Introduction

This book explores the social and political factors and the way that culture impacts on multinational corporations (MNCs). By systematically probing the experiences of foreign companies, the chapter seeks to highlight the nature of the opportunity by casting it against other high growth markets. The chapter provides a cohesive exploration of the political economic framework, which comprises a detailed appraisal of the socio economic, political, and cultural changes reflected in the course of Korea's industrial development. It also provides a qualitative analysis of the relationship between Korea's industrialisation and its impact on its financial crisis. The chapter provides a brief literature review on the political economy of Korea's industrialisation, including neoliberal works and neo-mercantilist or statist works. It analyses the Korean political economy and devotes special attention to the recent financial turmoil. The chapter explores structural and cultural factors that led to Korea's economic and financial crisis.