ABSTRACT
If we are to correctly analyse the events leading up to the 1997 crisis and its aftermath, it is necessary to correctly understand the ‘traditional’ Korean economic model – or what is commonly known as Korea Inc. This is a critical exercise because how we understand this system is obviously going to influence how we understand the crisis and how we evaluate the recent ‘reforms’ intended to restructure it. Therefore in this chapter we discuss the key features of this system and explain its logic.
