[Marxism] South Korea - still in the iron grip of the chaebols

Philip Ferguson philipferguson8 at gmail.com
Mon Oct 5 16:30:35 MDT 2015

With its 52 million inhabitants crowded into a territory about 40% the size
of Britain, on the eastern coast of China facing Japan, South Korea is
portrayed as a capitalist “success story” in every respect, both
economically and politically.

Economically, the western media point to the fact that although South Korea
was a late-comer to the industrial scene – since it only joined the OECD
industrialised countries’ club in 1996 – its industrial production per head
is now among the world’s highest. Its two main car manufacturers, Hyundai
and Kia, are household names across the world. Its largest electronics
conglomerate, Samsung, is Apple’s main rival on the world market of mobile
phones and the world’s largest producer of semi-conductors. The world’s
most gigantic ships are built in its shipyards – owned by companies like
Hyundai, Samsung or Daewoo. Of course, those who hail the South Korean
“model” fail to mention how this economic development was achieved. . .

full at:


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