South Korea

Gordon Redding and Michael A. Witt

in The Future of Chinese Capitalism: Choices and Chances

Published in print January 2010 | ISBN: 9780199575879
Published online October 2011 | e-ISBN: 9780191702204 | DOI:
South Korea

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This chapter describes South Korea-style capitalism. The culture, government, institutions and business system of South Korea are described. It is noted that the South Korean business system is a classic example of state-led capitalism. Key themes include patriotism, the state and the chaebol, family control, and labor relations. The system seems to be well suited for a strategy of close technology follower, especially in industries that do not require high skill levels on the shop floor. Most of the data seen in South Korea could be applicable to the Chinese case.

Keywords: South Korea; capitalism; business system; state-led capitalism; patriotism; chaebol; family control; labor relations

Chapter.  4688 words.  Illustrated.

Subjects: International Business

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