Crisis and Restructuring in East Asia : The Case of the Korean Chaebol and the Automotive Industry

This book criticizes the widespread view that the 1997 Asian crisis was due to 'crony capitalism' and puts the blame instead on misguided liberalization. It analyzes the case of Korea's business conglomerates, the chaebol, with particular attention to the car industry, to show how liberalization contributed to the crisis even at the level of the firm. It shows how those firms that had developed innovative capabilities survived the crisis much better than those that had merely expanded into markets opened up by liberalization. Front Matter....Pages i-xv Introduction....Pages 1-24 The Asian Crisis in 1997 and its Causes....Pages 25-42 Korea’s Economic Institutions and the Crisis....Pages 43-73 The Chaebol’s Corporate Governance and the Crisis....Pages 74-91 Korea’s Automotive Industry: The 1960s–90s....Pages 92-108 Hyundai Motor Company....Pages 109-133 Daewoo’s Global Management....Pages 134-169 Comparison of Hyundai and Daewoo in Research and Development....Pages 170-197 The Chaebol’s Diversification: Ssangyong and Samsung....Pages 198-214 Conclusion: Crisis, Restructuring, and the Future of Korea....Pages 215-224 Back Matter....Pages 225-293 "This book criticizes the widespread view that the 1997 Asian crisis was due to 'crony capitalism' and puts the blame instead on misguided liberalization. It analyses the case of Korea's business conglomerates, the chaebol, with particular attention to the car industry to show how liberalization contributed to the crisis - even at the firm level. It shows how those firms that had developed innovative capabilities survived the crisis much better than those that had merely expanded into markets opened up by liberalization."--BOOK JACKET. This book criticizes the widespread view that the 1997 Asian crisis was due to "crony capitalism" and puts the blame instead on misguided liberalization. It analyzes the case of Korea's business conglomerates, the chaebol, with particular attention to the car industry to show how liberalization contributed to the crisis even at the firm level. It shows how those firms that had developed innovative capabilities survived the crisis much better than those that had merely expanded into markets opened up by liberalization Seung-il Jeong. Includes Bibliographical References (p. 242-256) And Index.