Economic Crisis and Corporate Restructuring in Korea

Economic Crisis and Corporate Restructuring in Korea

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Asian business conglomerates have clearly been successful agents of growth, mobilizing capital, borrowing technology from abroad and spearheading Asia's exports. However, these firms have long had a number of organisational and financial weaknesses, including heavy reliance on debt, that make them vulnerable to shocks. Nowhere was this more true than in Korea, where the large corporate groups known as chaebol have dominated the economic landscape. This collection of essays by leading political scientists and economists provides a comprehensive look at the chaebol problem in the wake of the Asian financial crisis. The authors consider the historical evolution of the chaebol and their contribution to the onset of economic turmoil in 1997. The book analyses the government's short-run response to corporate and financial distress, and outlines an agenda for longer-term reform of the financial system, corporate governance and the politics of business-government relations.allow failed chaebol such as Kia, Hanbo, Samsung Motors and Daewoo to go bankrupt, some of their subsidiaries with questionable ... in the wake of the economic crisis, the reforms have also achieved limited success in coping with the problem of economic concentration. ... economic crisis, overall business concentration presents a somewhat different picture. ... As the private sector became larger during the government-led heavy and chemical industrialization drive of the 1970s, theanbsp;...

Title:Economic Crisis and Corporate Restructuring in Korea
Author:Stephan Haggard, Wonhyuk Lim, Euysung Kim
Publisher:Cambridge University Press - 2003


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