 95, 97, 205 186 Korean Provisional Government market-distorting, 121, 133 (KPG), April, 1919, 95 market-mediated, 12, 148, 168 Korean University Student Association rolling back of the state, 43 Federation (Hanchongnyon), mass-participatory democracy, 43 1975, 175 mass-production industries, 34, 115, Korean venture capital, 166 144, 145 KTAC (Kibo Technology Advancing mass-production, 5, 11, 31, 42, Capital Corporation (1974), 166 166, 185, 206 Ministry of Knowledge Economy labor disputes, 172, 173 (MKE), 48 labor migration, 77 miracle, 4, 25, 31, 113, 148, 170, 180, labor-intensive, 24, 40, 113, 203, 206 206 miracle on Han river, 4, 25, 27, 113, landlord, 55, 78, 79, 97, 98 148, 170, 206 absentee landlord, 23, 33, modernization, 22, 23, 54, 59, 62, 84 139, 153 landlord-tenant system, 55 autonomous modernization, see landlord-tenant discord, 78 donghak movement Index 267 national assembly, 17, 89, 91, 96, 100, non-performing loans, 44, 124, 125, 101, 178, 180 184 national developmentalism, 118 Northwest Youth Association, 90 national political economy, 36, 39, notion of hierarchy-authority, 144 47, 114 national capital, 27, 36, 39, 160, occupation administration (U.S.), 17, 186, 187, 196 18, 27, 32, 36 national capitalist class, 143 general order no. 1 (regarding national industrial bourgeois, 114 existing Japanese government National Traitors Act (1948), 91 structure in Korea), 95 nationalist scholarship, 13, 14, 74 ordo-liberalism, 159 sprout school, 14 social market place, 155, 159 sprouts of capitalism, 54 nature of the Korean state, 45, 158, parasitic system, 102 160 parasitical class, 23, 205 developmental state, see statist parasitical elite, 57, 59 paradigm parasitical yangban, 107 developmental alliance, 11, 19, Park Chnug-Hee regime (1961–79), 25, 145, 152, 180 115 developmental determination, Park Chung-Hee, 4, 13, 14, 18, 25, 113, 138 36, 39, 107, 131, 179, 206 developmentalist lobby, 197 Park Geun-Hye, 193, 202 entrepreneurial state, 117 patrimonial authority, 115 pluralist-supportive role of the state, policy autonomy, 6, 39, 107, 114 45 external policy autonomy, 114 post-developmental state, 26, 158 internal autonomy, 22, 39 developmental liberalism, 27, relative autonomy, 118 185, 195, 201, 202 political capitalists, 18, 35, 108, developmental-cum-neo-liberal 142 state, 26 political-economic regimes, 121 regulatory state, 44, 158, 160, 194 post-1997 financial crisis, 31, 182, 188 techno-scientific state, 160, 201 structural reordering, 153 neo-classical economics, 9 post-colonial state, 34 neo-classical framework, 9 post-fordist, 195, 198 neo-confucianism, 55, 60, 144, 146 MNCs-led economic system, 195 moral economy, 56 post-fordist world economy, 198 moral political economy, 70 post-industrial era, 25, 27, 183 neoliberalism, 185, 186, 187, 190, global knowledge economy, 185 195, 201 post-industrial consolidation, 182, anglo-american model, 192 185 neoliberal developmental statism, post-industrial society, 6, 32, 43, 182 48, 160 neoliberal orthodoxy, 192, 198 post-Korean war reconstruction neoliberal transformation, 187 policy, 93 Washington consensus, 192, 196, dependent capitalist, 86 197, 199 foreign aid, 93, 103 network (social ties) theory, 117 Rhee administration, 35, 36, 83, new Korea company (former oriental 86, 90, 92, 93, 100, 102, 108, developmental company), 98 109, 131 268 Index power vacuum (theory), 58, 71, 140 regime transformation, 34 international rivalry, 109 rent-seekers (collecting rent out of practical-learning (sirhak), 64 foreign aid), 35 Yi Ik (1681–1763), 64 repatriated property, 104 Yu Hyong-Won (1622–73), 64 AOPC (American Office of the pre-modern framework, 57 Property Custodian), 104 pre-colonial Korea, 70 disposal of enemy property, 104 priority sector (lending), 133 repatriated assets, 104 private academies, 64 Repatriated Property Liquidation sowon (important center of Law (1949), 104 learning), 64 Special Law to Redeem Pro-Japanese pro-production bias, 206 Collaborators Property, 2005, product cycle, 40 83 productivity increases, 41 reverse-engineering, 164 progressive intellectuals, 15 Roh Moo-Hyun, 44, 91, 188 Progressive Party (Chinbo-dang), 62, truth and reconciliation 105 commission of Korea, 91 public funds (injection of public Roh Tae-Woo, 91, 114, 116 money), 182, 184, 185, 188 rule of law, 152 punctuated equilibrium theory, 17 incremental pressures, 65 saemaul movement, 127 declaration of independence, 81 rate of capital accumulation, 191 pagoda (park), 82 rebellions, 8, 17, 56, 75, 89, 148, 204 rural revitalization campaign, 74, 79 Jeju, Yeosu and Suncheon rebellion, village leaders, 79 91 scholar-official class, 6 Jeju-do rebellion, 97 schumpeterian creative destruction, student revolution, April 19, 1960, 20, 208 18, 113 scientific solutions (required after recession-like economic growth (in navihation in high-seas), 53 post-bubble Japan), 42, 165, second-state, 8, 204 191 second-state perspective, 8 redistributive agenda, 35 Selected Amendment Bill to the land-distribution, 17, 33, 99, 100 Constitution (1954), 105 reform and restructuring, 197 Rounding-off Amendment Bill chaebol reform, 8, 16, 21, 22, 31, (1954), 105 32, 46, 161, 207 self-help, 11, 27, 117, 197 financial reforms, 46, 168 fear of abandonment (after Nixson’s labor reforms, 170, 175 visit to China), 11 casualization of labor, 174 Seo Jae-Pil (1864–1951), 97 comprehensive land survey, 78 independence club, 66 labor exploitation, 41 Kapsin coup (1884), 97 labor law of 1953, 172 share of foreign capital, 193 labor marginalization, 170 share of foreign ownership, 193 marginalization of labor, 31, 42 Sino-Japanese, 58, 66, 81, 108 tripartite commission (1998), 160, Sino-Japanese rivalry, 66 174, 180, 187 Sino-Japanese War, 66, 81, 108 social transformation, 20, 75, 99, SMEs (Small & Medium Enterprises), 208 19, 31, 41, 45, 47, 158, 162, reform capitalism, 49 164, 165, 166, 179, 207 reformist confucian school, 55 Korea funds of funds (2005), 166 Index 269

SMEs (Small & Medium Enterprises) second transition, 25, 43, 111, 181 – continued transition (to market) economies, 196 primary collateralized bond treaties, 40, 57, 58, 61, 62, 63, 66 obligation, 1999 (P-CBO), 167 treaty of Chemulpo (1882), 63 SMEs fund, 48 treaty of Ganghwa (February 1876), societal forces, 86 61–62 dormant productive forces, 148, treaty of Shimonoseki, April 17, 204, 206 1985, 66 productive forces, 22, 23, 24, 60, 84, 107, 115, 121, 148, 204 U.S. Wagner Act, 172 socioeconomic status quo, 205 Labor Law of 1953, 172 South Manchurian railway company, United Nations, 33, 89, 93, 130 see colonialism, Japanese UN Temporary Commission on colonialism Korea (UNTCOK), 89 speculation, 24, 116 unproductive force, 23, 84 financial bubble, 200 unproductive agrarian aristocracy, speculative activities, 26, 115, 193, 205 198, 200 unproductive-parasitical yangban speculative transactions, 193 class, 107 state of stasis (barter limiting money USMGK (United States Military circulation), 56, 57 Government in Korea), 33 State-War-Navy Cordinating Committee (SWNCC), 88 vendors, 47, 133, 154 state-business alliance, 132 venture capitalism, 160, 165, 166 junior partner, 37, 41 venture capital industry, 166 Korea Inc., 115, 121 Special Measures Law for Fostering senior partner, 41 Venture Business, 166 statist paradigm, 27, 36, 37, 172, 182, 187, 200, 201 wage increases, 41, 192 rolling back of the market, 198 Western contacts, 57 state controlled finance, 37 Hendrick Hamel (1630–92), 61 state intervention, 11, 133, 140 Matteo Ricci (1552–1610), 60 state patronage, 142 USS General Sherman (1866), 61 state-bank chaebol nexus, 186 Wilsonian moment, 81 state-big business alliance, 36 working class consciousness, 154 state-big business coordination, 39 world system theory, 10 state-owned enterprises, 38 statist market, 159 Yeosu rebellion (1948), 97 Syungman Rhee, 33, 96, 105 Yi Tuk-Ku, (rebel leader), 90 anti-communist strategy, 95 Yi-Joseon dynasty, 17, 20 April 19, 1960 revolution, 106 King Kojong, 62 autocratic rule, 35 King Taewon-gun, 62, 63, 66 KPG (Korea Provisional Queen Min, 69, 108 Government), 95, 96 Min Clan, 63 yushin regime, 127 tenancy, 56, 97 Special Law Concerning National transition, 4, 8, 26, 32, 43, 142 Defense and Security (1972), agrarian and industrial, 8, 204 172 first transition, 5, 24, 25, 42, 180, 181 industrial to post-industrial, 21, 43, zaibatsu (Japanese business 181, 208 conglomerate), 123